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Bank aus Verantwortung
Singapore Offshore Finance Forum, 22 January 2014Harm Hauke Ross – Vice President Maritime Industries
Multi-Sourced Debt Financing for Global Offshore Hot Spots - Mirroring Multi-Sourced Investments -
2
International Project and Export Finance SpecialistTotal Maritime Portfolio as per 31.12.2013: USD 20 bn
Mandated Lead Arranger
0,00
500,00
1.000,00
1.500,00
2.000,00
2.500,00
3.000,00
Nordea
Mark
ets
DNB Bank A
SA CitiSEB IN
GKfW
ABN AMRO Ban
k
Sumitomo M
itsui
Financia
l...
DZ Bank
M
Deal
Val
ue (E
UR) (
m)
Source: Dealogic, September 2013Source: Marine Money International, May 2013
Mandated Lead Arrangers 2012 Shipping Portfolio League Table
3
Maritime IndustriesOil & Gas Offshore Portfolio as of June 30, 2013
Pipelaying Vessel7%
Seismic Vessel3%
Semi-Submersible Rig17%
Jack-up Rig1%
FPSO4%
Anchor Handling Tug20%
Construction Vessel7%
Drillship15%
Wind Farm Installation Vessel
13%
Platform Supply Vessel5%
Shuttle Tanker5%
TOTAL USD 1.6 bnUSD 1.7 bn
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SELECTED INVESTMENT PLANS
Brazil India Mexico Malaysia
Petrobras~ USD 237bn 2013-2017
ONGC~ USD 200bn 2013-2030
PEMEX~ USD 115bn 2013-2016
Petronas~ USD 100bn 2011-2015
Global Offshore Hot Spots
KfW IPEX-BankDesk Maritime Industries
Mumbai
Singapore
São Paulo
AthensNew York
Mexico City
Frankfurt
3230
23 23
15 14 13 1210
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NorwayBrazil US
UKAngola
Mexico
Saudi Arabia
Nigeria
Australia
Malaysia
Offshore Spendings in 2012 by Country (USDbn)Source: Rystad Energy
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Where are the Investments made / Assets needed?Locations of the Investments
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From where are the Assets sourced?Locations of the Yards / Suppliers
Brazil
Europe
Angola
Korea
Singapore
US China
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Who supplies the Components of the Assets?
Local Yards
Equipment Suppliers
Local Yards
Inter-national
Yards
Inter-national
Yards
Equipment Suppliers Investments
8
Multi-Sourced Financings mirroring Multi-Sourced Investments
Investments
InternationalOwners
Inter-national
Yards
Equipment Suppliers
Local Yards
Brazil
Angola
Mexico
Germany
Norway
Finland
Korea
Singapore
China
Investment Perspective
ECA of Int.Yard
International Banks
Borrowers
ECA of Equipment Suppliers
Develop-mentBanks
e.g.
BNDS
Euler Hermes
GIEK
Finnvera
K-sure
Sinosure
Financing Perspective
9
Looking for further Risk Participants and Beneficiaries from the Deal
ECAs (Asian)
Balance Sheet /
Cash Flow Lending
ECAs (European)Equipment Exporting
Nation
Borrower/Contractor
Nations of Yards /
Suppliers for Local Content
Limits of international and domestic banks
Dig deeper
Limits of international banks and ECAs
Nations of International
Yards
Local Development Banks /
Equity by NOC / Legislation / Regulation / Contractual Rights
Dig deeper
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Local content average („LC“) up to 86% (exploration stage)/89% (development stage) in bidding round 6 (2005)
Local Content Requirements: Brazil
LC LC
Proof of LCProof of LC
LC
Proof of LC
Concession Owners
Buyers/Contractors
Shipyards / Suppliers
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Multi-Sourced Debt Financing: Brazil
ECA of Int.Yard
International Banks
Brazilianbuilt
Drillships
ECA of Equipment Suppliers
Develop-mentBanks
BNDS
VariousEuropean
ECAs-
Post-Delivery FinancingPre-Delivery Financing
FMM(Fundo
MarinhaMercante)
Local Banks
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2 LNG Tankers for Anthony Veder
› German Equipment: ~26 % (TGE Marine)
› Yard: China
› Financing commitment by KfW IPEX-Bank: EUR 20m
› ECA of Supplier Nation: Euler Hermes
› ECA of Yard Nation: Sinosure
Multi-Sourced Debt Financing: The Netherlands
ECA of Int.Yard
KfW IPEX-Bankand others
Anthony Veder
ECA of Equipment Suppliers
Develop-mentBanks
-Euler
HermesSinosure
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Semi-Submersible Accommodation Rig
for Singaporean Owner
› Yard: China
› European Equipment: > EUR 90m (Wärtsilä, ABB, Kongsberg, GEA Westfalia)
› Financing commitment by KfW IPEX-Bank: USD 65m
› ECAs of Supplier Nations: GIEK, Finnvera
Multi-Sourced Debt Financing: Singapore
ECA of Int.Yard
KfW IPEX-Bankand others
Singaporean Owner
ECA of Equipment Suppliers
Develop-mentBanks
-GIEK
Finnvera-
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Thank you very much!Your Asia Team for Maritime Industries at KfW IPEX-Bank GmbH
Dr. Carsten WiebersGlobal Head Maritime Industries Phone: +49 69-7431-3644E-mail: [email protected]
Roland Torsten LandDirector Phone: +49 69-7431-4642E-mail: [email protected]
Wolfgang KasselDirector
Phone: +65 6422 1561E-mail: [email protected]
Harm Hauke RossVice PresidentPhone: +49 69-7431-6124E-mail: [email protected]
Frankfurt Office Singapore Office
Koo Kim LengVice PresidentPhone: +65 6422 1565 E-mail: [email protected]
