Sbm Offshore Nv · EURONEXT:SBMO
Sbm Offshore Nv — FY2007 Earnings Presentation
30 slides from Sbm Offshore Nv's earnings presentation, Mar 12, 2008
Slide 1: SBM Offshore N.V. Analysts Presentation March 12, 2008
SBM Offshore N.V. Analysts Presentation March 12, 2008 D. Keller, Managing Director & CEO / M. Miles, CFO
Slide 2: Disclaimer
DISCLAIMER Some of the statements contained in this presentation that are not historical facts are statements of future expectations and other forward- looking statements based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual
Slide 3: Company Structure
COMPANY STRUCTURE SBM Offshore NV SCHIEDAM HOUSTON GustoMSC SBM Atlantia GustoMSC (USA) MONACO KUALA LUMPUR Single Buoy Moorings SBM Malaysia 3
Slide 4: Highlights 2007
HIGHLIGHTS 2007 FPSO Kikeh and GAP™ taken into operation offshore Malaysia FPSO Mondo taken into operation offshore Angola LNG FPSO added to product line Excellent performance of the FPSO lease fleet, generating substantial bonus revenues Supply of ‘Neptune’ SeaStar® TLP for BHP for Neptun
Slide 5: Highlights 2007 - FPSO Kikeh
HIGHLIGHTS 2007 Start of production September 2007 Murphy - FPSO Kikeh 5
Slide 6: Highlights 2007 - Gravity Actuated Pipe Kikeh
HIGHLIGHTS 2007 Operational September 2007 Murphy - Gravity Actuated Pipe (GAP) - Kikeh 6
Slide 7: Highlights 2007 - Mondo FPSO
HIGHLIGHTS 2007 Ready for production December 2007 ExxonMobil – Mondo FPSO – Kizomba “C” 7
Slide 8: Highlights 2007 - Turnkey Supply
HIGHLIGHTS 2007 Turnkey Supply ‘Neptune’ SeaStar® TLP completed ‘P53’ internal turret completed 8
Slide 9: Highlights 2007 - LNG FPSO
HIGHLIGHTS 2007 LNG FPSO Medium size offshore LNG production, storage and offloading system 9
Slide 10: Major Orders 2007
MAJOR ORDERS 2007 Contract with Talisman for a 5 year lease of a MOPUstor for the re- development of the YME field in Norway Contract with Delba Perforadora Internacional for design and supply of a Dynamically Positioned Semi-Submersible Drilling Unit A 3 year extension from Petrobras of the l
Slide 11: Major Orders 2007 - Talisman MOPUstor Lease
MAJOR ORDERS 2007 Lease Five year lease contract with Talisman for a MOPUstor oil production and storage facility for the Yme field offshore Norway 11
Slide 12: Major Orders 2007 - EnCana MOPU Lease
MAJOR ORDERS 2007 Lease Eight year lease contract with EnCana for a MOPU gas production facility for the Deep Panuke field offshore Nova Scotia 12
Slide 13: Major Order Early 2008
MAJOR ORDER EARLY 2008 Supply and 3 year operation of FPSO P-57 for Petrobras 13
Slide 14: Financial Overview 2007
FINANCIAL OVERVIEW 2007 P&L Total Group In millions of US Dollars 31/12/07 31/12/06 Change Comment Turnover 2,871 1,990 44% 76% from Turnkey activities Gross Margin 436 370 Average margin down – higher 18% proportion of Turnkey (%) (15.2%) (18.6%) EBITDA 548 478 Average margin down – higher 15% prop
Slide 15: Financial Overview 2007 - Turnkey Systems & Services
FINANCIAL OVERVIEW 2007 Turnkey Systems & Services In millions of US Dollars 31/12/07 31/12/06 Change Comment Turnover 2,181 1,396 56% Frade, Drilling Semis, Finance Leases Gross Margin 212 181 17% Input cost pressure; Finance Lease (%) (9.7%) (13.0%) EBITDA 136 111 22% Input cost pressure; Finance
Slide 16: Financial Overview 2007 - FPSO Lease and Operate
FINANCIAL OVERVIEW 2007 FPSO Lease and Operate In millions of US Dollars 31/12/07 31/12/06 Change Comment Full year FPSO Capixaba; Turnover 690 594 16% FPSO Kikeh from August 2007 Gross Margin 224 189 Opex improvement; Small gain from 19% (%) (32.5%) (31.8%) FPSO Firenze demobilisation EBITDA 413 36
Slide 17: Financial Overview 2007 - Ratios Total Group
FINANCIAL OVERVIEW 2007 Ratios Total Group In millions of US Dollars 31/12/07 31/12/06 Change Comment Capital Expenditure 551 309 78% Yme, ThunderHawk, BC-10 Long-Term Debt 1,149 925 24% Accelerating investments Net Liquidities 274 339 (19%) Still comfortable level Net Debt 875 586 49% Share Price €
Slide 18: Expectations 2008
EXPECTATIONS 2008 FINANCIAL Net Profit US$ 280 million Capital Expenditure US$ 1.2 billion - Balanced EBIT contributions from Lease & Turnkey ACTIVITIES Full year of operation of the Mondo FPSO in Angola Start of operation of the Saxi-Batuque FPSO for ExxonMobil in Angola (July 2008) Start
Slide 19: SBM's Lease Fleet
SBM’s LEASE FLEET MOPU Deep Panuke FPSO MOPUstor MOPU/FSO FSO FPSO FPSO Falcon Yme Diyarbekir Yetagun Tantawan Semi-Sub Thunder Hawk FPSO Rang Dong FPSO Brasil FSO P-A FPSO Marlim Sul FPSO Kikeh FPSO Golfinho FPSO Okono FPSO Espadarte FSO Nkossa II FPSO BC-10 FPSO FPSO FPSO FPSO LPG FPSO Mondo Saxi
Slide 20: FPSO Lease Contractors
FPSO LEASE CONTRACTORS Units in Operation or Under Construction 20
Slide 21: Turnkey Supply
TURNKEY SUPPLY Backlog and Completed Major Orders 21
Slide 22: Major Orders in Progress - Thunder Hawk
MAJOR ORDERS IN PROGRESS Lease Murphy - Semi-Submersible oil & gas production facility - Thunder Hawk 22
Slide 23: Major Orders in Progress - Saxi-Batuque and BC-10
MAJOR ORDERS IN PROGRESS Saxi-Batuque / Angola Lease to ExxonMobil (in joint venture with Sonangol) BC-10 / Brazil Lease to Shell (in joint venture with MISC) 23
Slide 24: Major Orders in Progress - Semi-Submersible Drilling Rigs
MAJOR ORDERS IN PROGRESS Turnkey Semi Submersible Drilling Rigs x 3 Frade / Brazil Supply to Chevron 24
Slide 25: FPSO Prospects
FPSO PROSPECTS Nsiko Bonga SW UGE Bosi Trestakk Chevron Shell ExxonMobil ExxonMobil Statoil Nigeria Nigeria Nigeria Nigeria Norway Cachalotte Petrobras Brazil Mumbai High ONGC Papa Terra India Petrobras Brazil Tupi EPS Blackbird & Tua Petrobras Premier Oil Brazil Vietnam Tupi Pilot FPSO Brazil Cossa
Slide 26: Non-FPSO Prospects
NON-FPSO PROSPECTS MOPUstor MOPUstor FSO / Turret Dong Energy Nexen Bouri Hejre, Denmark North Sea Agip FSRU (Components) New York TLP (Hull) PONY Agip KCO HESS Kashagan Compression FSRU barges (Components) California Woodside Semi / TLP TLP/Semi Malikai Tubular Bells Shell BP TLP (Hull) FSO Knottyh
Slide 27: FPSO Lease Contractors
FPSO LEASE CONTRACTORS Units in Operation or Under Construction 27
Slide 28: SBM's Competitive Edge
SBM’s COMPETITIVE EDGE Cumulative experience of over 152 years of FPSO/FSO operation All required engineering disciplines available within the Company Large pool of experienced project managers Flexibility with four execution centres Construction outsourced Own installation vessels inclu
Slide 29: Strategy
STRATEGY Grow the Group organically with average yearly double-digit EPS increase Develop innovative technical solutions, in particular for deepwater technology and in the gas sector Expand the lease business model to cover more products and geographical areas Maintain a position of leader i
Slide 30: Questions & Answers
SBM Offshore N.V. Analysts Presentation March 12, 2008 QUESTIONS & ANSWERS