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DESEMBERKONFERANSEN 2008 - Kristian Siem SS7 New Vessels

DESEMBERKONFERANSEN 2008 - Kristian Siem SS7 New Vessels. Seven Oceans.

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DESEMBERKONFERANSEN 2008 - Kristian Siem SS7 New Vessels

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  1. DESEMBERKONFERANSEN 2008 - Kristian SiemSS7 New Vessels Seven Oceans The Seven Oceans is a state-of-the-art purpose built deepwater rigid pipelay vessel fitted with an advanced flexible pipelay system, capable of operating in water depths of 3,000m, with up to 400t top tensioner and a 3,500t main reel. Seven Seas The Seven Seas is a new flexible deepwater pipelay and construction vessel, with 400t top tensioner VLS, 400t J-lay 400/350t crane and 3,000t carousel. It is capable of operating in water depths of 3,000m.

  2. Subsea Field Development .

  3. DISPOSISJON • FINANSKRISEN • OLJEPRISEN • AKTIVITETSNIVÅ FREMOVER • AKTIVITET PÅ NORSK SOKKEL

  4. UTVIKLING I OLJEPRISEN FRA 1985 FREM TIL JULI 2008

  5. UTVIKLING I OLJEPRISEN SIDEN TOPPNIVÅET JULI 2008

  6. Oil price forecasts

  7. E&P Spending vs. Previous Years Oil Price “We estimate that contracts worth almost US$ 0.5 tn will be awarded to oil service companies in the next two years” Goldman Sachs talking about the outlook for the oil service industry Source: IEA, Handelsbanken Capital Markets

  8. AKTIVITETSNIVÅ - Ability of clients to finance projects • National oilcos • National strategic interest will often over-ride short-term economics. • Credit Suisse survey shows marginal increase in capex plans from 2008 to 2009 for selected NOCs (excluding Russians - Gazprom & Lukoil). • Major oilcos • Most are still cashflow positive after capex & dividends in $60-80/bbl environment. • Credit Suisse survey shows no noticeable decline in capex plans from 2008 to 2009. • Independent oilcos • Most larger IOCs AA-rated & ability to leverage not particularly limited. • Smaller IOCs typically use higher oil price hurdles & likely to have greater funding problems. • Smaller IOCs estimated to account for only 5-10% of offshore E&P spending (but 20% of S7 revenue in 2009-12). • Credit Suisse survey shows 29% decline in US independent capex plans from 2008 to 2009. Source: HSBC

  9. Project hurdle rates by project type Total states its Canada oil sands projects need an oil price of $90 a barrel BP has shelved plans for its $500m Delaware LNG facility, arguing "market conditions do not support such a project near term". At current oil prices, most of S7’s target prospects are still economic but this is becoming marginal.

  10. World Oil Supply & Oil Price Reserve Replacement Ratio Source: Handelsbanken Markets

  11. Medium-term SURF World Market Demand: Annual Average Capex 2008-2012 Subsea 7’s Target Market $16.2bn $5.8bn +45% $11.2bn $4.4bn $2.6bn $5.3bn $1.0bn <250m Water Depth: $14.3bn 250-1000m Water Depth: $4.3bn Now 2010-12 $6.4bn 1000m+ Water Depth: $7.0bn Total Water Depth: $25.6bn Source: Infield Systems

  12. Norwegian Subsea Market 2006 - 2012 In addition the IRM/Survey market will tender $ 6-700 million. The total value of the market 2008 – 2012 is estimated at $ 10,5 bn

  13. Norge-Subsea Market 2008 – 2012 Split on Operators

  14. Norge-Market Value per Segment - MUSD

  15. The Siem Industries Group 71.6% 33.7% 44.9% Siem Offshore Net income*: $122m Subsea 7 Net income*: $214m STAR Reefers Net income*: $46m 88% Siem Car Carriers Net income*: $6.7m German and Swedish Industries *2007 data

  16. The Siem Group Values • Honest, High Quality and Profitable • Reliable, Steady and Predictable Partner. • Long term approach • Acts quickly to understand and solve problems The Siem Group has the financial and management strength and confidence to build businesses for the long term.

  17. Siem Gruppens investeringer I Norge siden 2000 • NOK 1000 • Fartøys ordre 24 skip NOK 11,500 • Ny bedrift Vigra spolbase 150 • Bygning SS7 kontor Stavanger 250 • Totalt (+innkøå/utstyr) NOK 11,800 • Antall ansatte 1000 personer • Kontorer: Kristiansund, Grimstad, Kristiansand, Stavanger, Bergen, Rovde, Oslo • Forskning bassert I Norge.

  18. Luanda Spoolbase

  19. Spoolbases / Bundle Fabrication Facilities Luanda, Angola Wick, Scotland Ubu, Brazil Port Isabel , Texas Vigra, Norway

  20. Vigra Welding Hall

  21. Seven Oceans – Reeled Pipelay Vessel

  22. Seven Oceans – Reeled Pipelay Vessel

  23. Seven Seas - Pipelay and Construction

  24. Seven TBN Construction and Pipelay Vessels Vessel Chartered Vessel Owned Skandi Neptune Seven Seas Lochnagar Seven Sisters Toisa Perseus Kommandor 3000 Skandi Seven Seven Navica Seven Oceans Skandi Bergen Subsea Viking Normand Seven

  25. Diving Support Vessels Vessel Chartered Vessel Owned Seven Pelican Toisa Polaris Rockwater 1 Seven Atlantic Rockwater 2

  26. Nødvendige aktiviteter som inngår I EPIC kontrakter ROV support for exploration & production Precise positioning services and solutions Subsea Engineering Solutions Leading technology in deepwater development Specialist welding division .

  27. Current Fleet – 197 Vessels Source: Market info

  28. New Builds – 2008-2011 “Short-term we see potential for margin increases, but increased supply will put pressure in margins long-term.” DnB NOR Markets Type of New Builds Split on Delivery “The outlook for the offshore construction industry has improved materially in recent months” Morgan Stanley Source: Market info

  29. Recently Awarded Projects Projects Client Location Block 31 BP Africa $460m Troll B Gas Injection StatoilHydro North Sea $100m Grove Extension Centrica North Sea $70m Grouse, Stamford & Chestnut P2 Venture North Sea $67m Block 12/21c Ithaca North Sea $22m IRM/North Sea Total E&P North Sea $60m Sul Capixaba Petrobras Brazil $200m Cascade / Chinook Petrobras Gulf of Mexico $50m Skarv & Idun BP Norge AS North Sea $265m Block 18 LOF BP Angola $80m Hybrid Extension Petrobras Brazil $390m Vega Troll Norsk Hydro North Sea $340m Peregrino Norsk Hydro / Anadarko Brazil $115m BC-10 Shell Brazil $275m North Sea Shell North Sea $1.1bn .

  30. UTFORDRINGER OG UTVIKLINGS TENDENSER • Dypere vann • Større felt • Operasjon-personell-fokusering • Nasjonalisme • Sikkerhet mot terror • Lokalt regelverk • korrupsjon • Skatt

  31. NORSK SOKKEL • .

  32. Subsea 7 Awarded Contracts from 01.01.07

  33. 2009 Tenders for the 09 -12 Market 2008 Firm Backlog Firm($) 2009 Tender $1,067 40 % 2009 Tender 2009 Tender $ 2318 $ 2318 $ 2318 $ 900 40%

  34. 2009 StatoilHydro

  35. 2009 BP 2009 Shell, CoP, ENI, Other operators

  36. 2009 Tenders and Project Execution: COP + Shell + Others

  37. STORE OMRÅDER-STORE DYP-STORE FELT

  38. FORBEDRINGS INITIATIV • Teknologisk utvikling • Bedre utførelse • Klokere arbeidsform med kunder • Bedre kapasitets utnyttelse

  39. SUBSEA NÆRINGEN FREMOVER • Mest krevende og høyest risiko innen offshore entreprenør næringen • Stor aktivitet i mange år fremover • Dypere vann • Fartøy balansen kan bli truet av nye konstruksjonsfartøy • Bedre kapasitets utnyttelse - samarbeid • Større kontrakter - konsolidering • Korreksjon I finansmarkedet var på tide- åpner nye muligheter. • TIME FOR ACTION

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