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Mid-term
Business Plan
2020 February 7th, 2018
Contents
Review of Previous Mid-term Business Plan
(2015-2017)
Environment
Result
Activity
Mid-term Business Plan 2020
Outlook of Long Term Energy Consumptions
Current Market
Strategy of Mid-term Business Plan 2020
Target for 2020 - Quantitative Goals
Mission and Vision
APPENDIX
2
Review of Previous Mid-term
Business Plan (2015-2017)
Review of Previous Mid-term Business Plan
(2015-2017) - Environment
Reduced number of projects due to low oil price and political instability in Brazil
4 From :Number of projects: EMA, “Floating Production Systems Outlook Report 2018 Q1 Executive Summary” *Floating production facility excluding FSO & MOPU
WTI oil price : EIA
12
Number of
Projects*
14
8
10
4
6
0
2
80
100
40
60
0
20
2014
120
WTI Oil price(USD/bbl.)
Previous Mid-term Business Plan
2013 2012 2011 2015 2016 2017
140
Strong increase of net income despite the revenue drop
Review of Previous Mid-term Business Plan
(2015-2017) - Result
5
50
0
100
150
200
Revenue (USD MM)
Target of Previous Mid-term Business Plan Net Profit (USD MM)
Previous Mid-term Business Plan
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0 2014 2013 2012 2011 2015 2016 2017
Revenue
3,500
Net Profit
100
ROE
10%
Review of Previous Mid-term Business Plan
(2015-2017) - Activity
Action Plans were steadily achieved, and will be evolved into the new Mid-term Business Plan.
6
Enhanced asset management with active resource allocation.
Achieved EPCI and O&M service which enable longer and more stable
production by effective use of accumulated know-how in O&M for each
FEED/EPCI/O&M.
Improved EPCI cost competitiveness and shortened delivery time.
Reduced cost of O&M.
Continued research of technology for seabed mining.
Continued R&D of technology for offshore wind power.
Developed FSRWP®.
Enhanced group cash management for efficient use of funds.
Asset Integrity Enhancement
Strengthened Competitiveness
Execution of R&D
Efficient Organization
Asset Integrity: To provide with design, facility and production service
for long-term safe & steady oil and gas production.
FEED: Front End Engineering Design
EPCI: Engineering, Procurement, Construction & Installation
O&M: Operation & Maintenance
Mid-term Business Plan 2020
Outlook of Long Term Energy Consumption
Oil will stay as an important source of energy, whereas Gas will rise sharply.
8 from : IEA, “World Energy Outlook 2016” *mtoe: million tonnes of oil equivalent
4,266 4,474 4,630 4,775
2,893 3,141
3,686
4,313
Total energy consumption(mtoe/y)
3,456
1,937
2,259
2040 2030 2020 2014 2040 2030 2020 2014 2040 2030 2020 2014
2040 2030 2020 2014
Renewable energy consumption(mtoe/y) Gas consumption(mtoe/y) Oil consumption(mtoe/y)
2,827
17,865
16,185
14,576
13,684
Current Market
Business conditions have improved and numbers of prospective projects are coming.
9
Bidding & Final Design
Planning
Appraisal
Numbers of projects using floating oil and gas production facilities (as of September 2017)
from :EMA, “2017 Q4 FPS Report" *Australia & New Zealand includes one project in bidding and final design stage in Pacific.
5 5
4 14
3
10 16
9
2 7
2
Canada
GOM
Brazil
Other S. America & Caribbean
1 6
2
11 24
7
6
11
1 13
1
Southwest Asia & Middle East
Australia & New Zealand
Southeast Asia
China
2 15
6
3 3
6
8 26
9
Africa
Mediterranean
North Sea
48 135
56
World Total
Strategy of Mid-term Business Plan 2020
10
Maximize LIFECYCLE VALUE
GAS R&D Digitalization
Development of new business
Penetrate into gas market Evolution of Asset Integrity
Asset Integrity
Digitalization Continuous investment in R&D
01
02
03
04
LIFECYCLE VALUE : The value which MODEC provides with stakeholders, i.e.,
community, customer, partner and our shareholders through the
whole life of the FPSO, from design to operation.
Strategy of Mid-term Business Plan 2020
1.Evolution of Asset Integrity
11
Evolution of Asset Integrity
IT
Platform
HR
Development
O&M EPCI FEED
Global
Organization
Maximizing Lifecycle Value
Optimization Renewal of ERP Investment in
Next leaders/specialists
Integrated Management System
O&M FEED
KPI management aiming to
maximize lifecycle value
Massive amount of operational data is our key asset of competence.
We will move forward with a digitalization program to enhance the lifecycle value.
Strategy of Mid-term Business Plan 2020
2. Digitalization
12
Reduced maintenance cost
Increased uptime
Optimized FPSO design & EPCI
- Targeting to achieve O&M
automation by applying robotics
Advanced Analytics
FPSO operational data
Enhanced efficiency leveraging IoT
Safe & Steady operation
Strategy of Mid-term Business Plan 2020
3. Penetration into gas market
Expected volume of investment in floating gas related facility
■Considering alliance/collaboration with 3rd parties if necessary.
13
Australasia
Southeast Asia
Europe
South America
North America & the Caribbean
Africa
Middle East
from :MODEC
Accumulated volume of
market in 2018-2020
South Asia
Strategy of Mid-term Business Plan 2020
4. Continuous investment in R&D
14
Offshore fleet repair
Development and materialization of innovative
in-situ fleet repair method using CFRP
Offshore wind power
Research for low cost
offshore installation
Seabed mining
development
Leading a Japanese
national project
Target for 2020 - Maximize LIFECYCLE VALUE
15
USD 4,000 MM 2 vessels/year
1 vessel
6 vessels in 2018
- expand up to 2020
USD 200 MM
12%
Revenue Award (FPSO)
Award (Gas)
Net Profit
ROE
2020
Digitalization
Mission and Vision
- Commitment to leading the offshore industry
MISSION
MODEC delivers and safely operates high-quality, innovative
floating solutions for the offshore industry.
VISION
To be the global leader in delivering and operating innovative
and reliable floating solutions by cultivating diverse and talented
teams that work with integrity, communicate openly, serve the
community and protect the environment.
16
APPENDIX
Outlook of Oil Price
Both scenario 1 and 2 show steady oil price.
18
2030 2040
73
80
110
125
85
78
Scenario1
Energy demand will increase steadily due to the rise of world
population, growth of living standards and urbanization in
developing countries.
Scenario2
Energy demand will increase but that will be offset by improved
energy efficiency in industry and home, which is enabled by
widespread low-energy-consuming equipment.
from : IEA, "World Energy Outlook 2016"
2020
Unit:USD/bbl
Continue to accumulate experience
19
y
Charter(fixed) Charter(option) O&M
20
04
20
06
20
08
20
10
20
12
20
14
20
16
20
18
20
20
20
22
20
24
20
26
20
28
20
30
15y
Charter/O&M (as of February 2018)
(1) Petrobras Mero Pilot FPSO Petrobras
(2) FPSO Carioca MV30 Petrobras
(3) FPSO Cidade de Campos dos Goytacazes MV29 Petrobras
1 FPSO Prof. John Evans Atta Mills Tullow
2 FPSO Cidade de Caraguatatuba MV27 Petrobras
3 FPSO Cidade de Itaguaí MV26 Petrobras
4 FPSO Cidade de Mangaratiba MV24 Petrobras
5 FPSO Cidade de São Paulo MV23 Petrobras
6 FPSO Cidade de Angra dos Reis MV22 Petrobras
7 FPSO Cidade de Santos MV20 Petrobras
8 FPSO Cidade de Niterói MV18 Petrobras
9 FSO Rang Dong MV17 JVPC
10 FSO Cidade de Macaé MV15 Petrobras
11 FPSO Cidade do Rio de Janeiro MV14 Petrobras
12 FSO Rong Doi MV12 KNOC
13 FPSO Baobab Ivoirien MV10 CNR
14 FPSO MODEC Venture 11 Santos
(15) FPSO Stybarrow Venture MV16 available
1 FPSO Raroa OMV
2 FPSO Kwame Nkrumah MV21 Tullow
3 FPSO Pyrenees Venture BHPB
4 FPSO Fluminense Shell 15y
17.5y
10y
7y +
5y
10y
7y
8y
20y
9y
9y
12y
15y
20y
20y
20y
20y
10y
20y
21y
22y
7.5y
5y
More than
200 years of
O&M
45+α
EPCI
5y+
20
Disclaimer
The information contained in this material is based on a set of assumptions and it is not
guaranteed as to its materialization of financial visions or corporate strategies.