Kentaro Tsuboi, Director General

Transcription

1 JBIC Finance for Maritime Offshore Projects November 2012 Kentaro Tsuboi, Director General Marine and Aerospace Finance/Financial Products Department Industry Finance Group

2 Agenda 1. JBIC Overview 2. JBIC Finance for Off shore Projects Overview Rationale for the support 3. Track Record FPSO projects Drilling Ship projects Offshore Support Vessels Ship export credit to Norwegian ship owners 2

3 JBIC overview JBIC is uniquely empowered to provide a variety of financial services for its customers and partners. Missions Natural Resources Business Development Overseas Environment Financial Crisis Principles Complementing private sector financial institutions Ensuring financial soundness Financial Products Export Loans Untied Loans Bridge Loans Import Loans Equity Participations Overseas Investment Loans Guarantees Basic Facts Establishment: 1950 (as Export Bank of Japan ) Capital: 1,291 billion ($16 billion) (wholly owned by the Japanese government) Outstanding Loans*: 8,193 billion ($102 billion) Outstanding Guarantees*: 2,378 billion ($30 billion) *as of March2012 3

4 JBIC finance for offshore projects Offshore development projects in which play major roles are eligible for JBIC s Overseas Investment Loans (OIL). Overseas Investment Loan JBIC 60% (max) Lenders Commercial Banks 40% Project Japanese Interest Offshore natural resource development (e.g. FPSO, Drill Ship) Participation of (as an operator) is required Loan Co finance JBIC Portion: Maximum of 60% Equity Currency Hard currency (USD, EURO, JPY) Borrower (Overseas Project company) Time Charter Contract Charterer Interest USD: LIBOR basis EURO: EURIBOR basis JPY: Fixed rate 4

5 JBIC finance for off shore projects: Rationale for the support JBIC, together with the MILT (Ministry of Infrastructure, Land, Transport and Tourism) and Headquarters for Ocean Policy, iscommitted to support off shoreprojects where (shipping companies, ocean drilling and FPSO operators) get involved as major participant. Such off shore projects will not directly enable Japan to acquire interests in up stream oil and gas project itself but will indirectly contribute to securing resources and a stable supply of resources because; Suchproject will help to acquire and improve technologies on production and operation & business management of off shore projects Such skills and knowhow will improve the international competitiveness of Japanese Marine Industries Methane hydrate around Japan Islands by Tosaka (2008/11/25) 5

6 Track record: JBIC s recent finance for FPSO projects JBIC has extended 5 Overseas Investment Loans to MODEC Group in project financings for its FPSO chartering and operation projects with PETROBRAS; FPSO Cidade do Rio de Janeiro MV14 Project for Espadarte Field Loan Amount: US$ 210 M (March 2006) FPSO Cidade de Santos MV20 Project for Tambau & Uruga Field Loan Amount: US$ 428 M (March 2009) FPSO Cidade de Angra dos Reis MV22 Project for Lula Field Loan Amount: US$ 800 M (March 2010 ) FPSO Cidade de Sao Paulo MV23 Project for Guara Field Loan Amount: US$ 812 M (June 2011) FPSO Cidadede de Mangaratiba MV24 Project for Cernambi SulField Loan Amount: US$ 1,125 M (March 2012) 6

7 JBIC finance for FPSO projects: Typical Scheme Construction Period: Corporate Finance the sponsors credit risks Post Delivery: Project Finance the future CF generated by the FPSO + the FPSO as collateral Construction Period (Corporate Finance) Post Delivery (Project Finance) Lenders Lenders JBIC 60% (max) Commercial Banks 40% JBIC 60% (max) Commercial Banks 40% Loan Guarantee Loan Sponsor Support Equity Equity Borrower (SPC) EPCI Contract EPCI Borrower (SPC) Time Charter Contract * Operation & Management Charterer/ Oil Company The FPSO* * Contract assignment, vessel mortgage as a Security 7

8 Track record: JBIC s recent finance for drilling ship project Drilling Ship Project In March 2010, JBIC provided an Overseas Investment Loan to P&M Drilling International B.V. (P&M), a joint venture by Mitsui & Co. and Petrobras for the ultra deepwater oil drillship project drilling in Brazilian and overseas coastal waters. In addition to Mitsui and Co., Japan Drilling Company, Ltd. (JDC), Japan's onlyoffshore offshore drillingcontractor contractor, has alsoparticipated participated, serving as a technical consultant to Mitsui & Co.. 8

9 Track record: JBIC s recent finance for offshore support vessels Off shore Support Vessels In June and December 2010, JBIC provided three Overseas Investment Loans to K LINE OFFSHORE AS for owning and operating the most advanced, largest class anchor handling tug supply vessels (AHTS) and large platform supply vessels (PSV). 9

10 Track record: JBIC s recent ship export credit to Norwegian ship owners Borrower Ship Builder September 2010 December 2011 Two Buyer's Credits One Buyer's Credit Wilhelmsen Lines Shipowning Malta, Ltd., affiliated with Wilh. Wilhelmsen ASA Mitsubishi Heavy Industries, Ltd. Vessels two Roll on/roll off vessels a pure car/truck carrier (DWT: 41,820 tons) with a capacity of 6,500 cars Loan Amount Cofinanciers Approx. USD116 mil each in cofinancing Approx. USD55 mil in cofinancing TheBankof Tokyo MitsubishiUFJ, Ltd. (leadarranger) arranger) and Sumitomo Mitsui Banking Corporation (each cofinanced portion is covered by Buyer's Credit Insurance from NEXI). 10

11 Track record: JBIC s recent ship export credit to Norwegian ship owners October 2012 : Two Buyer's Credits Borrower : PGS Titans AS (PGS TITANS), wholly owned by Petroleum Geo Services ASA Ship Builder : Mitsubishi Heavy Industries, Ltd. Vessels : two Ramform vessels capable of high accuracy, wide range, 3D seismic data acquisition. Cofinanciers : Sumitomo Mitsui Banking Corporation (lead arranger) (each cofinanced portion is covered by Buyer's Credit Insurance from NEXI). 11

12 Thank you for your attention! 12