Outlook for the U.S. Gulf of Mexico to 2020 Sustainable Growth Leveraged to Infrastructure
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1 Outlook for the U.S. Gulf of Mexico to 22 Sustainable Growth Leveraged to Infrastructure Paul H. Hillegeist President & COO Quest Offshore Resources, Inc. December 12, 213 1
2 Table of contents: Global Energy Needs and the Theme of American - Home Grown Energy! The Offshore Industry Leverages Technology-led Solutions for Exploration & Development Drivers & Forecast for the Offshore Sector Globally North America Outlook--US GoM Specifically within the Context of this Vital Global Supply Chain Industry s Transition to Increasing Water Depths Led by GoM Exploration & Development Potential Threat--Success of other Regions Will Lead to Ebb & Flow in GoM Tempered by BIG Oil s Realization Need to Maintain Continuity across Big project Teams or Risk Scarce Technical Resources 2
3 Where is Offshore Oil & Gas Headed? Macro Economic Drivers Burgeoning Deepwater Growth 3
4 Global Oil & Natural Gas Price Trend Brent Oil Price / Deepwater Production # Subsea Tree Startups/Barclay's Spending (US$MM) Year Brent Oil Prices Subsea Tree Startups Barclays' Spending, EIA and Barclays 4
5 Global Subsea Trees by Decade Average Water Depth # Subsea Trees Average Water Depth (Feet) Products and market segments 1 Proxy for deepwater drilling & development activity Subsea & related hardware components Production umbilicals ROV services & MarCon (URF install) Subsea workover & intervention opportunities 's 197's 198's 199's 2's 21's Startup Decade Number of New Subsea Trees Average Water Depth (Feet) 5
6 Going Deeper in the Gulf of Mexico! Subsea Tree Awards # Subsea Tree Awards (Mean Case) # Contracted Floating Rigs Award Year -1fsw 11-5fsw 51+fsw # Contracted Floating Rigs 6
7 Award Year Golden Triangle Incongruent Subsea Tree Orders Drive ROV Services & MarCon (URF install) Brazil U.S. GoM Africa Image courtesy Oceaneering International # Subsea Tree Awards (Mean Case)
8 Market Activity Forecast & Subsea Award Trends 8
9 Forecast for Major Deepwater Market Segments % Change 24 Month Comparison vs Projects Executed Pipeline & SPU Installs Tree Awards Total Wells Drilled Floating Rigs Contracted % 5% 1% 15% 2% 25% 3% 35% % Change from to (Mean Case) 9
10 Forecasted & Awarded Global Tonnage by Quarter e Tonnes (By Quarter) 7, 6, 5, 4, 3, Tier-US Tier-2 Tier-1 Shipyard-Other Shipyard-Middle East Shipyard-China Shipyard-Asia Pori Fabrication-Other 2, 1, Fabrication-Middle East Fabrication-GoM Fabrication-Europe Fabrication-Asia Brasil Year 1
11 Forecasted & Awarded Global Tonnage by Quarter e Tonnes (By Quarter) 7, 6, 5, 4, 3, Tier-US Tier-2 Tier-1 Shipyard-Other Shipyard-Middle East Shipyard-China Shipyard-Asia Pori Fabrication-Other 2, 1, Fabrication-Middle East Fabrication-GoM Fabrication-Europe Fabrication-Asia Brasil Year 11
12 Worldwide FPS Spending and Awards By Year By Type Millions of Dollars Thousands of US Dollars Number of Units Awarded $3,, 3 $25,, 25 $2,, 2 $15,, 15 $1,, 1 $5,, 5 $ Hull Award Year FPSO FPS-Semi Spar FLNG TLP Number of Units Awarded 12
13 Forecasted & Awarded U.S Yards Tonnage by Quarter e Tonnes (By Quarter) 3, 25, 2, TLP Spar 15, Semi Onshore Modules Jackup 1, FPU Fixed Platform Drill Semi 5, Year 13
14 Frontier Area Potential Multiple Prospects for Future Growth Russian Barents Ireland Newfoundland Nova Scotia Morocco Mexico Deepwater Gulf of Mexico Trinidad French Guiana Gabon Black Sea Red Sea Kenya Vietnam Brunei Philippines Madagascar Falkland Islands 14
15 Gulf of Mexico Drivers & Trends 15
16 Central GOM Lease Sale Comparison High Bids in $Millions $3,5. $3,. $2,5. -3 ft. 31-1,5 ft. 1,51-3 ft. > 3, ft. $2,. $1,5. $1,. $5. $. 3/1998 High Bids 3/1999 High Bids 3/2 High Bids 3/21 High Bids 3/22 High Bids 3/23 High Bids 3/24 High Bids 3/25 High Bids 3/26 High Bids 1/27 High Bids 3/28 High Bids 3/29 High Bids 3/21 High Bids 6/212 High Bids 3/213 High Bids Source: BOEM 16
17 Shallow and Deepwater CAPEX Gulf of Mexico $ Millions Year Shallow Water Capex Deepwater Capex 17
18 North America Vessel Supply & Demand Average Universe of 84 vessels per month Contracted Vessels vs. Not Contracted Vessels Number of Vessels /12 8/12 9/12 1/12 11/12 12/12 1/13 2/13 3/13 4/13 5/13 6/13 7/13 8/13 9/13 1/13 Month/Year DW PL Reel Lay Heavy-Lift/Pipelay Trunkline Other Not Contracted Total Vessels Note: Excludes 31 Undelivered Newbuild vessels Total Vessels includes Contracted & Not Contracted Vessels 18
19 Jack St. Malo & Lucius bring Major Assets to Gulf of Mexico Installation Jack St. Malo Lucius Heerema Balder Tow-out & Install of FPS Unit & Piles Saipem Castorone Install oil export line 226km 24 Technip Deep Blue Install gas export line 36km 1 McDermott North Ocean 12 Install SPU 17km Heerema Balder Hull & mooring install Heerema Thialf Topside install Saipem Castorone Install oil export line 346km 2 Technip Deep Blue Export riser fabrication & reeling Allseas Solitaire Install oil export 24km 18 Technip Deep Energy 27km SPU install Heerema Aegir Risers & Flowline install 19
20 Top Seven U.S. GoM Operators with Floating Rig Contracts 31 / 41 rigs Shell-MAJ bp-maj Chevron-MAJ LLOG-IND Anadarko-IND BHP-IND Apache-IND No. Floating Rigs Drillship Semi 2
21 Key Regions North America Exploration & Appraisal Drilling E&A Well Count ~8% forecasted activity & rig count is U.S. GoM Forecast through semis+ds wells through semis+ds >=75 FSW FSW FSW -15 FSW Spud Year 21
22 SHALLOW WATER 22
23 Shallow and Deepwater OPEX Gulf of Mexico $US Millions $25, $2, $15, $1, $5, $ Year Deepwater Shallow Water 23
24 No. Units Contracted U.S. GoM Contracted Rig Supply Jan 1-Feb 1-Mar 1-Apr 1-May 1-Jun 1-Jul 1-Aug 1-Sep 1-Oct 1-Nov 1-Dec 11-Jan 11-Feb 11-Mar 11-Apr 11-May 11-Jun 11-Jul 11-Aug 11-Sep 11-Oct 11-Nov 11-Dec 12-Jan 12-Feb 12-Mar 12-Apr 12-May 12-Jun 12-Jul 12-Aug 12-Sep 12-Oct 12-Nov 12-Dec 13-Jan 13-Feb 13-Mar 13-Apr 13-May 13-Jun 13-Jul 13-Aug 13-Sep 13-Oct 13-Nov 13-Dec Moratorium Post-Moratorium Period Build-up of new high-spec floating rig supply 1 Contracted Yr-Mo Jack-Up Rigs Contracted Floating Rigs Contracted 24
25 Gulf of Mexico Platforms Installations and Removal Activity 2-217e Structures and BOEM 25
26 Well Plug and Abandonment vs. Structure Removal Wells Plugged and Abandoned Structures Removed Wells Plugged and Abandoned Structures Removed and BOEM 26
27 East Coast Atlantic Potential 27
28 28
29 Atlantic OCS - Overall Spending by Category 29
30 3
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