Swiber Holdings Limited 1Q FY08 Results Briefing

Transcription

1 Swiber Holdings Limited 1Q FY08 Results Briefing 15 May 2008 Page 1

2 Financial Highlights 1Q 2008 Page 2

3 Key highlights a record quarter Revenue (US$ m) Net Profit (US$ m) 160 1Q Y-O-Y: 266.9% 1Q Y-O-Y: 184.3% FY07 1Q 70.9 FY08 Full Year FY07 1Q 10.4 FY08 Full Year Page 3

4 1Q financial highlights US$ m 1QFY08 (3M) 1QFY07 (3M) Chg (%) Revenue Gross profit Profit before tax Net profit EPS Weighted average (US cts)* * 1QFY08: 424,350,000 shares vs 1QFY07: 369,000,000 shares Page 4

5 A record quarter fuelled by EPCIC projects Increased number of EPCIC projects executed in 1QFY08 included 3 pipeline and 2 platform installation projects in Malaysia and Indonesia Contribution from Kreuz Shipbuilding & Engineering Successfully completed and delivered two floating crane barges OBT Alpha and OBT Omega for Offshore Bulk Terminal Pte Ltd, a wholly-owned subsidiary of OBT Holdings Pte Ltd OBT Alpha and OBT Omega, with a total construction cost of approx US$6.65 million each, are floating crane barges each measuring approx 250 feet by 80 feet by 16 feet with a Liebherr CBG 25(25)/30 crane mounted on a pedestal Page 5

6 Balance sheet highlights US$ m 31 Mar Dec 2007 Cash & bank balances Trade receivables Current assets Non-current assets Current liabilities Non-current liabilities Total equity Key financial ratios Net Debt / Equity (times) NAV per share (US cents) The balance sheet is further strengthen by the earnings in 1Q FY2008. Page 6

7 Cash flow US$ m 1Q FY08 1Q FY07 FY07 Operating cashflowbefore movement in working capital Net cash used in operating activities (25.4) (3.7) (16.8) Net cash used in investing activities (95.7) (8.7) (58.8) Net cash from financing activities Cash & cash equivalents at end of period Outflow for operating activities to fund operations Outflow for investing activities mainly due to purchase of vessels Increase in cash and cash equivalents attributable to proceeds from: o Issuance of bonds: US$72 million ( MTN programme) Page 7

8 Strategy for Continued Growth Page 8

9 Order book (US$ m) Record highs in oil prices Crude oil per barrel at record high 500 Strong economic growth in Asia Mar 2007 Mar The estimated total bids submitted/ to be submitted as at May 2008 is approximately US$2.05 billion for jobs targeted for the next 5 years Increased level of offshore O&G exploration, fields development and production in Southeast Asia and India Page 9

10 Our growth strategy Spread of offshore EPCIC vessels New designs and technologies Asia Pacific and Middle East markets Shipbuilding and engineering Subseaand deepwater Page 10

11 Continued fleet expansion Expand resources Our existing fleet and expected additions: Fleet expansion for up to 2009 will be befunded via equity issuance, bond issue, internally generated cash and sale & leasebacks Offshore Vessels FY 05 FY06 FY07 FY08F FY09F FY10F Cargo/ flat Top Barge Utility/ Towing Boat AHTS/ AHT Subsea Support Vessels 2 2 TOTAL Construction Vessels FY 05 FY06 FY07 FY08F FY09F FY10F Jack Up Barge Pipelay Barge Derrick Pipelay Barge Accommodation Barge Submersible Barge Derrick Crane Barge Deepwater Drilling Vessel 1 TOTAL GRAND TOTAL Page 11

12 Investing in new designs and technologies Expand resources Page 12

13 Continued focus on Asia Pacific and Middle East Expand markets Swiber inked a MOU on 30 April 2008 with Thailand s CUEL Limited, allowing both companies to jointly pursue offshore EPCIC projects in Asia Pacific Region. CUEL is one of the region s foremost offshore EPC fabrication contractors. Page 13

14 Classification of business into 3 areas Expand capabilities Offshore Support Services (OSS) Offshore Construction Services (OCS) Offshore Drilling Services (ODS) Marine transportation Charter of offshore marine support vessels Provision of diving support vessels Shipyard facilities Ship repair and maintenance services Shipbuilding services Conceptual and feasibility Front end engineering design Mooring systems design Basic and detailed engineering Start up and commissioning Operation and maintenance Transportation and installation of offshore platforms Transportation and installation of subseapipelines Floating Production Systems Subsea field commissioning FPSO, FSO, CALM Buoy Mooring installation services Vessel life extension Platform construction Project management Supply rig and crew Well services Work over services Drilling and service applications Page 14

15 OSS updates 26 Mar 08: Christening launch of OBT Alpha & OBT Omega Page 15

16 OSS updates KreuzShipbuilding and Engineering -Current construction projects: Date Customer From Work scope Delivery Value 29 Apr 08 NuCoastal(Thailand) Ltd Thailand Engineering, procurment, supply and construction of a SPM calm buoy 26 Feb 08 Oil company (recurring customer) Malaysia Design, engineering & fabrication of a SPM buoy 26 Feb 08 OBT Holdings Pte Ltd Singapore Construction & installation of 2 floating crane barges 4Q08 2Q08 S$7.8 million US$3.4 million 4Q08 US$ million Page 16

17 OCS updates Updates on offshore installation and related projects: Date Customer Region Work scope Duration Value Page 17 7 Mar 08 BG India India Design, engineering, procurement, fabrication, surveys, load out, tiedown/sea fastening/sail out, transportation, installation, hook up and pre-commissioning of various facilities 12 Mar 08 International oil major (extension) 17 Mar 08 CUEL Limited (various clients) 1Q08 to 2Q09 Malaysia Installation & engineering of pipelines 2Q08 to 3Q09 Thailand Installation, engineering & transportation of jackets, piles, topsides & pipelines 1Q to 4Q from 2009 to 2013 US$127.0 million US$29.0 million Estimated US$50.0 m per yr for 5 yrs

18 ODS updates US$25m project for drilling offshore wells, Gulf of Thailand Customer: NuCoastal(Thailand) Limited, a wholly owned subsidiary of Coastal Energy Company Duration: 12-mth contract from June 2008, option to extend for a further 12-mth Scope: Offshore drilling and associated responsibilities; supplying the spread of marine vessels, including the drilling unit, Swiber Jack-Up 1 and accommodation barge; providing and operating equipment; providing trained personnel; and carrying out other auxiliary operations and services. Deepwater drilling barge, The Equatorial Driller Key revenue contributor in the future To be delivered in 2010 and deployed in Southeast Asia and India Page 18

19 Deepwater drilling Deepwater oil and gas industry is set for continued growth through to 2012 The World Deepwater Market Report , Douglas-Westwood Page 19

20 Thank You Page 20