Marine Subsea AS presentation Pareto Conference, Oslo

Transcription

1 Marine Subsea AS presentation Pareto Conference, Oslo August 29-30, 2007 Christian Nygaard, Managing Director 1

2 Content Confidential Background History Vessel Fleet Financial Target Summary 2

3 Vision Our vision is to become a leading provider of oil and gas services in the offshore West African region. Construction Support Light Well Intervention 3

4 Confidential Founders with extensive experience in West Africa Experience since early 80 s in West Africa Founder of InterOil Africa/Orlean Invest Activities in Angola, Nigeria, Gabon and Congo Local fabrication yards Large offshore base and logistics operations Partner with local and international companies Investment, management and operation of numerous offshore vessels 4

5 History LOI Africa Offshore Services AS established $ $ 130 mill bond $ 50 mill equity $ 70 mill Glitnir/BNP Award 2 year Barge Contract $ 48,000/d $ 135 mill NOK $ 170 mill bond LOI USD 120 mill Nov Dec Jan Feb March April May June July Aug Award 10 year Contract Sonangol SX 121 Acquisition: Award 3 year Barge Contract $ 58,000/d Change to Marine Subsea AS Acquisition: MOU USDm 225 USDm 155 5

6 Marine Subsea Board Mårten Rød (Chairman/Main chairholder) Broad experience from several positions in oil and gas industry in North Sea, the US and West Africa. Cofounder and Chairman Interoil E&P ASA Gian Angelo Perrucci (Board member & main shareholder) Founder and large shareholder of Interoil Africa and Orlean Invest. Co-founder and board member of Interoil E&P ASA J Christer Ericsson (Board member & main shareholder). The founder of JCE Group AB and Consafe Offshore AB. Particular experience in the offshore accomodation service sector. Board member of numerous companies. Ownership: 25 % Ownership: 25 % Ownership: 25 % 6

7 Marine Subsea Management BOARD MANAGING DIRECTOR Christian Nygaard FINANCIAL ADVISOR Kris Jakobsen COUNTRY MNGR. ANGOLA, TBN OFFICE ADMIN. Maria Carmona QA / HSE TBN FINANCE Kari Kaugerud BARGES G. Repetto SUBSEA Knut E. Harto TOPSIDES/VESSELS Per Kavli I.R. & BUS DEV. TBN 7

8 Fleet Status Sarah Karianne Deliv, July 2009 Deliv, Oct Ulsteinvik Ulsteinvik African Lifter African Installer African Worker African Fjord African Caribe Deliv, Dec 2008 Deliv, May 2008 Deliv, October 2008 Deliv, Dec 2007 Deliv, Nov 2007 Yantai, China Jaya, Singapore Jaya, Singapore Batamec, Batam Yantai, China All units registered as Single Purpose Companies in Cyprus 8

9 Ulstein SX a highly advanced LWI Vessel Can operate in North Sea Dynamic positioning system (DP3) Heave compensated derrick Roll reduction systems 150 tonnes crane 2,500 meter water depth capability Accommodates 90 persons, 40 single & 30 double cabins Class + DNV 1A1 E, DYNPOS, AUTRO, CLEAN DESIGN Length: 120,2 m Width: 25 m Draft: 7,5 m Deck Area: 1470 m2 Dieselelectric propusion Speed: 14,5 knots 9

10 Well Intervention - Strategy and Partners Strategy Marine Subsea AS shall provide the vessel and access to the well via the lubricator. Other related well intervention and IMR services shall be subcontracted or performed through partnership relationships. Light Well Intervention Lubricator Coil Tubing Wireline To ensure quality performance Marine Subsea AS is cooperating with key contractors such as Local partner Local partner will have 25% equity of the first vessel. The acquisition of OTG enables access to extensive operating experience, project & risk management skills All services related to lubricator design, manufactoring and operation All services related to coil tubing, wireline, logging etc. + all related pre-engineering activities 10

11 Construction Support Barges Barge Size 100 m length, 30 m wide men living quarter t crane Barge Application Benign water, < 150 m wd Support during offshore construction Support during IMR services Market 1200 fixed facilities scheduled between worldwide $ billion to be invested in offshore modification market between Source. Douglas-Westwood 11

12 Multipurpose Service Vessel Technical t crane capacity men living quarter Commercial 60% ownership, $ 120 mill Consafe MSV AB (Consafe Invest, JCE Group & Yantai Raffles) 40% & contract with Yantai Delivery July 2009 LOI agreed Application Installation/removal work Platform modification Module lifting & Hook up work Sub sea installation Decommissioning Accommodation support 12

13 Financial Target Confidential Well Intervention Vessel: Targeting EBITDA of USDm 80 p.a. for two vessels incl. own services. 10 year contract with Sonangol for first vessel. Guaranteeing min USDm 26 per year in EBITDA Adjusted annually by 2% LIBOR Barges Targeting EBITDA of min USDm 60 p.a. for 5 barges Two contracts with Dynamic Industries*: Averaging USD 53,000 per day Totalling EBITDA of USDm 30 p.a * One contract confirmed with Chevron Angola SG & A and Gross Interest Cost USDm 2 p.a* * Excluding Financing of Multipurpose Vessel 13

14 Summary Main focus is offshore West Africa, but exploring other markets. Two well intervention vessels have been ordered, delivery Q & Q Five work/accommodation barges have been ordered, delivery from Q Contract on first LWI vessel & two barges. LOI s with OTG and Consafe MSV. MOU with Schlumberger Marine Subsea AS is OTC-listed and is aiming for listing on OSE in 4Q