Presentasjon av Sevan Marine ASA

Transcription

1 Presentasjon av Sevan Marine ASA StorAksjekvelden, Bergen 23. oktober 2012 Presentert av: Kjetil Vangsnes, CFO 1

2 IMPORTANT INFORMATION THIS PRESENTATION AND ITS ENCLOSURES AND APPENDICES (HEREINAFTER JOINTLY REFERRED TO AS THE PRESENTATION ) HAVE BEEN PREPARED BY SEVAN MARINE ASA ( SEVAN OR THE COMPANY ) EXCLUSIVELY FOR INFORMATION PURPOSES. THIS PRESENTATION HAS NOT BEEN REVIEWED OR REGISTERED WITH ANY PUBLIC AUTHORITY OR STOCK EXCHANGE. RECIPIENTS OF THIS PRESENTATION MAY NOT REPRODUCE, REDISTRIBUTE OR PASS ON, IN WHOLE OR IN PART, THE PRESENTATION TO ANY OTHER PERSON. THE CONTENTS OF THIS PRESENTATION ARE NOT TO BE CONSTRUED AS LEGAL, BUSINESS, INVESTMENT OR TAX ADVICE. EACH RECIPIENT SHOULD CONSULT WITH ITS OWN LEGAL, BUSINESS, INVESTMENT AND TAX ADVISER AS TO LEGAL, BUSINESS, INVESTMENT AND TAX ADVICE. THERE MAY HAVE BEEN CHANGES IN MATTERS WICH AFFECT THE COMPANY SUBSEQUENT TO THE DATE OF THIS PRESENTATION. NEITHER THE ISSUE NOR DELIVERY OF THIS PRESENTATION SHALL UNDER ANY CIRCUMSTANCE CREATE ANY IMPLICATION THAT THE INFORMATION CONTAINED HEREIN IS CORRECT AS OF ANY TIME SUBSEQUENT TO THE DATE HEREOF OR THAT THE AFFAIRS OF THE COMPANY HAVE NOT SINCE CHANGED, AND THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT ANY INFORMATION INCLUDED IN THIS PRESENTATION. THIS PRESENTATION INCLUDES AND IS BASED ON, AMONG OTHER THINGS, FORWARD-LOOKING INFORMATION AND STATEMENTS. SUCH FORWARD- LOOKING INFORMATION AND STATEMENTS ARE BASED ON THE CURRENT EXPECTATIONS, ESTIMATES AND PROJECTIONS OF SEVAN OR ASSUMPTIONS BASED ON INFORMATION AVAILABLE TO THE COMPANY. SUCH FORWARD-LOOKING INFORMATION AND STATEMENTS REFLECT CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS. SEVAN CANNOT GIVE ANY ASSURANCE AS TO THE CORRECTNESS OF SUCH INFORMATION AND STATEMENTS. AN INVESTMENT IN THE COMPANY SHOULD BE CONSIDERED AS AN HIGH-RISK INVESTMENT, AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION, INCLUDING, AMONG OTHERS, RISKS OR UNCERTAINTIES ASSOCIATED WITH THE RESTRUCTURING, THE COMPANY S BUSINESS, SEGMENTS, DEVELOPMENT, MANAGEMENT, FINANCING, MARKET ACCEPTANCE AND RELATIONS WITH CUSTOMERS, ABILITY TO SECURE EMPLOYMENY FOR ITS TWO HULLS, ABILITY TO IMPLEMENT COST REDUCING INITIATIVES, THE COMPANY S TECHNOLOGY AND OFFSHORE UNIT DESIGN, LATENT LIABILITIES ASSOCIATED WITH DIVESTED BUSINESSES, AND, MORE GENERALLY, GENERAL ECONOMIC AND BUSINESS CONDITIONS, INCLUDING, BUT NOT LIMITED TO, WITHIN THE OIL AND GAS INDUSTRY, CHANGES IN DOMESTIC AND FOREIGN LAWS AND REGULATIONS, TAXES, CUSTOMS DUTIES, VAT OR VARIATIONS THEREOF, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE RATES AND INTEREST RATES AND OTHER FACTORS. MOREOVER, THE CONTEMPLATED RESTRUCTURING IS ASSOCIATED WITH UNCERTANTIES AND MAY BE CONSUMMATED IN A MANNER THAT DEVIATES FROM THE DISCUSSIONS CONTAINED IN THIS PRESENTATION, OR NOT AT ALL. READERS ARE CAUTIONED THAT, EVEN IF THE RESTRUCTURING IS CONSUMMATED, THE COMPANY MAY NOT ACHIEVE THE BENEFITS FROM THE RESTRUCTURING, OR SUCCESSFULLY BE ABLE TO IMPLEMENT ITS STRATEGIES, IMPLIED BY THIS PRESENTATION. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THIS DOCUMENT. THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT THE INFORMATION INCLUDED IN THIS PRESENTATION. THIS PRESENTATION DOES NOT CONSTITUTE OR FORM A PART OF, AND SHOULD NOT BE CONSTRUED AS, AN OFFER OR INVITATION TO SUBSCRIBE FOR OR PURCHASE ANY SECURITIES OF THE COMPANY. NEITHER THIS PRESENTATION NOR ANYTHING CONTAINED HEREIN SHALL FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH, ANY POTENTIAL TRANSACTION REFERRED TO IN THIS PRESENTATION. ANY POTENTIAL OFFER OF SECURITIES OF THE COMPANY WOULD BE BASED ON A PROSPECTUS PREPARED FOR THAT PURPOSE. THIS PRESENTATION IS SUBJECT TO NORWEGIAN LAW, AND ANY DISPUTE ARISING IN RESPECT OF THIS PRESENTATION IS SUBJECT TO THE EXCLUSIVE JURISDICTION OF NORWEGIAN COURTS. 2

3 Sevan Marine pr i dag Historien Veien videre 3

4 Sevan Marine pr i dag Restrukturering Divested New Sevan Marine FPSO Sevan Piranema FPSO Sevan Hummingbird FPSO Sevan Voyageur Design and technology Goliat license contract Hull No. 4 and No. 5 KANFA Group FPSOs including operations and existing charters sold to Teekay sale proceeds used to settle debt For FPSO Sevan Voyageur, Teekay will finance all remaining upgrade costs and bank debt in relation to unit and take over ownership on or earlier than on first oil from the Huntington field Sevan Marine to focus on core technology, license agreements and selected EPC projects 4

5 Sevan Marine pr i dag Complementary strengths Complementary skill set between Sevan Marine and Teekay Petrojarl, whereby Sevan represents new technology and innovation, and Teekay has the financial strength and operational excellence Strong execution capabilities as well as the possibility to offer a variety of favorable business opportunities including technology license agreements, put/call options and lease contracts Finance Operation Technology Innovation Project Execution Project Execution 5

6 Sevan Marine ASA pr i dag Historien Veien videre 6

7 Historien Et industrieventyr Sevan Marine established Model testing / engineering KANFA acquired 1 st FPSO contract Brazil (Piranema) 2 nd FPSO contract UK North Sea (Hummingbird ) 1 st drilling contract Brazil Piranema first oil 3 rd FPSO contract UK North Sea (Voyageur) Hummingbird first oil 2 nd drilling contract Brazil Voyageur first oil License agreement with ENI for Goliat FPSO in Barents Sea Voyageur contracted for redeployment First drilling unit in operation Restructuring and partnership with Teekay Shareholding in Sevan Drilling (~29%) sold to Seadrill Statoil Skrugard study Selected by Dana Petroleum for Western Isles Second drilling unit in operation 7

8 Innhold Sevan Marine ASA pr i dag Historien Veien videre 8

9 Veien videre Strategic Framework Potential new applications Focus on our Core Areas and Market Segment FPSO/FSO Process Technology Technology Studies, FEED, Licence Agreements Hull No. 4 and 5 KANFA Group Leverage our highly skilled and innovative work force to develop technology solutions based on our patented and proprietary technology (e.g. drilling, accommodation, power & gas) Early phase studies, conceptual engineering and FEED studies Targeting licence agreements on selected projects Lease agreements in cooperation with Teekay Secure projects on the two partially completed hulls Preferably an outright sale on an as-is, where-is basis in combination with a licence agreement Topside design and engineering services Gas and offshore LNG Process packages and modules 9

10 Veien videre Clients and Services Oil Companies Own/ operate Own/ operate Own/ operate Design and technology Studies License contracts Project execution 10

11 Veien videre Unique Concepts Icebreaking hull for Arctic FPSO with steel risers FLNG Concept Accommodation / Logistics hub FPSO bridge-linked to WHP Floating Powerplant 11

12 Veien videre Hovedfokus Voyageur sail-away 30. september First-oil før 31. desember 2012 Skrugard konseptstudie Neste: FEED DANA Lisens- og Service-kontrakter Forventer signatur Q4 Full fokus på skrog 4 og 5 Ser på flere alternativer Vekstplan for KANFA Kjøpt IPS, ser på flere muligheter 12

13 Veien videre Skape verdier for aksjonærene 20,00 Q2-report ,00 16, ,00 12, ,00 Oslo Børs Første handledag etter emisjon (6,70) 8,00 6,00 4,00 2,00 «Dana»

14 «We make the (FPSO) world go round» Voyageur sail-away

15 Takk for oppmerksomheten! 15