BW Offshore Limited · OSL:BWO
BW Offshore — Merger or Acquisition (September 2010)
10 slides from BW Offshore's merger presentation, Sep 13, 2010
Slide 1: BW Offshore to combine with Prosafe Production and sell APL to NOV
NOT FOR PUBLIC DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA OR JAPAN BW Offshore BW Offshore to combine with Prosafe Production and sell APL to NOV 13 September 2010
Slide 2: Disclaimer
Disclaimer This Presentation has been produced by BW Offshore Limited ( “BW Offshore”) exclusively for information purposes. This presentation may not be redistributed, in whole or in part, to any other person. This document contains certain forward-looking statements relating to the business, finan
Slide 3: A pure-play industry leader
A pure-play industry leader World’s second largest FPSO player 15 FPSOs and three under conversion/construction Diversified client base Operations in all key markets Strong balance sheet strengthened by APL sale Selectively pursuing contracts with improved terms Strong long-term contracted cash flow
Slide 4: Creating an FPSO industry leader
Creating an FPSO industry leader Ove rvie w of the FPSO playe rs 25 20 5 3* 15 4 10 17 15 3* 5 10 8 1 7 6 5 4 3 3 2 0 1 PROD Aker FP Fred.Olsen Petrojarl Maersk BWO + Sea Prod. SBM PROD Modec BWO Sevan Bluewater FPSOs Under conversion / construction Excludes FSOs and hulls. Source: Carnegie Research
Slide 5: Presence, diversification and synergies
Presence, diversification and synergies Norway Russia Scotland Latvia France USA Bermuda China Mexico Mauritania India Philippines Nigeria Singapore Brazil PROD units PROD offices BW Offshore units BW Offshore offices Recruitment centers 13 September 2010 5
Slide 6: The new BW Offshore equity
The new BW Offshore equity The combination will enable further maximization of shareholder value by obtaining class leading return on invested capital Broadened shareholder base Prosafe Production’s shareholders will hold approximately 34 %* BW Offshore’s shareholders will hold approximately 66 %* B
Slide 7: Key terms of the combination
Key terms of the combination BW Offshore and Prosafe Production intend to combine Adjusted consideration of 1.2 BW Offshore shares and NOK 3.00 Prosafe Production Board confirmation on Wednesday Prosafe SE undertaking to accept the adjusted Offer on Wednesday The Offer will be extended until 30 Sep
Slide 8: Key terms of the APL transaction
Key terms of the APL transaction Sale of APL to National Oilwell Varco for USD 500 million in cash A supply agreement between BW Offshore and APL − Securing access at market terms Non-compete undertaking Conditions include: − Regulatory and governmental approval − Reorganizations of APL (to facilita
Slide 9: A pure-play industry leader
A pure-play industry leader World’s second largest FPSO player Strong balance sheet strengthened by APL sale Selectively pursuing contracts with improved terms Strong long-term contracted cash flow enables a dividend policy 13 September 2010 9
Slide 10: 13 September 2010
13 September 2010 10