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© SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
Strategy Presentation, September 2012
© SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
Disclaimer
Some of the statements contained in this presentation that are not historical facts are statements of future expectations and other forward-looking statements based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of the Company’s business to differ materially and adversely from the forward-looking statements.
Should one or more of these risks or
uncertainties materialize, or should
underlying assumptions prove incorrect,
actual results may vary materially from
those described in this presentation as
anticipated, believed, or expected. SBM
Offshore NV does not intend, and does not
assume any obligation, to update any
industry information or forward-looking
statements set forth in this presentation to
reflect subsequent events or
circumstances.
2
© SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
Agenda - Who we are, where we are - Challenges and opportunities - Our Strategy
© SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
Who we are, where we are
4
© SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
SBM Offshore No.1 FPSO player worldwide
5
Financials FY 2011 in US$
Turnover 3.2 billion
Backlog 16.9 billion
Market Cap 3.53 billion
Performance
200+ years of operations
99.1% Uptime
1 million barrels of throughput per day
4,734 Tanker Offloads (3.7 bln barrels)
The Company
4 Project execution centres
9 Shore bases
4 Representative offices
6,220 Employees
Lease Fleet
15 FPSOs
2 FSOs
1 Semi Sub
2 MOPUs
5
© SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
Key Figures Half year 2012 (In millions of US$)
H1 2011* H1 2012
* H1 2011 results are restated for comparison purposes
2,480
872
New orders
FY 2011
1,4611,670
Turnover373
335
EBITDA
-201
223
EBIT
-251
158
Net Profit
16,910 16,109
Order portfolio
6
© SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
Order portfolio backlog (in US$ bln)
30%
1%
69%
0
2
4
6
8
10
12
14
16
18
Turnkey Systems Turnkey Services Lease & Operate
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
20
34
L& O Backlog
2012 2013 2014
Turnkey Backlog
*
US$ 2.3 billion expected to be executed in the second half of 2012
*
* 2012 includes H1 2012 turnover and H2 2012 backlog
7
© SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
Financial Outlook 2012
• Turnover in the region of US$ 4 billion
• Turnkey Systems EBIT margin close to 10% range, reflecting new gross
margin recognition principles
• Turnkey Services EBIT margin in the 15%-20% range
• Lease and Operate EBIT margin in-line with 2011 underlying level
• Net financing costs (in P&L) close to twice the level of 2011 due to
operating fleet growth
This guidance is premised on no material change in the performance, or
delivery, of the Group’s projects.
8
© SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
Challenges and opportunities High demand for complex FPSOs Unsustainable industry returns
9
© SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
What’s happening?
Source: Goldman Sachs
Deepwater needs high technology solutions
0
5000
10000
15000
20000
25000
30000
Onshore 0-500 500-1000 1000-1500 1500-2000 2000+
i
n
M
n
b
l
s
Oil discoveries in giant fields within the last 6 years by water depth
10
© SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
Floating Production Solutions
(source: Petrobras, PFC Energy)
FPSO is the favorite solution for offshore field development
FPSO 60%
Semi 19%
Spar 7%
TLP 10%
Other 4%
11
© SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
Size of the prize
The sector is primed for solid growth in coming years with a CAGR of
demand in the 6-10% range
Source: Pareto research
12
© SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
FPSO market outlook Field developments with FPSOs over the next 3 years
More than 60 FPSO projects to be awarded,
SBM targets around 20 out of them to obtain a fair share
August 2012
(source: internal analysis)
Lease
Sale
Lease or Sale
7
9
13 3
6
4
1 1
4
8
2
2
2
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© SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
FPSOs are getting heavier
Our clients are more and more technology demanding
SBM addresses this challenge
(source: internal analysis)
0
5000
10000
15000
20000
25000
1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016
To
ps
ide
s W
eig
ht
(to
n)
Year of first oil
Kuito
Espadarte
Xikomba
Falcon
Marlim
Sul
Serpentina
Cd de Paraty
Capixaba
P 57
Mondo
Saxi N’Goma
Cd de Ilhabela
Rang Dong
Kikeh
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© SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
Getting complex
Our clients are more and more technology demanding
SBM addresses this challenge
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© SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
Our clients are more and more technology demanding
SBM addresses this challenge
More demanding
(source: internal analysis)
Turrets – Swivel stack size
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FPSOs are not a commodity
Full life production solution
Qualitative differentiation
Non exchangeable
Bespoke solutions for full product lifecycle
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© SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
Challenges and opportunities High demand for complex FPSOs Unsustainable industry returns
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© SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
FPSO: unsustainable industry ranking
Total Shareholders Return for FPSO industry negative
TSR Peer Group Ranking 2007 – 1H2012, %CAGR
-24.9%
-14.1%
-13.9%
-7.2%
-6.8%
-5.0%
-3.9%
-3.9%
-2.7%
1.9%
2.0%
2.2%
6.0%
9.5%
14.3%
14.6%
16.0%
16.5%
16.9%
20.3%
22.2%
24.4%
31.1%
-50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0%
BW OFFSHORE
SBM OFFSHORE
HELIX ENERGY SOLUTIONS
TEEKAY
AP MOELLER-MAERSK
MODEC
JACOBS ENGINEERING GROUP
MCDERMOTT INTL
AKER SOLUTIONS
SUBSEA 7
KBR
FOSTER WHEELER
CHICAGO BRIDGE & IRON
FUGRO NV-CVA
TECHNIP
WORLEY PARSONS
AMEC
SAIPEM
WOOD GROUP (JOHN)
OIL STATES INTERNATIONAL
OCEANEERING INTL
FMC TECHNOLOGIES
PETROFAC
SBM OFFSHORE
BW OFFSHORE
TEEKAY
AP MOELLER-MAERSK
MODEC
(source: Bloomberg, internal data)
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© SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
FPSO: industry in need of transition
FPSO industry shows more down side than upside
(source: SBM internal analysis)
6 FPSO players – Return on Total Assets
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
2007 2008 2009 2010 2011 5yr avg
SBMO Modec BWO Teekay Aker Floating Production Bluewater Group
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© SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
Our Strategy
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© SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
FPSO
FPSO
FPSO About our Strategy: The Company has refocused its product line on core FPSO products and associated services. By focusing on core products with historically good margins whilst improving execution standards and project risk profiles, the Company believes it will return to delivering superior financial returns.
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© SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
Supply side
0
1
2
3
4
5
0 20000 40000 60000 80000 100000 120000 140000
Aw
ard
s w
on
Average production capacity (bpd) (Engineering complexity)
Few active players, strong technical and financing capacity differentiation
(source: internal analysis-30/06/2012)
FPSO market 2010-June 2012 Awards
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© SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
SBM Offshore - Running head. 6pt Arial Regular SBM Offshore - Running head. 6pt Arial Regular
We deliver along the full product lifecycle
Product Life Extension
Leader in FPSO relocation
World class after sales
Operations
200+ years of experience
99+% production uptime
Largest international FPSO fleet
Installation
Dedicated fleet
Unparalleled experience
Extensive project capability
Construction
Strategic partnerships
Unrivalled project experience
Procurement
Integrated supply chain
Global efficiencies
Local sourcing
Engineering
50 years of industry firsts
Leading edge technology
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© SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
Cidade de Anchieta
August 2012
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August 2011
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October 2011
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© SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
Year-end 2011
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Transformation
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A growing workforce
Transformation needed to manage strong growth
(source: internal analysis)
0
1000
2000
3000
4000
5000
6000
7000
2005 2006 2007 2008 2009 2010 2011
SB
MO
To
tal W
ork
forc
e
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© SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
Growing production volume
Transformation needed to manage strong growth
(source: internal analysis)
260,000
270,000
280,000
290,000
300,000
310,000
320,000
330,000
340,000
350,000
360,000
2007 2008 2009 2010 2011
Th
ou
san
ds
Annual production in barrels
SBM Offshore
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© SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
Group transformation in progress
New organisation
profit and cash
flow accountable
Strengthened
management
team
Selective growth
in buoyant market
FPSO strategy
focus
Lead the industry transition towards improving risk/reward balance
32
© SBM Offshore 2012. All rights reserved. www.sbmoffshore.com
Improving Risk/ Reward balance
• Growing market
• Attractive niche position
• Few players
• Not a commodity product
• Excellent operations (99.1% uptime)
• Unsustainable historic returns
Lead the industry transition towards improving risk/reward balance
33
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Q&A