Subsea 7 Inc. Earnings Presentation Quarter Ended 30 September subsea partner of choice.

Transcription

1 Subsea 7 Inc. Earnings Presentation Quarter Ended 3 September 21 1

2 Highlights Strong project execution in all regions Announced major contracts with a value in excess of USD 4 million during the quarter Anti-trust clearance granted from the relevant US and Norwegian authorities in respect of the proposed combination of the Company with Acergy S.A. 2

3 Operational Performance by Region Three months ended 3 September North Sea Nine months ended 3 September Offshore installation continued on BP s Skarv and Valhall Re-development projects in the Norwegian sector of the North Sea Troll B Gas Injection and Njord Riser installation projects completed for Statoil in Norway Procurement, engineering and project management continued on BP s Andrew and Apache s Bacchus pipeline bundles, with fabrication commencing at the Wick facility Life-of-Field operations continued on Shell, ConocoPhillips, Total and BP frame agreements 3

4 Operational Performance by Region Three months ended 3 September Africa Nine months ended 3 September Operations continued on BP s Block 18 Life-of-Field project, offshore Angola BP s Block 18 Gas Export Line project progressed well with pipeline production ongoing at the Luanda spoolbase BP s Block 31 project continued with the Seven Seas mobilising in Europe towards the end of the quarter 4

5 Operational Performance by Region Three months ended 3 September Brazil Nine months ended 3 September Offshore operations commended in respect of Petrobras P-56 project Pipe fabrication for the Petrobras P-55 project is due to commence in the fourth quarter of 21 The Lochnagar, K3 and Normand Seven continued to support Petrobras on day-rate operations 5

6 Operational Performance by Region Three months ended 3 September North America Nine months ended 3 September The Skandi Neptune continued to supported BP in the Macondo field, Gulf of Mexico, until the end of the quarter when the vessel was released from her support duties at the location Phase 1 of Anadarko s Caesar Tonga project progressed well, with the offshore scope being completed with the support of the Seven Oceans 6

7 Operational Performance by Region Three months ended 3 September Asia Pacific Nine months ended 3 September (1) BHP s Stybarrow project in Australia continued to progress well during the quarter with preparatory works ongoing in Europe and Asia Pacific The Rockwater 2 completed an emergency pipeline repair during the period in Malaysia 7

8 Backlog at 3 September 21 & 3 September 29 $2,884M By Region $2,976M $2,884M By Contract Type $2,976M ,891 2,224 1,254 1, Jan-9 3 Sep 21 1-Jan-1 3 Sep 29 3 Sep 21 3 Sep 29 North Sea Brazil NA AP Africa Lump Sum Day Rate 8

9 Backlog at 3 September 21 by Year of Execution Year of Execution $2,884M $1,223M 1, $573M $515M $573M Sep 21 Lump Sum Day Rate

10 Financial Highlights Three months ended Nine months ended 3/9/21 3/9/29 3/9/21 3/9/29 (Amounts in USD millions) Unaudited Unaudited Unaudited Unaudited , ,91.1 Adjusted EBITDA Net operating profit Profit before tax Profit attributable to equity shareholders Earnings per share, in USD per share Basic Diluted

11 Cash Flows Nine months ended 3/9/21 3/9/29 (Amounts in USD 1,) Unaudited Unaudited Net profit 13, ,883 Non-cash income statement items 197, ,222 Changes in working capital (168,4) (16,994) Cash generated from operations 159, ,111 Purchase of property, plant and equipment (8,632) (181,28) Proceeds from sale of property, plant and equipment 2, Dividends received 23 7,136 Repayment of loans - (5,) Redemption of convertible notes (134,881) - Repurchase of convertible notes (3,994) (11,25) Proceeds from sale of available-for-sale financial assets 173,15 - Other cash flows (8,169) (77,729) Net increase in cash and cash equivalents 9,81 81,1 Cash and cash equivalents at start of period 487, ,66 Cash and cash equivalents at end of period 496, ,166 11

12 Balance Sheet At 3/9/21 At 3/9/29 At 31/12/29 (Amounts in USD 1,) Unaudited Unaudited Audited Assets Non-current assets 1,274,22 1,31,2 1,36,219 Cash and cash equivalents 496, , ,251 Other current assets 795, ,857 72,739 Current assets 1,291,917 1,187,23 1,27,99 Total assets 2,566,119 2,488,223 2,514,29 Equity and liabilities Equity 1,335,864 1,39,866 1,187,288 Borrowings 237,54 342, ,54 Other non-current liabilities 14,984 15,577 17,22 Non-current liabilities 342, , ,742 Borrowings 223,793 17, ,465 Other current liabilities 663, , ,714 Current liabilities 887,767 1,, ,179 Total liabilities 1,23,255 1,448,357 1,326,921 Total equity and liabilities 2,566,119 2,488,223 2,514,29 12

13 Statement of Changes in Equity Nine months ended 3/9/21 3/9/29 (Amounts in USD 1,) Unaudited Unaudited Equity at start of period 1,187, ,666 Shares issued exercise of options 1, Repurchase of convertible notes (26) (1,146) Net result for the period 13, ,883 Share based payments 3,17 3,38 Changes in available-for-sale financial assets 17,581 44,151 Currency translation differences (3,948) 79,773 Equity at end of period 1,335,864 1,39,866 13

14 Adjusted EBITDA Reconciliation of net profit attributable to equity shareholders to adjusted EBITDA Three months ended Nine months ended 3/9/21 3/9/29 3/9/21 3/9/29 (Amounts in USD 1,) Unaudited Unaudited Unaudited Unaudited Net profit 53,284 86,599 13, ,883 Adjustments: Taxation expense 25,272 34,687 65,626 96,35 Net financial items (1,991) (11,391) 52,548 (7,22) Depreciation and amortisation 33,312 3,244 1,3 83,288 Profit on disposal of property, plant and equipment (1,28) - (2,839) (613) Adjusted EBITDA 18,597 14, , ,886 54, ,43 1,513,556 1,91,1 Adjusted EBITDA % 2.1% 21.2% 22.9% 2.8% The Company calculates Adjusted EBITDA (adjusted earnings before interest, taxation, depreciation and amortisation) as net profit adjusted for taxation, net financial items, depreciation, amortisation, impairments and profits or losses on disposals of property, plant and equipment. 14