Sbm Offshore Nv · EURONEXT:SBMO
Sbm Offshore Nv — H1 2010 Earnings Presentation
21 slides from Sbm Offshore Nv's earnings presentation, Aug 18, 2010
Slide 1: Analysts Presentation Half-Year 2010 Results
SBM OFFSHORE N.V. ANALYSTS PRESENTATION Tony Mace (CEO) and Mark Miles (CFO) « Photo courtesy of Petrobras » HALF-YEAR 2010 RESULTS
Slide 2: Disclaimer
Disclaimer Some of the statements contained Should one or more of these risks in this presentation that are not or uncertainties materialize, or historical facts are statements of should underlying assumptions future expectations and other prove incorrect, actual results may forward-looking statemen
Slide 3: Content
Content Half-Year 2010 Operational Review Half-Year 2010 Financial Review Outlook SBM Offshore - 18 August 2010 - page 3
Slide 4: Content
Content Half-Year 2010 Operational Review Half-Year 2010 Financial Review Outlook SBM Offshore - 18 August 2010 - page 4
Slide 5: Key Figures First Half 2010
Key Figures First Half 2010 (In millions of US$) Turnover EBIT Net Profit 95 92 1,435 1,378 146 128 H1 2009 H1 2010 H1 2009 H1 2010 H1 2009 H1 2010 New Orders Order Backlog 2,279 10,908 10,032 364 H1 2009 H1 2010 H2 2009 H1 2010 Sound performance and record order backlog SBM Offshore - 18 August 201
Slide 6: Major Projects Delivered First Half 2010
Major Projects Delivered First Half 2010 BP Skarv turret fully delivered FPSO Capixaba in production offshore Brazil SBM Offshore - 18 August 2010 - page 6
Slide 7: Portfolio Developments 2010
Portfolio Developments 2010 A Letter of Intent for a lease FPSO for the Tupi Nordeste development, offshore Brazil (FPSO Cidade de Paraty) A contract with Dubai based Lamprell Energy for the design supply of two windmill installation jack-up vessels including equipment Several FEED studies for
Slide 8: SBM's Lease Fleet
SBM’s Lease Fleet * Currently in operation on Espadarte field 19 Units SBM Offshore - 18 August 2010 - page 8
Slide 9: Major Projects in Execution 2010
Major Projects in Execution 2010 Singapore Woodside - FPSO Okha Noble Energy - Aseng Baleia Azul Abu Dhabi Talisman - Yme Encana - Deep QGP - Drilling Rig Odebrecht and Delba Panuke Drilling Rigs Brazil Tbc Petrobras - P-57 Petrobras - FPSO Cidade de Paraty (Tupi NE) SBM Offshore - 18 August 2010 -
Slide 10: Short Term Prospects
Short Term Prospects SBM Offshore - 18 August 2010 - page 10
Slide 11: Content
Content Half-Year 2010 Operational Review Half-Year 2010 Financial Review Outlook SBM Offshore - 18 August 2010 - page 11
Slide 12: Financial Overview First Half 2010
Financial Overview First Half 2010 P&L Total Group (in millions of US$) 30/06/10 30/06/09 Change Comment Turnover 1,378 1,435 (4%) 63% Turnkey Systems, 28% Lease & Operate, 9% Turnkey Services Gross Margin 220 203 9% 41% Turnkey Systems, 44% (%) (16.0%) (14.1%) Lease & Operate, 15% Turnkey Services
Slide 13: Financial Overview: Turnkey Systems
Financial Overview First Half 2010 Turnkey Systems (in millions of US$) 30/06/10 30/06/09 Change Comment Turnover 862 905 (5%) Mainly P-57, Okha, Aseng, Skarv Gross Margin 90 73 24% Good results from recent projects; (%) (10.4%) (8.0%) Charges on drilling rigs & crane; Turkmenistan sale US$ 32 mln i
Slide 14: Financial Overview: Turnkey Services
Financial Overview First Half 2010 Turnkey Services (in millions of US$) 30/06/10 30/06/09 Change Comment Turnover 134 153 (12%) Includes intersegment revenues; Mooring components supply & overhaul; Offshore installation Gross Margin 33 48 (31%) Installation vessel drydock (%) (24.9%) (31.4%) EBITDA
Slide 15: Financial Overview: Lease and Operate
Financial Overview First Half 2010 Lease and Operate (in millions of US$) 30/06/10 30/06/09 Change Comment Turnover 392 408 (4%) Turkmenistan, Falcon leases ended in H2 2009; Thunder Hawk commenced July 2009 Gross Margin 97 82 19% Bonus levels lower; Impairment (%) (24.8%) (20.1%) MOPUstor in 2009;
Slide 16: Financial Overview: Ratios Total Group
Financial Overview First Half 2010 Ratios Total Group (in millions of US$) 30/06/10 31/12/09 Change Comment Capital Expenditure 283 656 (12m) (20%) Yme, Deep Panuke, Cachalote 355 (6m) Long-Term Debt 1,939 1,611 20% New Revolving Credit Facility US$ 750 mln Net Liquidities 177 147 20% Normal level N
Slide 17: Order Portfolio Backlog
Order Portfolio BACKLOG (in billions of US$) 2010 2011 2012 1.6 1.9 1.5 Turnkey Systems Turnkey Services Lease & Operate Total 2010 1.1 0.1 0.4 1.6 2011 0.9 0.2 0.8 1.9 2012 0.6 - 0.9 1.5 Beyond 2012 0.2 - 5.7 5.9 Total 2.8 0.3 7.8 10.9 SBM Offshore - 18 August 2010 - page 17
Slide 18: Lease Contract Accounting
Lease Contract Accounting Factors to consider: Operating Lease vs. Finance Lease Operating lease – revenues and profit recognised over lease period Finance lease “sale” advances turnover and part of lease return into construction period – leaves interest component only for lease period Contr
Slide 19: Content
Content Half-Year 2010 Operational Review Half-Year 2010 Financial Review Outlook SBM Offshore - 18 August 2010 - page 19
Slide 20: Financial Outlook 2010
Financial Outlook 2010 Turnover in the same range as 2009 EBIT in Turnkey Systems solidly within the 5% - 10% range EBIT in Turnkey Services within the 15% - 20% range EBIT in Lease and Operate below 2009 level Excluding the mark to market loss of US$ 21 million recognised at 30 June 2010,
Slide 21: Questions and Answers
Questions and Answers