Slide 1: 2008 Half-Year Financial Results Analyst Presentation
2008 HALF-YEAR FINANCIAL RESULTS ANALYST PRESENTATION AUGUST 22, 2008
Slide 2: I. 2008 Half-Year Highlights
I. 2008 HALF-YEAR HIGHLIGHTS PROJECTS IN PROGRESS . . . . . . . . . . . . . . . . . . . . . . . 3 SHENZI TLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 FPSO SONG DOC PRIDE MV19 . . . . . . . . . . . . . . . . . . . 5 FSO RANG DONG MV17 . . . . . . . . . . . . . . . . . .
Slide 3: Projects in Progress
PROJECTS IN PROGRESS BHP Pyrenees FPSO FPSO Cidade de Niteroi MV18 (Petrobras Opportunity Oil FPSO) FPSO Song Doc Pride MV19 New Order in 2008 (TSJOC Song Doc FPSO) FPSO Cidade de Santos MV20 (Petrobras Opportunity Gas #2 FPSO) COSCO Dalian Samsung COSCO Zhoushan Delivered Shenzi TLP FSO Rang Dong M
Slide 4: Shenzi TLP
SHENZI TLP Installed: July 2008 EPC + pre-commissioning Shenzi Field, GOM 4
Slide 5: FPSO Song Doc Pride MV19
FPSO SONG DOC PRIDE MV19 TSJOC Song Doc FPSO First Oil: Planned 3Q 2008 EPCI + Time Charter Charter Period: 5 years + five 1-year options Song Doc Field, Vietnam 5
Slide 6: FSO Rang Dong MV17
FSO RANG DONG MV17 JVPC Rang Dong FSO First Oil: Planned September 2008 EPCI + Time Charter Charter Period: 9 years + five 1-year options Rang Dong Field, Vietnam 6
Slide 7: FPSO Cidade de Niteroi MV18
FPSO CIDADE DE NITEROI MV18 Petrobras Opportunity Oil FPSO First Oil: Planned 4Q 2008 EPCI + Time Charter Charter Period: 9 years + six 1-year options Jabuti Field, Brazil 7
Slide 8: BHP Pyrenees FPSO
BHP PYRENEES FPSO First Oil: Planned first half of 2010 EPC + O&M O&M Period: 15 years + possible extensions Pyrenees Field, Australia 8
Slide 9: FPSO Cidade de Santos MV20
FPSO CIDADE DE SANTOS MV20 Petrobras Opportunity Gas #2 FPSO First Oil: Planned 2010 EPCI + Time Charter Charter Period: 12 years + three 1-year options Urugua/Tambau Fields, Brazil 9
Slide 10: FPSO/FSO Time Charter / O&M Projects
FPSO/FSO TIME CHARTER / O&M PROJECTS FPSO MV8 FPSO Jasmine FPSO Cuulong FSO Rong Doi Langsa Venture Venture MV7 MV9 MV12 (T/C) (T/C) (T/C) (T/C) Under construction FPSO Song FSO Rang Doc Pride T/C: Own & Operate Dong MV17 MV19 O&M: Operate (T/C) (T/C) FSO Ta’Kuntah (T/C) FSO Cidade de Macae MV15 (T/
Slide 11: FPSO/FSO Time Charter / O&M Period
FPSO/FSO TIME CHARTER / O&M PERIOD Time Charter Contract O&M Contract Fixed period Option period Fixed period Option period 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Tullow Jubilee FPSO * BHP Pyrenees FPSO - FPSO Cidade de Santos MV 20 *
Slide 12: Projects Construction Period
PROJECTS CONSTRUCTION PERIOD 2006 2007 2008 2009 2010 Tullow Jubilee FPSO BP A ngola PSV M FPSO FPSO Cidade de Santos MV 20 BHP Pyrenees FPSO FPSO Song Doc Pride MV 19 FPSO Cidade de Niteroi MV 18 FSO Rang Dong MV 17 Shenzi TLP FPSO Stybarrow V enture MV 16 FSO Cidade de Macae MV 15 FPSO Cidade do R
Slide 13: II. 2008 Half-Year Financial Results
II. 2008 HALF-YEAR FINANCIAL RESULTS PROFIT & LOSS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 SALES BY SERVICE TYPES . . . . . . . . . . . . . . . . . . . . . 15 ORDINARY INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 NET INCOME . . . . . . . . . . . . . . . .
Slide 14: Profit & Loss
PROFIT & LOSS SALES 2Q 4Q 200,000 144,040 140,000(E) 150,000 (Mil. JPY) 99,149 100,000 71,614 72,948 64,110 51,891 50,886 50,000 30,649 21,788 0 2004 2005 2006 2007 2008 (Mil. JPY) 2004 2Q 2005 2Q 2006 2Q 2007 2Q 2008 2Q Variance Sales 30,649 21,788 50,886 72,948 64,110 - 8,837 - 12.1% Gros s Profit
Slide 15: Sales by Service Types
SALES BY SERVICE TYPES 2006 2007 2008 Tullow Jubilee FPSO BP Angola PSVM FPSO Other FPSO Cidade de Santos MV20 SALES EPCI BHP Pyrenees FPSO Lease, Charter and O&M 150,000 FPSO Song Doc Pride MV19 FPSO Cidade de Niteroi MV18 FSO Rang Dong MV17 100,000 (Mil. JPY) 121,892 Shenzi TLP FPSO Stybarrow Vent
Slide 16: Ordinary Income
ORDINARY INCOME ORDINARY INCOME ORDINARY INCOME 2Q 4Q ORDINA RY INCOME ORDINA RY INCOME bef ore def erred prof its adjustment 10,000 7,828 10,000 9,027 6,500(E) (Mil. JPY) 5,408 5,885 7,828 (Mil. JPY) 4,664 5,025 5,146 5,000 3,701 4,328 6,500 5,000 2,614 2,697 5,408 4,664 1,539 1,666 3,701 920 2,697
Slide 17: Net Income
NET INCOME NET INCOME 2Q 4Q 6,000 4,499 4,600(E) 4,000 3,213 3,305 (Mil. JPY) 2,230 2,000 1,500 1,434 1,068 1,168 814 0 2004 2005 2006 2007 2008 Exchange Rate 104.20 118.07 119.12 114.16 105.00(E) (Mil. JPY) 2004 2Q 2005 2Q 2006 2Q 2007 2Q 2008 2Q Variance Sales 30,649 21,788 50,886 72,948 64,110 -
Slide 18: Orders by Service Types
ORDERS BY SERVICE TYPES ORDERS Other 2007 EPCI Lease, Charter and O&M • BHP Pyrenees FPSO 200,000 • TSJOC Song Doc MV19 FPSO 150,000 2008 2Q (Mil. JPY) 126,864 • FPSO Cidade de Santos MV20 (Petrobras Opportunity Gas #2 109,084 100,000 73,963 FPSO) 55,788 50,000 2008 4Q 24,717 55,044 51,459 51,923 41
Slide 19: Order Backlogs by Service Types
ORDER BACKLOGS BY SERVICE TYPES Other ORDER BACKLOGS Equity Method Portion ORDER BACKLOGS EPCI Lease, Charter and O&M Lease, Charter and O&M (Leas e, Charter and O&M) 400,000 300,000 300,000 127,153 200,000 99,413 (Mil. JPY) (Mil. JPY) 113,040 200,000 133,792 82,689 81,016 48,894 77,744 100,000 100,
Slide 20: Cash Flow
CASH FLOW Cas h Flow from Operating Activities CASH FLOW Cas h Flow from Inves ting Activities Cas h Flow from Financing Activities 19,003 20,000 11,878 11,716 11,867 9,623 10,000 5,733 5,164 3,811 68 (Mil. JPY) 0 -498 -2,245 -10,000 -9,887 -14,402 -20,000 -21,549 -20,043 -30,000 2004 2005 2006 2007
Slide 21: Key Financial Figures
KEY FINANCIAL FIGURES (Mil. JPY) 2003 2004 2005 2006 2007 2008 2Q Operating profit 4,147 3,779 3,895 3,494 6,959 1,644 Depreciation and am ortization 1,834 635 1,116 662 1,656 815 Am ortization of cons olidated differences 13 26 26 26 26 13 Collection of leas e receivable (Cantarell FSO, Inc., S.A.
Slide 22: Forecast for FY2008
FORECAST FOR FY2008 Tullow Jubilee FPSO BP Angola PSVM FPSO SALES FPSO Cidade de Santos MV20 BHP Py renees FPSO FPSO Song D oc Pride MV19 200,000 FPSO Cidade de N iteroi MV18 144,040 140,000 FSO R ang Dong MV17 EPCI 150,000 Shenzi TLP (Mil. JPY) Time Charter 99,149 FPSO Sty barrow Venture MV16 100,0
Slide 23: III. Market Review & Prospects
III. MARKET REVIEW & PROSPECTS MAJOR ORDERS IN 2008 (AS OF AUGUST) . . . . . . . . 24 MAJOR PROSPECTIVE PROJECTS . . . . . . . . . . . . . . . 25 PROJECT LOCATIONS . . . . . . . . . . . . . . . . . . . . . . . . . 26 FSO RANG DONG MV17 23
Slide 24: Major Orders in 2008 (as of August)
MAJOR ORDERS IN 2008 (AS OF AUGUST) BGEC Camago- Premier Chim Sao & Malampaya FPSO Dua FPSO (Philippines) (Vietnam) Nexus Floating EMAS Offshore Production 6 years + up to 15 years 7 years Tullow Jubilee FPSO (Ghana) MODEC 7 years + 1x13 years BP Angola Block 31 FPSO (Angola) MODEC BP Angola Block 3
Slide 25: Major Prospective Projects
MAJOR PROSPECTIVE PROJECTS Anadarko K-2 Injection CP Semi (GOM) Hess Pony TLP (GOM) Petrobras Tupi Pilot FPSO Noble Benita FPSO (Brazil) (Equatorial Guinea) Petrobras FSRU ChevronTexaco Block (Brazil) 14 FPSO (Angola) Petrobras Papa Terra TLP (Brazil) ChevronTexaco Block A Talisman Thang Long Petrob
Slide 26: Project Locations
PROJECT LOCATIONS FSO FSO Rong Doi FPSO FSO Nanhai FPSO Nanhai FPSO Kakap FPSO Anoa Vietsovpetro 01 MV12 Cuulong MV9 Sheng Kai Sheng Li Natuna Natuna Prince TLP FSO Rang Dong MV17 FPSO Song Doc Pride MV19 Marco Polo TLP FPSO Jasmine Venture MV7 Shenzi TLP FSO Pathumabaha FSO Ta’Kuntah FPSO MV 8 Lang