Swiber Holdings Limited 1Q FY08 Results Briefingswiber.listedcompany.com/newsroom/Presentation-1QFY2008... · 2008-07-21 · Swiber Holdings Limited 1Q FY08 Results Briefing 15 May

A niche service provider to the offshore oil and gas industry

Page 1

Swiber Holdings Limited

1Q FY08 Results Briefing

15 May 2008


Page 2

Financial Highlights

1Q 2008


Page 3

Key highlights – a record quarter

19.3

70.9

151.2

0

40

80

120

160

FY07 FY08

1Q Full Year

3.6 10.4

49.7

0

20

40

60

FY07 FY08

1Q Full Year

1Q Y-O-Y: 266.9%

Revenue (US$’m) Net Profit (US$’m)

1Q Y-O-Y: 184.3%


Page 4

1Q financial highlights

US$’m 1QFY08 (3M) 1QFY07 (3M) Chg (%)

Revenue 70.9 19.3 266.9

Gross profit 18.3 5.3 245.3

Profit before tax 11.3 4.0 181.3

Net profit 10.4 3.6 184.3

EPS Weighted average (US cts)* 2.43 0.99 145.5

* 1QFY08: 424,350,000 shares vs 1QFY07: 369,000,000 shares


Page 5

A record quarter fuelled by …

Contribution from Kreuz Shipbuilding & Engineering

EPCIC projects

� Increased number of EPCIC projects executed in 1QFY08

included 3 pipeline and 2 platform installation projects in

Malaysia and Indonesia

� Successfully completed and delivered two floating crane

barges – OBT Alpha and OBT Omega – for Offshore Bulk

Terminal Pte Ltd, a wholly-owned subsidiary of OBT

Holdings Pte Ltd

� OBT Alpha and OBT Omega, with a total construction cost of

approx US$6.65 million each, are floating crane barges each

measuring approx 250 feet by 80 feet by 16 feet with a

Liebherr CBG 25(25)/30 crane mounted on a pedestal


Page 6

The balance sheet is further strengthen by the earnings in 1Q FY2008.

Balance sheet highlights

41.6844.85NAV per share (US cents)

0.531.02Net Debt / Equity (times)

Key financial ratios

US$’m 31 Mar 2008 31 Dec 2007

Cash & bank balances 75.2 97.7

Trade receivables 146.5 100.7

Current assets 282.2 235.6

Non-current assets 229.7 134.4

Current liabilities 143.9 109.7

Non-current liabilities 177.1 82.8

Total equity 191.0 177.5


Page 7

Cash flow

US$’m 1Q FY08 1Q FY07 FY07

Operating cashflow before movement in working

capital

13.8 4.3 29.3

Net cash used in operating activities (25.4) (3.7) (16.8)

Net cash used in investing activities (95.7) (8.7) (58.8)

Net cash from financing activities 109.0 6.3 148.5

Cash & cash equivalents at end of period 71.2 3.4 82.7

� Outflow for operating activities to fund operations

� Outflow for investing activities mainly due to purchase of vessels

� Increase in cash and cash equivalents attributable to proceeds from:

o Issuance of bonds: US$72 million (“MTN” programme)


Page 8

Strategy for Continued Growth


Page 9

Order book (US$’m)

187

350

0

100

200

300

400

Feb 2007 Feb 2008

• Record highs in oil prices

– Crude oil per barrel at record high

• Strong economic growth in Asia

• Increased level of offshore O&G

exploration, fields development and

production in Southeast Asia and India

� The estimated total bids submitted/ to be

submitted as at May 2008 is approximately

US$2.05 billion for jobs targeted for the

next 5 years

176.0

476.0

0

100

200

300

400

500

600

Mar 2007 Mar 2008


Page 10

Our growth strategy

• Shipbuilding and engineering

• Subsea and deepwater

• Asia Pacific and Middle East markets

• Spread of offshore EPCIC vessels

• New designs and technologies


Page 11

Continued fleet expansion

Our existing fleet and expected additions: Fleet expansion for up to 2009 will be be funded via

equity issuance, bond issue, internally generated cash and sale & leasebacks

Expand resources

Offshore Vessels FY 05 FY06 FY07 FY08F FY09F FY10F

Cargo/ flat Top Barge 3 4 10 10 10 10

Utility/ Towing Boat 3 4 4 8 8 8

AHTS/ AHT 2 2 9 12 16 18

Subsea Support Vessels 2 2

TOTAL 8 10 23 30 36 38

Construction Vessels FY 05 FY06 FY07 FY08F FY09F FY10F

Jack Up Barge 1 1 1 1

Pipelay Barge 1 2 3 3

Derrick Pipelay Barge 1 1 1

Accommodation Barge 3 3 3

Submersible Barge 2 2 2 2

Derrick Crane Barge 1 1 2 2

Deepwater Drilling Vessel 1

TOTAL 5 10 12 13

GRAND TOTAL 8 10 28 40 48 51


Page 12

Investing in new designs and technologiesExpand resources


Page 13

Continued focus on Asia Pacific and Middle EastExpand markets

� Swiber inked a MOU on 30 April 2008 with Thailand’s CUEL Limited, allowing both companies to jointly pursue offshore

EPCIC projects in Asia Pacific Region. CUEL is one of the region’s foremost offshore EPC fabrication contractors.


Page 14

Classification of business into 3 areas

Offshore Support Services

(OSS)Offshore Construction Services

(OCS)

Offshore Drilling Services

(ODS)

• Supply rig and crew

• Well services

• Work over services

• Drilling and service

applications

Expand capabilities

• Transportation and installation

of offshore platforms

• Transportation and installation

of subsea pipelines

• Floating Production Systems

• Subsea field commissioning

• FPSO, FSO, CALM Buoy Mooring

installation services

• Vessel life extension

• Platform construction

• Project management

• Marine transportation

• Charter of offshore marine

support vessels

• Provision of diving support vessels

• Shipyard facilities

• Ship repair and maintenance

services

• Shipbuilding services

• Conceptual and feasibility

• Front end engineering design

• Mooring systems design

• Basic and detailed engineering

• Start up and commissioning

• Operation and maintenance


Page 15

OSS updates

• 26 Mar 08: Christening launch of OBT Alpha & OBT Omega


Page 16

OSS updates

Date Customer From Work scope Delivery Value

29 Apr 08 NuCoastal (Thailand) Ltd Thailand Engineering, procurment, supply

and construction of a SPM calm

buoy

4Q08 S$7.8

million

26 Feb 08 Oil company (recurring

customer)

Malaysia Design, engineering & fabrication

of a SPM buoy

2Q08 US$3.4

million

26 Feb 08 OBT Holdings Pte Ltd Singapore Construction & installation of 2

floating crane barges

4Q08 US$17.0 -

18.0

million

Kreuz Shipbuilding and Engineering - Current construction projects:


Page 17

OCS updates

Updates on offshore installation and related projects:

Date Customer Region Work scope Duration Value

7 Mar 08 BG India India Design, engineering, procurement,

fabrication, surveys, load out, tie-

down/sea fastening/sail out,

transportation, installation, hook up

and pre-commissioning of various

facilities

1Q08 to

2Q09

US$127.0

million

12 Mar 08 International oil

major (extension)

Malaysia Installation & engineering of pipelines 2Q08 to

3Q09

US$29.0

million

17 Mar 08 CUEL Limited

(various clients)

Thailand Installation, engineering &

transportation of jackets, piles,

topsides & pipelines

1Q to 4Q

from 2009

to 2013

Estimated

US$50.0 m

per yr for

5 yrs


Page 18

ODS updates

• US$25m project for drilling offshore wells, Gulf of Thailand

– Customer: NuCoastal (Thailand) Limited, a wholly owned subsidiary of

Coastal Energy Company

– Duration: 12-mth contract from June 2008, option to extend for a

further 12-mth

– Scope: Offshore drilling and associated responsibilities; supplying the

spread of marine vessels, including the drilling unit, Swiber Jack-Up 1

and accommodation barge; providing and operating equipment;

providing trained personnel; and carrying out other auxiliary operations

and services.

• Deepwater drilling barge, The Equatorial Driller

– Key revenue contributor in the future

– To be delivered in 2010 and deployed in Southeast Asia and India


Page 19

Deepwater drilling

Deepwater oil and gas industry is set for

continued growth through to 2012…

The World Deepwater Market Report 2008-2012, Douglas-Westwood


Page 20

Thank You

Documents

Swiber Holdings Limited 1Q FY08 Results Briefingswiber.listedcompany.com/newsroom/Presentation-1QFY2008... · 2008-07-21 · Swiber Holdings Limited 1Q FY08 Results Briefing 15 May