Prosafe Se · OSL:PRS
Prosafe — Investor Day (2006)
20 slides from Prosafe's investor day presentation, Nov 21, 2006
Slide 1: Ambition and competitive advantage
Ambition and competitive advantage Hugh Parry President Floating Production Capital Markets Day 2006 1
Slide 2: Disclaimer
Disclaimer All statements in this presentation other than statements of historical facts are forward-looking statements, which are subject to a number of risks, uncertainties, and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate
Slide 3: A leading player
A leading player § Experience in difficult areas SBM § Proven delivery on local Modec Prosafe content BW Offshore Fred Olsen § Strong systems in place Oceaneering Seadrill § Technology support through Saipem Sevan own engineering Maersk Petrojarl organisation Bluewater ú Direct access to designers 0
Slide 4: Explosion in demand for floaters
Explosion in demand for floaters Floater projects in the bidding/final design stage Units/fields 50 45 40 35 30 25 20 15 10 5 0 Nov '05 Mar '06 Jul '06 4 Source: IMA, July 2006
Slide 5: 109 floaters in the planning stages
109 floaters in the planning stages Units/ 25 fields 20 § 60-70 are likely to be FPSOs 15 § Increasing potential in Gulf 10 of Mexico, the North Sea and 5 Australia/NZ 0 ca ia o il e Z er fri As ic az op /N h t ex Br Eu r il a Ot .A as f M . ra W e fo No st th l A u So u Gu Floater Projects in the L
Slide 6: Prosperous market
Prosperous market § Strong activity in all sectors of market ú 15 ITT’s expected to be issued by end 2006 § Majors now leasing units on long term contracts § ‘Generic’ approach adopted by Petrobras, Shell, Exxon and BP - others expected to follow § Redeployment slows as a result of high oil price 6
Slide 7: Strong short term market
Strong short term market § Market strength - in all sectors - driven by high oil price § Overheated offshore market will in general terms lead to lack of resources ú Lead times increasing for all equipment § Strong track record and resource base provides competitive advantages § Hot market offers ne
Slide 8: 60 long term prospects 2007 - 2013
60 long term prospects 2007 - 2013 W oodside Devon ConocoPhilips 10 operators will account for 49 of She ll the 60 FPSO orders (excl NS) Total forecast to be placed by 2013 BHP BP ChevronTe xa co Ex xonMobil Petrobras 0 1 2 3 4 5 6 7 8 9 10 $500m 2 x $250m 2 x $600m $320m 4 x $450m 2 x $180m 2 3 x $
Slide 9: Proprietary technology
Proprietary technology Engineered and developed in house 9
Slide 10: Turrets and swivels
Turrets and swivels Turrets/mooring § Internal § External § Disconnectable § Small to large – up to 40 slots § Harsh environment § Deep water – up to 2,000 m Swivels § Fluids § Gas – up to 4,000 psi / 300 bar § Paths – up to 12 10 Proven track record
Slide 11: The advantage of in house technology
The advantage of in house technology § Client perception ú Serious engineering company § Flexibility to offer clients best solution for their needs § In an overheated market we are in control – there are limited suppliers ú We build the units and have schedule control § Proven track record § Signifi
Slide 12: Operational strength – a passion
Operational strength – a passion Oil production (million barrels) Average uptime 40 000 100.00 % § Global experience 38 000 99.00 % § Excellent uptime 36 000 98.00 % 34 000 97.00 % record 32 000 96.00 % § Good HSE record 30 000 95.00 % 28 000 94.00 % § Local content delivery 26 000 93.00 % § Low sta
Slide 13: Hands on operations
Hands on operations § Operations department is involved from bid stage ú Part of project team ú FPSO designed for operability § Technology support through Operational Design experience improvement own engineering organisation ú Direct access to designers and engineering team ú Continuous improvement
Slide 14: Strong Singapore FPSO cluster
Strong Singapore FPSO cluster Turret/Swivel are Prosafe Process facilities are designs fabricated in engineered and fabricated in Singapore Singapore FPSO layout is designed and engineered by Prosafe in Singapore Hull repair and life extension are executed in Singapore Improves efficiency - reduces
Slide 15: Efficient project execution
Efficient project execution § Relationship with Keppel ú More conversions at Keppel than any other FPSO company ú Long term relationship ú R&LE in Tuas or Subic (Philippines) ú Conversion in Singapore ú Understand the challenges of a shipyard at full capacity § Top-sides engineering ú Outsource deta
Slide 16: Strong track record of on time and within budget project execution
Strong track record of on time and within budget project execution Year Unit name Client Type Mooring/Comment 1 1985 Asoka Kodeco Energy FSO Spread 2 1991 Camar Enterprise Oil FSO Turret - external 3 1994 Camar Ayu GFB Resources FSO SALM buoy 4 1994 Al Zaafarana Zaafarana Oil Co (25% BG) FPSO Turret
Slide 17: Grow capability
Grow capability § Position for larger and/or multiple project execution ú Increase engineering group ú Further develop project support capacity ú Grow specialisation § Maintain focus on Research and Development ú Continue with turret and swivel ú Reduce time in conversion yard ú Drilling FPSO “FDPSO
Slide 18: Grow our fleet
Grow our fleet § Win more FPSO projects ú Take advantage of the strong market ú Diversify our fleet § Target projects ú Larger FPSOs – 200,000 bbls / day fluids handling capability ú Niche FPSOs – smaller units possibly with shorter contracts 18
Slide 19: Opportunities
Opportunities § West Africa ú Olowi – bid submitted ú Azurite – bid due early September ú Nigeria – both large and small projects in the pipeline § Brazil ú Large unit near to Polvo development – decision in October/November ú Petrobras opportunities § Australasia ú Australia – 2 medium sized projec
Slide 20: High growth ambitions
High growth ambitions § Project experience and track record give clients confidence on delivery § Project infrastructure and engineering resources in place ú Capacity to take on new projects ú Available VLCC hull and access to quality tonnage § A record number of opportunities in the market § The op