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P130319
Assets Development
for
Today’s Market Needs
by Umberto Vergine
Saipem CEO
La Defénse – March 19, 2013
2
Execution efficiency
Shareholder Value
Profitability
Growth Skills, competencies development
Assets Development, for
E PM I C
Objectives Means
New Evolving Market Requirements
Around year 2000 Saipem started an ambitious >10 B€ investment program
World leading EP(I)C Engineering & Construction General Contractor
1. For most complex oil & gas projects, onshore land, offshore…
…In toughest environments (climate, logistics)
2. For new rapidly developing market segments:
Deepwater/subsea Unconventional oil & gas Floating production LNG etc.
Strategic Goal
Then a medium-size installation/construction contractor, primarily offshore
MOST COST-EFFECTIVE PROCESS
E
C/fab
Time
P
Saved Time
Increases: Cost, Complexity, Risk
Reduced EPIC Contract Duration
Integrated Project
Management TIME-IS-OF-THE-ESSENCE PROCESS
E C/Fab.
P
I/C
Time
TYPICAL
EPC/EPIC
PROCESS
Premise(1/3): Saipem believes that the EPC/EPIC approach can offer superior performance in large projects execution
3
LOW RISK
LONG DURATION
HIGH RISK
TIME SAVED
I/C
4
Premise(2/3): Local Content Maximization
A cornerstone of Saipem’s business philosophy
Develop/invest in local project execution centers
Project Management
Engineering
Procurement and Subcontracts with Local Suppliers
Prefabrication Yards
Local hiring
Local partnerships
Training, know-how transfer
HSE, medical training and assistance
Creation of long-term social and economic value
Development of local skills Effective engagement of all stakeholders
Objective: deeply rooted local sustainable presence
Local employees: >70% of total From 125 nationalities In more than 70 countries
29 engineering and project execution
centers
10 local prefabrication
yards
Premise(3/3): Direct control of as many execution steps as possible offers numerous advantages for large EP(I)C projects execution
Traditional Approach
Direct execution
Outsourced (by definition)
Subcontracted by choice
E
P
I,C
Lower Risk Better Control Improvements & Feedback (Lessons Learned Analysis)
Saipem’s Goal
E
P
I,C
5
PM PM
Subcontracts for detail engineering
Subcontracts for construction
6
Supply of complex solutions for even the largest and most challenging EP(I)C projects utilizing a global integrated network of skills and assets
Development of Saipem’s Business Model
Major emphasis on HSEQ culture
Strong Project Management
Key First Step: Acquisition of Large World Class Engineering and Project Management Assets
FOR OFFSHORE EPIC COMPETENCES AND ENGINEERING RESOURCES (2001-2002)
(50%)
7
Floaters, Subsea, Maritime Works LNG Regasification Maintenance and Turnaround
Offshore pipelines and platforms
FOR ONSHORE EPC COMPETENCES (2006)
Upstream and downstream E,P,C (subcontracted) Contractor, onshore
Competitive-cost detail engineering in India
High tech solutions for floaters
Development of World Class Engineering and Project Execution Centers
Successful integration and rationalization (One Company, One Quality)
For even the largest and most complex projects anywhere in the world
Deepwater
&
Subsea
Mega-Project Management
Floaters
Downstream Refining,
Petrochemicals and Power
LNG
Liquefaction
Onshore
Offshore
Pipelines
Marine Works
Infrastructures
Offshore
Heavy Lifting
LNG
Regasification
8
Saint Quentin Yvelines (Paris)
Rome
Fano
San Donato (Milan)
San Donato (Milan)
Some projects to be led also from London, Chennai (India), Sharjah (U.A.E.)
9
Engineering and Project Execution Centres
Other local offices
Development of a Global Network of Engineering and Project Execution Centers
Regional Centers
Central E and PM Centers Cost effective export-type
Centers
10
Fabrication Yards & Main Logistic Bases
Development of a Global Network of New Fabrication Yards
Most recent investments
11
Next 2010+ Phase - Major Challenges: Growth, Project Complexity
Deep water, subsea
Unconventional oils
LNG and gas chain
Floating production
Arctic or Arctic-like environments
World leading EP(I)C Engineering & Construction General Contractor
1. For most complex oil & gas projects, onshore land, offshore…
…In toughest environments (climate, logistics)
2. For new rapidly developing market segments:
Deepwater/subsea Unconventional oil & gas Floating production LNG etc.
Strategic Goal
Substantial investments will be made in new unconventional settings
12
Most new oil and gas production coming from unconventional sources
Source: Douglas-Westwood (2012)
Bitumen and Oil Sands
Offshore Shallow
Conventional Onshore
Offshore Deep
Bln US $
Source: Goldman Sachs - March 2012; * From GS Top 330 projects
Incremental Capex - to 2015*
Capex Growth 2013-2014 Capex Growth 2014-2015
13
Engineering and Project Execution Centers for Alberta Oil Sands, Canada
~ 1000 engineering professionals
Contributed to Lump Sum expertise in Alberta
Calgary, Alberta, Canada
Oil Sands production, processing and refining
Next: LNG on West Coast
Alberta Oil Sands and W.Coast LNG
Growing to 500 employees
Started in 2013 and 2012, respectively
Edmonton & Nisku Yards, Alberta, Canada
From 5 employees in 2007 to ~ 1500 today - of which 700 engineers The only real local EPC contractor in
Alberta, with full control of the entire work sequence and risk assumption
Small Truckable Modules For Ft Mc.Murray
14
Brasil
Other Discoveries
Deep Waters
33,989 million bbl
New
Dis
coveri
es 2
005-2
010
Brazil
32%
19%
49%
Source: Petrobras (2012)
Half of new oil & gas discoveries in last 5 years are in deepwater
63% of these in Brazil, large part elsewhere in South Atlantic
Major new potential in Angola
Deepwater production by 2020 5.5 Mbpd 10 Mbpd Deeper and deeper Weighted average discoveries in 2012: 1500 m water depth
Max water depth: >3000 m
Frontier exploration and drilling
Dominance of a small number of super-majors
New Industry Frontier: Subsea Production in Ultra-Deep Water
15
Saipem’s Engineering, Project Execution, Technology Development for Deep Water
Rio de Janeiro, Brazil New center, in conjunction
with Guarujà prefab yard
For Pre-salt Investments
Growing to >200 engineering professionals
Deep Water Engineering & Technology Co., Luanda, Angola
South Atlantic Deep Water Projects
Guarujà, Santos, Brazil
Operational from 2013
Local Content for
Pre-salt
New Subsea Process System
Advanced Subsea Robotics
16
High technology, highest productivity vessel
For large diameter, long distance trunklines Steep high productivity S-lay for deepwater fields Latest generation dynamic positioning Arctic capabilities – for future frontier markets J-lay and S-lay operation Committed in GoM, Brazil, Australia …
Latest generation vessel for deepwater field development
All project tasks with a single vessel: lifting/installation, pipelaying
Follows impressive achievements of FDS over the last decade
J-lay quad joints in ultra deepwater Capability to install heaviest stand alone riser system for ultra deepwater Option for high productivity S-lay operations Currently in Brazil, then S.Atlantic
FDS 2
Focus on Deep Water - Investments in the Most Modern Vessels - E&C Offshore
Castorone
All-in-one Highly Sophisticated Vessel for Deepwater Projects
For Exceptional Pipelines
In Deep Water
17
Focus on Deep Water - Investments in the Most Modern Vessels - Drilling Offshore
Drillship semisub for harsh environments, in up to 10,000 ft water deepths
Fully winterized for harsh environments Expanded operating range Reduced environmental impact, high energy
conservation Dedicated ROV storage area Initially committed to Norway
Drillship for operations in up to 12,000ft water depths
Top technology for ultra deep water drilling Optimized operational efficiency Initially committed to W. Africa
Saipem 12000
Scarabeo 8
For Ultra-Deep Water
For Very Harsh Environments and Ultra-Deep Water
18
Our Future: Integrated LNG chain
Integration of numerous essential technology, design, execution components
Developed strong local content in key “LNG markets”
Saipem can provide all necessary infrastructures required
Actively involved in most of today’s LNG challenges, onshore and offshore
FLNG: Active since 2007 with proprietary technology developments and designs
Ready with capabilities to fabricate large modules
A requirement for some projects
Powerful long-term alliances
19
Our Future – Floaters: E, PM and C
Karimun Island, Indonesia
Local content for Indonesia
Large Modules for World Markets
Close to Australia, Asia/P and West Coast North American markets
Integration of multiple technical disciplines Specialized engineering for
Process – Technology – Marine - Construction
New Saipem’s dedicated organization based in Paris
Dedicated Asian yard for in-house modules/topsides fabrication
For projects worldwide
OLT, World first Offshore moored FSRU - Italy
20
Engineering and Project Execution Centres
Yards & Main Logistic Bases
Other local offices
Further Medium-Term Growth Opportunities
New Local Engineering and Project Execution Centres
Newest Markets
Heavy Oils New Investments?
Infrastructure FPSO LNG FLNG
Arctic LNG
Conclusions: Saipem’s in Evolution 2000 - 2013
13.4
45,000
19.7
12.9
Backlog (B€)
1.3
Market cap (B€)
Employees 9,800
2.6
2.6
Revenues (B€/Y)
Mid-size, predominantly I/C offshore contractor, in 2000
Leading, full service EP(I)C general contractor, offshore and onshore, today
(+)
(+)
(+)
(+)
(+) Dec. 31, 2012
21
22
Ready to support the IOCs’/NOCs’ production programs
by designing and building their biggest investments
of tomorrow, with
the best and most innovative designs and
construction solutions, in:
DEEP WATER FLOATING PRODUCTION LNG UNCONVENTIONALS
in harshest and most remote environments,
with HSEQ and Local Content as foundations.
Conclusions: Saipem 2013+