Second Quarter and First Half 2015 Financial Results 13 August 2015 - - PDF document

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Second Quarter and First Half 2015 Financial Results 13 August 2015 - - PDF document

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8/13/2015 Second Quarter and First Half 2015 Financial Results 13 August 2015 1 1 2Q 2015 Financial Highlights S$000 2Q 2015 2Q 2014 % Change Revenue 36,509 97,405 ( 63) Gross (Loss)/ Profit ( 3,104) 17,160 N.M. Operating

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8/13/2015 1

Second Quarter and First Half 2015 Financial Results

13 August 2015

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2Q 2015 Financial Highlights

S$’000 2Q 2015 2Q 2014 % Change Revenue 36,509 97,405 ( 63) Gross (Loss)/ Profit ( 3,104) 17,160 N.M. Operating (Loss)/ Profit ( 7,989) 8,460 N.M. Pre-tax (Loss)/ Profit ( 8,753) 8,190 N.M. Net (Loss)/ Profit ( 8,493) 6,715 N.M. EPS, basic (cents) (0.52) 0.59 N.M.

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S$’000 1H 2015 1H 2014 % Change Revenue 76,319 176,296 ( 57) Gross (Loss)/ Profit 11,479 34,481 ( 67) Operating (Loss)/ Profit ( 5,017) 18,061 N.M. Pre-tax (Loss)/ Profit ( 6,539) 17,588 N.M. Net (Loss)/ Profit ( 6,906) 14,665 N.M. EPS, basic (cents) (0.35) 1.29 N.M.

1H 2015 Financial Highlights

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23.5 60.1 78.9 39.8 57.8 76.6 97.4 36.5 59.8 66.8 79.4 74.2 65.9 62.9 118.6

20 40 60 80 100 120 140 160 180 200 220 240 260 280 300 320 2011 2012 2013 2014 1H 2015

1Q 2Q 3Q 4Q FY 2011

Quarterly Revenue : 2011 to 1H 2015

S$’m

215.3 269.4 118.6 318.6

  • 63%

$76.3

  • 57%

$176.3

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3.3 6.7 8.0 1.6 6.1 7.5 6.7 10.2 5.9 7.8 8.8 10.5 3.8 18.1 (8.5)

  • 10
  • 8
  • 6
  • 4
  • 2

2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 2011 2012 2013 2014 1H 2015

1Q 2Q 3Q 4Q FY 2011

Quarterly Net (Loss) Profit : 2011 to 1H 2015

S$’m

28.4 30.7 18.1 26.2 ($6.9m) $14.7m

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Year % Description (S$’m) 1H 2015 1H 2014 change Cashflow from operations before 1,723 21,996 ( 92) working capital changes Net cash inflow/(outflow) from 16,392 (23,072) N.M.

  • perating activities

Net cash used in (3,621) ( 2,418) ( 50) investing activities Net cash provided by 13,915 16,156 ( 14) financing activities Cash & cash equivalents (a) 42,411 21,557 97 Bank Deposits with maturity (b) 26,312 25,704 2 more than 3 months Cash and bank balances (a) + (b) 68,723 47,261 45

Cashflow : Cash & Bank Balances at $68.7 million

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Year Actual Actual Description (S$’m) 1H 2015 FY 2014 Buildings & Land Enhancement

  • 0.3

Site Equipment and Tools

  • 2.8

Others

  • 2.2

Sub-total

  • 5.3

Singapore Yard 3.0 0.9 Johor Yard 0.6 6.9 China Yard

  • 4.0

Grand Total 3.6 17.1

Capex : 1H 2015 Capex at $3.6 million

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7 20.5 22.5 (8.5) 22.2 36.6 31.4 22.0 17.6 26.5 28.8 30.2 17.7 24.4 23.1 33.0 17.0

(23.3)

4.0 6.1 9.8 10.1 6.9 15.9 10.5 14.2 8.8 9.8 11.2 11.8 7.9

  • 30
  • 20
  • 10

10 20 30 40 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 Gross (Loss) Profit Margin Net (Loss) Profit Margin Percentage

Quarterly Gross (Loss) & Net (Loss) Profit Margin : dependent on timing

in project recognition

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309,641 8,925 74,696 1,623

FY 2014 1H 2015

Offshore Modules 98% Others 3% Offshore Modules 97% Others 2%

Segment 1H 2015 1H 2014 FY 2014 (S$’000) (S$’000) (S$’000) Offshore Modules 74,696 175,129 309,641 Others 1,623 1,167 8,925 Total 76,319 176,296 318,566

Breakdown of Business Segment : offshore modules largest contributor

Type

  • No. of Units (1Q15) No. as at 2Q15

FPSO Topsides Modules FPSO Cidade De Saquarema 4

  • FPSO Ten Tullow

2 1 Total No. of FPSO Modules 6 1 Non-FPSO Modules Malampaya – Bridge Module 1

  • Structural Block
  • 1

Total No 1 1 Grand Total 7 2

Ten Tullow TS Power Generation Ten Tullow Mod BS Power Generation CDS Main Compression B Module CDS Main Compression A Module Malampaya Bridge Module

Deliveries & Completions as at 1H 2015 : 2 units delivered in 2Q 15

CDS Main Compression B Module 10

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Type & Delivery Contract Value Deployment Location Client

  • 10 units FPSO topside

S$ 89 million Premier Oil’s Catcher oil BW Offshore modules fields, UK Sector of North

  • Delivery 1Q 2016

Sea

  • 6 units FPSO topside

S$ 60 million Eni’s Block 15/06 East Hub Armada Cabaca, modules located in deep water an affiliate of

  • Delivery 1Q 2016
  • ffshore Angola

Bumi Armada Berhad Total as at 1H 2015 S$149 million

Contracts Secured as at 1H 2015

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20 40 60 80 100 120 140 160 180 200 220 240 260 280 300 320 340 2011 2012 2013 2014 1H 2015

S$’m

178 132 316 92 149

Contracts secured 2011 to 1H 2015

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20 40 60 80 100 120 140 160 180 200 220 240 260 280 300 320 340 360 1 Q 2 1 2 2 Q 2 1 2 3 Q 2 1 2 4 Q 2 1 2 1 Q 2 1 3 2 Q 2 1 3 3 Q 2 1 3 4 Q 2 1 3 1 Q 2 1 4 2 Q 2 1 4 3 Q 2 1 4 4 Q 2 1 4 1 Q 2 1 5 2 Q 2 1 5

S$’m

201 203 215 134 113 246 346 324 342 266 223 353.7 349.4

Net Order Book : We expect to grow order book amid challenging market environment

312.5 13

20 40 60 80 100 120 140 160 J-04 J N A S F J D M O M A J-09 J N A S F J D M O M A J14 J N A

US$ per barrel $134/bbl $40/bbl $117/bbl $125/bbl $95/bbl $102/bbl $109/bbl $72/bbl $83/bbl $56/bbl $47bbl $61bbl $64/bbl

Market Outlook : Long-term fundamentals remain sound despite current

low oil price environment

$49/bbl $111/bbl 14

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10 20 30 40 50 60 70

Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q1 Q4 Q3 Q1 Q4 Q3 Q1 Q4 Q3 Q2 Q4 Q3 Q1 Q3 Q1 Q3

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Order Backlog (excluding MOPU & FSOs)

Source : EMA 63 64 63

Current Market Status : FPS Order Backlog (FPSOs, Semis, Spars, TLPs, FLNGs and FSRUs)

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238 Projects in Appraisal, Planning, Bidding & Final Design as at 1Q 2015

Bidding/Final Design Planning Appraisal

251 Projects in Appraisal, Planning, Bidding & Final Design as at 2Q 2015

Bidding/Final Design Planning Appraisal

61 56 56 57 134 125

Source : EMA

Offshore Production Market : 251 Projects in Appraisal, Planning, Bidding & Final

Design Stage , an increase of 13 units

56 Projects in the Bidding/Final Design Stage 61 Projects in the Appraisal Stage 134 Projects in the Planning Stage 56 Projects in the Appraisal Stage 57 Projects in the Bidding/Final Design Stage 125 Projects in the Planning Stage

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18 3 32 1 3 1 12 4 2 14 19 8 11 26 14 9 6 6 1 2 9 7 5 1 1 1 35

5 10 15 20 25 30 35 40 45 50

Gulf of Mexico Africa SEA Brazil Australia/NZ N.Europe SWAME Medit Canada Sw ame TBD Carib China

<1000m water depth Deepwater 1000 - 1500m Ultra-Deepwater >1500m

  • No. of FPS Projects

49 26 39 44 13 27 15 12 7 7 1 2 9

Source : EMA

Offshore Production Market : 251 Projects I dentified & in different stages of the planning cycle

I ncreasing no. of gas projects : 74 FSRU & FLNG developments

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 Net Order book at S$312.5 million as at 2015 to-date with completions & deliveries extending into 2016  New orders secured to-date stood at S$149 million  Market environment remains challenging  Focus in executing and delivering projects secured to-date  Continue to see demand in niche segment of the production market

Summary

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This release may contain certain forward-looking statements which are subject to risks and uncertainties that could cause actual results to differ materially from such statements. Such risks and uncertainties include industry and economic conditions, competition, and legal, governmental and regulatory changes. The forward-looking statements reflect the current views of Management on future trends and developments.

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