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DESEMBERKONFERANSEN 2008 - Kristian Siem SS7 New Vessels The Seven Oceans is a state-of-the-art purpose built deepwater rigid pipelay vessel fitted with.

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Presentasjon om: "DESEMBERKONFERANSEN 2008 - Kristian Siem SS7 New Vessels The Seven Oceans is a state-of-the-art purpose built deepwater rigid pipelay vessel fitted with."— Utskrift av presentasjonen:

1 DESEMBERKONFERANSEN 2008 - Kristian Siem SS7 New Vessels 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 Oceans 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.


4 29.09.2008



7 Oil price forecasts

8 E&P Spending vs. Previous Years Oil Price Source: IEA, Handelsbanken Capital Markets “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

9 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

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

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

12 Medium-term SURF World Market Demand: Annual Average Capex 2008-2012 Source: Infield Systems $5.8bn $2.6bn $6.4bn $5.3bn $4.4bn $1.0bn <250m Water Depth:$14.3bn 250-1000m Water Depth:$4.3bn 1000m+ Water Depth :$7.0bn Total Water Depth :$25.6bn Now2010-12 +45% $11.2bn $16.2bn Subsea 7’s Target Market

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

14 Norge-Subsea Market 2008 – 2012 Split on Operators

15 Norge-Market Value per Segment - MUSD

16 29.09.2008 The Siem Industries Group Siem Offshore Net income*: $122m Subsea 7 Net income*: $214m STAR Reefers Net income*: $46m Siem Car Carriers Net income*: $6.7m German and Swedish Industries *2007 data 33.7%44.9% 71.6% 88%

17 • 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. The Siem Group Values

18 Siem Gruppens investeringer I Norge siden 2000 NOK 1000 Fartøys ordre24 skipNOK 11,500 Ny bedriftVigra spolbase 150 BygningSS7 kontor Stavanger 250 Totalt(+innkøå/utstyr)NOK 11,800 Antall ansatte1000 personer Kontorer: Kristiansund, Grimstad, Kristiansand, Stavanger, Bergen, Rovde, Oslo Forskning bassert I Norge.

19 Chevron (Cabinda Gulf Oil Company) – Lobito Tomboco, Angola Key Facts  Team of 70 people (10 Nationalities)  3 companies set up  83 contracts awarded – 28 within Angola – 55 out-with Angola  220 purchase orders placed  304 separate shipments by air and 173 shipments by sea  Set up spoolbase in Luanda  Operations run from 3 ports – Soyo, Luanda, Lobito – 280 port calls  1,000 plus vessel days – Seven Navica, Toisa Perseus & Surveyor were operating for over a year

20 Luanda Spoolbase

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

22 Vigra Welding Hall

23 Seven Oceans – Reeled Pipelay Vessel


25 Seven Seas - Pipelay and Construction

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

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

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

29 Current Fleet – 197 Vessels Source: Market info

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

31 Recently Awarded Projects Projects Client Location Block 31BPAfrica$460m Troll B Gas InjectionStatoilHydroNorth Sea$100m Grove ExtensionCentricaNorth Sea$70m Grouse, Stamford & Chestnut P2VentureNorth Sea$67m Block 12/21cIthacaNorth Sea$22m IRM/North SeaTotal E&PNorth Sea $60m Sul CapixabaPetrobrasBrazil $200m Cascade / ChinookPetrobrasGulf of Mexico$50m Skarv & IdunBP 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.

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


34 Subsea 7 Awarded Contracts from 01.01.07

35 2009 Tenders for the 09 -12 Market Contract Award Value Chain Client Portfolio Business Development Business Aquisition Contract& Procurement Backlog Firm ($) $ 2318 40 % $ 2318 $ 900 40% $1,067 2009 Tender 2009 Tender 2009 Tender 2008 Firm

36 2009 StatoilHydro

37 2009 BP 2009 Shell, CoP, ENI, Other operators

38 2009 Tenders and Project Execution: COP + Shell + Others


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

41 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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