Interim Results
28th August 2014
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Nexen PUQ
Interim Results 28 th August 2014 Nexen PUQ 0 0 www.lamprell.com - - PowerPoint PPT Presentation
Interim Results 28 th August 2014 Nexen PUQ 0 0 www.lamprell.com Disclaimer This presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/ or the industry in which
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Nexen PUQ
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This presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/ or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, “expects, “predicts”, ”intends”, “projects”, “plans” “estimates”, “aims”, “foresees”, anticipates”, “targets” and similar expressions. The forward-looking statements, contained in this document, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are uncertain and subject to
assumptions underlying such forward-looking statements are free from errors nor does any of the foregoing accept any responsibility for the future accuracy of the opinions expressed in this document
No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither the Company nor any of its subsidiary undertakings nor any such person’s officers
document.
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Offshore platforms: Jalilah B
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Nexen PUQ
$m $m Revenue* 632.3 506.6 Gross profit* 85.8 46.2 Gross margin % 13.6% 9.1% Operating profit * 53.4 19.2 Finance costs - net** (7.9) (7.6) Share of profit of equity accounted investments 1.0 0.7 Profit before income tax 46.5 12.3 Income tax expense (0.4) (0.5) Profit from continuing operations 46.1 11.8 Profit / (loss) from discontinued operations 0.3 (4.6) Gain on disposal of subsidiary (Inspec) 31.3
77.7 7.3
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* Relating to continuing operations ** Represents the net balance of finance costs and finance income including exceptional finance costs
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46.2 85.8 12.5 4.4 15.7 7.1 2.8 8.7 11.6 ‐ 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 H1 2013 Gross Profit Jackup Rev Refurb Rev Offshore Rev Jackup Margin Jackup Phasing Offshore Margin E&C / LRS / Other H1 2014 Gross Profit
Gross margin H1 2013 vs H1 2014
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* Gross cash less cash deposits under lien, less cash deposits with maturity >3 months, plus undrawn available facilities
New build jackup rig: NDC 4
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30 Jun 141 31 Dec 13 31 Dec 12 31 Dec 11 $m $m $m $m 80.9 160.8 159.3 251.1
1 Balance shown as at 30th June 2014 has been subsequently repaid on 14th August 2014 via the proceeds of the new facility drawn on the
same date
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Nexen PUQ
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Offshore platforms: Leighton topsides & jackets
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1 Excludes both Shelf projects and Petrofac UZ750 which have yet to commence
New build jackup rig: Jindal Pioneer
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¹ As at 30 June 2014 ²Refurbishment value stream has short bid to award profile and therefore limited order book / pipeline values
0.0 0.4 0.8 1.2 1.6 2.0 2.4 2.8 3.2 Newbuild Jack Ups Newbuild Lift Boats Offshore and Onshore Const. Rig Refurb Land rigs Others
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($bn)
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Yard workflow, layout improvements Improved project scheduling Major client awards validate our quality and value mix Procurement synergies across projects & sites
Enhanced focus on broadening customer base and strengthening brand Productivity and efficiency enhancements (Project Evolution) Strengthen and realign
Completion of capital restructuring Complete organisation realignment Process and technology improvements Enhanced marketing and branding
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Rig refurbishment: EDC Rig 49
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Fred.Olsen Windcarrier
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0.0 0.2 0.4 0.6 0.8 1.0 1.2 Newbuild Jack Ups Offshore and Onshore Const. Rig Refurb
¹ As at 30 June 2014 ²Refurbishment value stream has short bid to award profile and therefore limited order book / pipeline values
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0.0 0.4 0.8 1.2 1.6 2.0 2.4 2.8 3.2 Newbuild Jack Ups Newbuild Lift Boats Offshore and Onshore Const. Rig Refurb Land rigs Others
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Project Type Facility Delivery NDC 3 Le Tourneau S116E Hamriyah Delivered - Q1 2014 NDC 4 Le Tourneau S116E Hamriyah Delivered - Q2 2014 Nexen 13,200 tonne PUQ deck Jebel Ali Delivered - Q2 2014 Seajacks - Hydra Gusto MSC NG-2500X Hamriyah Delivered - Q2 2014 Leighton Topside & jackets Sharjah Q3 2014 MOS Major Refurbishment Sharjah Delivered - Q3 2014 EDC2 (Caspian Sea) Le Tourneau S116E Hamriyah Q4 2014 NDC 5 Le Tourneau S116E Hamriyah Q4 2014 NDC 6 Le Tourneau S116E Hamriyah Q1 2015 Jindal 2 Le Tourneau S116E Hamriyah Q1 2015 Greatship 2 Le Tourneau S116E Hamriyah Q1 2015 Petrofac UZ750 Process modules Jebel Ali Q1 2016 Ensco 1 Le Tourneau S116E Hamriyah Q2 2016 Ensco 2 Le Tourneau S116E Hamriyah Q3 2016 Shelf 1 Le Tourneau S116E Hamriyah Q3 2016 Shelf 2 Le Tourneau S116E Hamriyah Q2 2017