Slide 1: SBM Offshore N.V. Analyst Presentation Full-Year 2010 Results
SBM OFFSHORE N.V. ANALYST PRESENTATION Tony Mace (CEO) and Mark Miles (CFO) FULL-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 2010 Review 2010 Financials Outlook page 3
Slide 4: Content: 2010 Review
Content 2010 Review page 4
Slide 5: Key Figures Full Year 2010
Key Figures Full Year 2010 (In millions of US$) Turnover EBIT Net Profit 3,056 362.4 276 2,957 293.4 230 FY 2009 FY 2010 FY 2009 FY 2010 FY 2009 FY 2010 New Orders Order Portfolio Dividend (in US$) 4,532 11,502 0.71 3,740 0.67 10,032 FY 2009 FY 2010 FY 2009 FY 2010 FY 2009 FY 2010 Increased profit a
Slide 6: Developments 2010
Developments 2010 Letter of Intent for a twenty year contract for FPSO Cidade de Paraty for the Lula Nordeste field in Brazil One year extensions for FPSO Kuito, FPSO Serpentina operations, FSO Unity operations and FPSO Xikomba Five year extension for the FSO Nkossa II Letter of Agreement fo
Slide 7: Major Projects Delivered in 2010
Major Projects Delivered in 2010 Brazil Korea QGP - Drilling Rig no. 1 BP Skarv turret Delba - Drilling Rig no. 2 Brazil FPSO P-57 Brazil FPSO Capixaba page 7
Slide 8: Major Projects in Execution
Major Projects in Execution Singapore Woodside - FPSO Okha Noble Energy - Aseng Petrobras – Petrobras - Baleia Azul FPSO Cidade de Paraty (Lula NE) Abu Dhabi Encana - Deep Panuke Delba - Drilling Rig Norway T.B.A. Hess - Semi Submersible Talisman - Yme Platform Tubular Bells page 8
Slide 9: SBM Offshore Lease Fleet
SBM Offshore Lease Fleet Norway Equatorial Guinea MOPUstor / YME FPSO / Aseng Canada Asia MOPU / Deep Panuke FSO / Yetagun FPSO / Kikeh USA Semi-Sub / Thunder Hawk Congo FSO / Nkossa II Angola FPSO / Mondo Brazil FPSO / Saxi Batuque FPSO / Xikomba FPSO / Brasil FPSO / Kuito FPSO / Marlim Sul LPG FPS
Slide 10: Remaining Duration of Lease Contracts
Remaining Duration of Lease Contracts Firm order portfolio on long term contracts with robust clients page 10
Slide 11: Content: 2010 Financials
Content 2010 Financials page 11
Slide 12: Financial Overview Full Year 2010
Financial Overview Full Year 2010 Income Statement Total Group (in millions of US$) 31/12/10 31/12/09 Change Comment % Turnover 3,056 2,957 3.4 65% Turnkey Systems, 26% Lease & Operate, 9% Turnkey Services Gross Margin 511 452 13.1 Improved Turnkey Systems margins; (%) (16.7%) (15.3%) Impairments EB
Slide 13: Financial Overview Full Year 2010: Turnkey Systems
Financial Overview Full Year 2010 Turnkey Systems (in millions of US$) 31/12/10 31/12/09 Change Comment % Turnover 1,985 1,924 3.2 Finance leases US$ 681 million plus mainly Okha, P-57 & 3 rigs Gross Margin 270 187 44.4 Improved results from major projects (%) (13.6%) (9.7%) (Aseng, Paraty, P-57, Ok
Slide 14: Financial Overview Full Year 2010: Turnkey Services
Financial Overview Full Year 2010 Turnkey Services (in millions of US$) 31/12/10 31/12/09 Change Comment % Turnover 339 262 29.4 Evenly split Offshore Contracting vs. Mooring supply & services; 20% intersegment Gross Margin 75 70 7.1 Lower occupancy of installation (%) (22.3%) (26.7%) vessels in 201
Slide 15: Financial Overview Full Year 2010: Lease and Operate
Financial Overview Full Year 2010 Lease and Operate (in millions of US$) 31/12/10 31/12/09 Change Comment % Turnover 800 816 (1.9) Falcon & Oguzhan leases ended in 2009; First full year of Thunder Hawk in 2010 Gross Margin 166 195 (15.2) Operating performance exceeded (%) (20.7%) (23.9%) expectation
Slide 16: Financial Overview Full Year 2010: Ratios Total Group
Financial Overview Full Year 2010 Ratios Total Group (in millions of US$) 31/12/10 31/12/09 Change Comment % Capital Expenditure 519 656 (20.9) Excludes finance leases Debt 1,814 1,611 12.6 New US$ 750 million RCF, FPSO Aseng project financing Net Liquidities 103 147 (29.5) Optimised level Net Debt
Slide 17: Order Portfolio Backlog Full Year 2010
Order Portfolio Backlog Full Year 2010 (in billions of US$) 2011 2012 2013 2.7 1.3 1.2 Turnkey systems Turnkey Services Lease & Operate Total 2011 1.6 0.2 0.9 2.7 2012 0.4 - 0.9 1.3 2013 0.3 - 0.9 1.2 Beyond 2013 - - 6.3 6.3 Total 2.3 0.2 9.0 11.5 page 17
Slide 18: Content: Outlook
Content Outlook page 18
Slide 19: General Outlook
General Outlook Oil price ensures economic viability of oil field developments High bidding activity with good prospects for the Company’s products Recovery in the number of awards in the FPSO sector FLNG prospects development expected in 2011 Turnkey Services segment expected to be reason
Slide 20: Prospects by Region
Prospects by Region 1 3 1 2 1 2 2 2 8 5 3 7 6 1 5 2 Lease Sale Lease or Sale PHA page 20
Slide 21: Strategic Objectives
Strategic Objectives Expand the Lease & Operate fleet Selective approach to Turnkey Systems sales Strong growth foreseen in Turnkey Services with planned investment in new vessel Maintain market leadership position for converted FPSO’s, turrets, swivels, CALMs Realizing LNG FPSO projects r
Slide 22: Financial Outlook 2011
Financial Outlook 2011 Turnover to be in the same range as 2010; 90% secured from current backlog EBIT margin in Turnkey Systems in upper half of 5% - 10% range; excluding expected significant impact from finance leases EBIT margin in Turnkey Services within 15% - 20% range EBIT in Lease & O
Slide 23: SBM Offshore N.V. Analyst Presentation Full-Year 2010 Results Q&A
SBM OFFSHORE N.V. ANALYST PRESENTATION Tony Mace (CEO) and Mark Miles (CFO) FULL-YEAR 2010 RESULTS – Q & A