Equipment Leasing Insider
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1 Equipment Leasing Insider Q Welcome to our newsletter Welcome to First Equilease's Q edition of the Equipment Leasing Insider. In this issue of the newsletter, we focus on Saudi Arabia s Oil & Gas sector. Saudi Arabia, owing to its huge size and its oil reserves, is the largest producer of oil in the world. We look at the recent contracts that have been awarded by the national oil company, Saudi Aramco, over the past few months. The ELFA monthly confidence index has been on a downward trend with the index falling throughout the 3 rd quarter in Most of the owners expected their business prospects to remain unchanged in the next four months. We are eager to hear your suggestions and feedbacks. If you would like to know more about any of the topics covered in the Newsletter, please feel free to get in touch with us. Best wishes, Mohammad Al-Qahtany Chairman & CEO, First Equilease
2 Table of Contents Foreword 1 Saudi Arabia Oil & gas Industry 3 Equipment Leasing and Finance Association Monthly Confidence Index 7 Latest from Global Equipment Leasing News 9 Leveraged Lease 12 2
3 Equipment Leasing Insider Q Market Analysis Oil & Gas industry in KSA Saudi Arabia is the world s largest oil producing nation and currently oil accounts for over 90% of its budget revenues and not surprisingly it is the largest sector in terms of capital spending accounting for 17% of the projects that were awarded in Q According to recent reports, oil & gas projects that are currently under planning, execution, EPC etc. account for 3% of the total value of the projects in the kingdom. An advantage that the overall Middle East region has over other recent oil producing regions is that the oil resources are easily accessible and the output from the oil fields are of higher quality which incidentally lessens the capital that needs to be spent. It also has to be noted that currently the spending on other areas dwarf that of Oil & Gas as this is one sector that has had huge investments in the past. Nevertheless the potential for equipment leasing in this sector is huge. Figure 1: KSA Oil & Gas Top 10 Projects (USD Bn) Wasit Gas Wasit Gas Development - Development - Hasbah Arabiyah Offshore Offshore (A), 1.1 (A), 1.1 SATORP, 1.2 Safaniya Infrastructure Works(A), 1 Riyadh Refinery Clean Transportation Fuel (A), 1 Aramco - Fadhili Gas Plant (A), 3 Ras Tanura Gas Plant (A), 4 SATORP - Jubail Refinery and Petrochemical Complex, 14 Wasit Gas Development (A), 4.6 Shaybah NGL Recovery Program (A), 6 Source: Zawya, Marmore Research, As of Sep 2015, (A)- Projects by Saudi Aramco 3
4 Saudi Aramco accounts for majority of the contract works that are planned, under development or execution. Out of the top 10 Oil and gas projects in the country, 8 projects belong to Saudi Aramco. Figure 3: KSA Proven Oil and Gas reserves Source: Meed The Eastern province of Saudi Arabia has some of the largest discovered resources of crude oil in the world and as a result hosts most of the oil projects in the Kingdom. About 265 kilometers off the coast of the Eastern Province lies the world s largest offshore oil field, Safaniya. Aramco has produced oil from the Safaniya field since 1957 and has estimated reserves of billion barrels and produces 1.2 million b/d. Other large existing offshore oil fields 4
5 Equipment Leasing Insider Q include Abu Safah, Zuluf, Marjan, and Berri 1.The Eastern Province has the largest number of oil and gas projects in the region accounting for 34 projects with a total contract value of $43 Bn while rest of the region accounted for 19 projects worth $ 19Bn. Figure 3: KSA Oil & Gas Projects (Region wise Distribution by no of projects) Tabouk, 1 Riyadh, 2 Medina, 1 Makkah, 1 Unknow n, 4 Jazan, 10 Eastern Province, 34 Source: Zawya Recent Contract Awards by Saudi Aramco Sep Saipem is an engineering and procurement services contractor. It was awarded an EPCI contract by Saudi Aramco. The contract involves engineering, procurement, transportation and installation of offshore structures, including the observation platform, wellhead production deck module, auxiliary platforms, 20-inch internally cladded flowline and composite power cable. Installation activities will be performed offshore. 1 MEED 5
6 Sep Saudi Arabia and Bahrain have signed contracts worth around $300 million to lay a new 350,000-barrel per day (bpd) oil pipeline between the two countries, with the link due to be operational in Bahrain relies on output from the Abu Safa oil field that it shares with Saudi Arabia for the vast majority of its oil and the new pipeline will replace an ageing 230,000 bpd link and enable Bahrain Petroleum Company (Bapco) to expand the processing capacity of its 267,000 bpd Sitra refinery. Arabian Light crude oil will flow from Saudi Aramco's Abqaiq plant via the 115-kilometre pipeline, 73 kms of which will run overland and the rest under the Gulf. Agreements to build the pipeline were signed with Saudi Arabia's Al Robaya Holding Company and National Petroleum Construction Company of the United Arab Emirates. Aug McDermott International, Inc was awarded a lump sum contract by Saudi Aramco for brownfield work in various fields offshore Saudi Arabia. Work on the contract is expected to be executed through the second quarter of The award follows the June 2015 signing of a second Long Term Agreement (LTA) between McDermott and Saudi Aramco for engineering, procurement, construction and installation (EPCI) opportunities in various fields offshore Saudi Arabia. The packages of various EPCI projects that make up the lump sum award represent the largest single award for McDermott s Middle East Area operations in the company s history. Aug Japan's JGC Corp has won a contract to build shale gas facilities in the northwest of Saudi Arabia for state oil company Saudi Aramco. The project, known as System A, will involve building processing facilities, wellheads and pipelines for gas in Turaif, where a big mining project called Waad al-shamal is under development. June Wood Group has been awarded an offshore maintenance potential program contract by Saudi Aramco for greenfield and brownfield engineering services, procurement, and construction management support for new facilities in the Arabian Gulf. The six-year contract, which includes options for two three-year renewals, includes the establishment of an offshore engineering center of excellence in Al Khobar, Saudi Arabia. 6
7 Equipment Leasing Insider Q Table1: Top Oil & Gas Projects in KSA (By Project Value) Primary Sub- Project Value Completion Project Name Sector ($ Mn) Date SATORP - Jubail Refinery and Petrochemical Complex Refinery Dec 2015 Aramco - Shaybah NGL Recovery Program NGL 6.00 Q Aramco - Wasit Gas Development Exploration & 4.60 Q Production Aramco/Dow Chemical - Ras Tanura Gas Plant Processing & 4.00 NA Separation Aramco - Fadhili Gas Plant Processing & Separation SATORP - Jubail Refinery and Petrochemical Complex - Refinery 1.20 Dec 2015 Distillate and Hydrotreater Package Aramco - Wasit Gas Development - Hasbah Offshore Facilities Exploration & 1.10 Q Production Aramco - Riyadh Refinery Clean Transportation Fuel Refinery 1.00 Aug 2016 Aramco - Shaybah NGL Recovery Program - Gas Treatment NGL 1.00 Q Facility Aramco - Shaybah NGL Recovery Program - NGL Recovery Unit NGL 1.00 Q Aramco/Dow Chemical - Ras Tanura Gas Plant - Ethylene Processing & 1.00 Q Cracker and TDI units Separation Luberef - Yanbu Lubricants Refinery Expansion Refinery 1.00 Feb 2016 Aramco - Shaybah NGL Recovery Program - Gas Processing Facilities Source: Zawya NGL 0.92 Q
8 Trends Equipment Leasing and Finance Association Monthly Confidence Index The Equipment Leasing and Finance Association (ELFA) Monthly Confidence Index is one of the most widely known index which is used by industry leaders worldwide to gauge the business confidence. The Equipment Leasing and Finance Association is the trade association representing financial services companies and manufacturers in the $827 billion U.S. equipment finance sector. Figure 2: ELFA Monthly Confidence Index Source ELFA The ELFA monthly confidence index has fallen during the 3 rd quarter of 2015, dropping from 67.4 in August 2015 to 61.1 in Sep In the survey, 29.6% of executives responded saying that they believed business conditions will improve over the next four months, down from 40.9% in August. 59.3% of respondents believe business conditions will remain the same over the next four months, unchanged from previous months. 25.9% of survey respondents believe demand for leases and loans to fund capital expenditures (capex) will increase over the next four months, down from 31.8% in August. In September, 51.9% of respondents indicate they believe their company will increase 8
9 Equipment Leasing Insider Q spending on business development activities during the next six months, a decrease from 54.5% in August. 44.4% believe there will be "no change" in business development spending, a decrease from 45.5% last month. Latest from Global Equipment Leasing News Emerging Chinese players bring changes to aircraft leasing industry The rise of young Chinese aircraft lessors is starting to change the rules of the game in the trillion-dollar business in ways keenly felt by their Western counterparts, airlines and manufacturers alike. Just as Bohai Leasing is completing a landmark deal to take over Irish aircraft lessor Avolon Holdings for US$2.6 billion, Awas, another Irish lessor, has attracted at least two Chinese bidders, ICBC Leasing and Avic Capital, in a new round of bidding, with market talk swirling that Bohai Leasing could be interested too. CK Hutchison Holdings was interested in buying Awas in an earlier round of bidding last year. Bohai Leasing declined to comment on market speculation, while Awas did not respond to requests for comment. Sources said ICBC and Avic were interested in a full takeover of Awas, a top-10 player with about 200 planes and whose private equity owner Terra Firma and the Canadian Pension Plan Investment Board are seeking to exit. This is Avic's second bid for Awas, which sold 90 young aircraft to Macquarie Group for US$4 billion in March. Global Lease in talks with 4 banks to acquire EGP 600m Newly-launched Global Lease Company kicked-off legal and administrative procedures to authenticate increasing its paid capital to EGP 50m from EGP 15m, said Chairman of Global Lease Maged Helmi. Global Lease will increase its issued capital to EGP 100m by the first half (H1) of 2016; and its paid capital will be gradually raised to EGP 100m by the end of 2016, he added. Helmi, who is also the Managing Director of Wadi Degla Holding Co., noted that the company provides financing to the food, transportation, and real estate development industries. This entails giving investors financing, not to build housing units but to construct units serving administrative, commercial, and entertainment purposes. Capital Lease Aviation To Buy Airbus A For USD34 Million Capital Lease Aviation PLC said it has entered into an agreement to buy an Airbus A for USD34.3 million. The commercial passenger aircraft leasing company said the transaction will be funded by its existing cash alongside bank debt finance of USD25 million. The acquisition is expected to take place by December 31, giving Capital Lease Aviation a total of four A320 aircraft. At December 31, the average life of the aircraft in CLA's portfolio will be 11.5 years, and the average remaining lease duration will be 4.6 years. "We are pleased with the agreement to acquire an additional A in CLA, which is on lease and is supported with cash maintenance reserves. The acquisition of the aircraft is another desirable growth opportunity for the company and fits well within CLA's investment criteria," Chairman Jeff Chatfield said in a statement. 9
10 Grant Capital Completes Three Equipment Lease Deals Grant Capital Management closed three equipment lease agreements totaling $17.5 million. The first of the leases is with the city of Hartford, CT and is valued at $8.7 million. The second is a five-year, $1.9 million vehicle finance lease with Fulton County, GA. The third was an equipment contract lease of $6.9 million with the District of Columbia Government in Washington D.C. The agreement with Hartford will be used to purchase titled equipment and essential capital equipment. The deal with Fulton will be used to replace 105 county vehicles. The county has a seamless funding process in place so that it can finance vehicles on demand. The transaction with the District of Columbia will be used to finance the purchase and installation of public safety vehicles, buses, trucks and IT equipment for various government agencies. Grant Capital Management is a provider of lease financing to the public sector. Since 2000, it has funded over $5 billion in lease financings. 10
11 Equipment Leasing Insider Q Educational Leveraged lease and its benefits Leveraged Lease: The leveraged lease product has been used by many large corporations to finance capital equipment acquisitions. Commercial aircraft, vessels, railcars and manufacturing lines are assets commonly acquired using this vehicle. Leveraged lease has three parties lessor, lessee and the financier or lender. Equity is arranged by the lessor and debt is financed by the lender or financier. Benefits of leveraged lease The power of the leverage effect and tax benefits lowers the money-over-money rate to the lessee relative to a typical tax lease or straight loan. Since the lessor is able to depreciate all of the equipment with only a relatively small equity investment, this economic benefit can be shared with the lessee in the form of lower rates. Specialized pricing programs can optimize rent and debt schedules to meet particular criteria, such as lowest present value of rent to the lessee, highest book earnings to the lessor or minimum investment duration for the lenders 11
12 About First Equilease We were established in 2005 as a Kuwaiti closed shareholding company. We aspire to be the market's first choice in equipment leasing in the Middle East, recognized for the innovative trend-setting solutions, Client-centric approach, ethical standards, and dedicated towards the sustainability of our community and the environment. P.O.Box 23444, Safat 13095, Kuwait Tel. : (965) Fax : (965) info@firstequilease.com Url : FirstEquilease CopyRight FIRST EQUILEASE 2015 All rights Reserved 12
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