Strategy. Øivind Tangen. Group Strategy Director September 19, SBM Offshore All rights reserved.

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1 Strategy Øivind Tangen Group Strategy Director September 19, 2014 SBM Offshore All rights reserved.

2 Disclaimer Some of the statements contained in this presentation that are not historical facts are statements of future expectations and other forward-looking statements based on management s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of the Company s business to differ materially and adversely from the forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this presentation as anticipated, believed, or expected. SBM Offshore NV does not intend, and does not assume any obligation, to update any industry information or forward-looking statements set forth in this presentation to reflect subsequent events or circumstances. 2

3 Agenda Attractive market & opportunities Enlarging our footprint Changing industry conditions Our response Ready to Grow 3

4 Oil Market Oil demand to grow due to motorizing of China and India Shale oil supply growth is a surge, not an evergreen Growth of unconventionals (1) will just match growth in demand, but not compensate for declining productionof existing fields Supply gap to be filled by conventional oil fields yet-to-be-developed / discovered World Supply/ Demand Outlook (MMb/d) Middle East, Venezuela and (ultra)deepwater will be the single largest contributors Supply/demand balance will tighten again once shale growth slows down in 3-4 years time Including (ultra)deepwater Tighter supply/demand balance foreseen by the end of this decade Conventional NGLs+ Unconventional Refinery processing gains Biofuels Other unconventionals Light Tight Oil (LTO) Natural gas liquids Enhanced oil recovery Yet-to-be found Yet-to-bedeveloped Existing fields (1) Unconventionals includes NGLs, Light Tight Oil, Canadian oil sands, biofuels, and refinery processing gains. Source: IEA, Shell, JOSCO Energy Finance & Strategy Consultancy. 4

5 Global Oil Price Vision Breakeven Price ($/bbl) Long-term Oil Price Trend ($/bbl) Top 400 Breakeven of Non-Producing Oil Assets Deepwater Traditional Demand-led World $15-20/bl Brent Oil Price Expectation Supplyconstrained World Heavy Oil Event-driven World $90-120/bl Brent Ultradeepwater Cumulative Peak Production (1,000 bbls/d) Supplyconstrained World Shale Oil Shale oil has led to a considerable flattening of the cost curve at around $ 80-85/bbl Oil Substitution World Oil prices expected to stay flat until end of the decade Risk skewed to the upside over time when U.S. shale oil reaches production plateau and no new surge of oil is imminent Post-2020 increase of oil price expected due to growing supply gap Today s deepwater FIDs will see First Oil most likely at times of higher oil prices Oil price supports (Ultra) Deepwater developments Source: Bernstein Research ; Goldman Sachs ; JOSCO Energy Finance & Strategy Consultancy 5

6 Trends in Exploration Global Discoveries (Number) Volumes Discovered (MMboe) Volumes by Commerciality , Onshore Shelf Deepwater 20,000 15,000 10,000 5, Onshore Shelf Deepwater Volume Discovered (bnboe) Onshore Shelf Deepwater Commercial Technical Contingent Explorers drilled 16,000 wells since 2003, of which 2,350 in deepwater (>400m) Deepwater discoveries stable over the years (~50/yr), whereas Onshore and Shelf are in decline since 2008 Dramatic increase of deepwater contribution in volume discovered Deepwater discoveries have highest ratio of commercial volumes In any scenario, (ultra)deepwater will grow in importance Source: Wood Mackenzie; Deepwater is > 400m water depth 6

7 Many Countries with (Ultra)Deepwater Basins Value Base price (US$Bn) (Ultra)Deepwater Yet-to-Find vs Value Ghana: Cote d'ivoire Brazil: Campos Nigeria: Niger Delta Angola: Kwanza Angola: Lower Congo US (GoM Deepwater): East Gulf Coast Cote d`ivoire: Cote d'ivoire French Guiana: Guyana US (GoM Deepwater): West Gulf Coast Mozambique: Rovuma Brazil: Santos Commercial Yet-to-Find Volumes (bnboe) Our Playing Field 48 countries with 58 (ultra)deepwater oil & gas basins 20 countries with deepwater oil basins, 14 with ultra-deepwater oil basins 16 countries with deepwater gas basins, 6 with ultra-deepwater gas basins Potential offshore field developments 1,500-5,000 feet of water depth: 371 5,000+ feet of water depth: 202 Total (ultra)deepwater Yet-to-Find is estimated at 175 billion boe 11 recent deepwater discoveries New discoveries to drive future deepwater developments Source: Wood Mackenzie, Clarkson Research Services. 7

8 The Industry s CapEx Outlook Capital Spending (US$ Bn) US$Bn Global E&P CapEx Spending Outlook $1,200 $1,000 $800 $600 $400 $200 $ United States Canada Outside North America Top 400 CapEx Shale vs. Deepwater $450 $400 $350 $300 $250 Deep Water $200 $150 $100 $50 $0 Other Top 400 Deepwater US Shales No CapEx contraction in any region, despite a slight pullback on the part of the Majors The new era of oil forces oil companies to become more cost efficient and effective This will lead to some CapEx and OpEx cost-cutting, but mainly costcontrol by: Portfolio optimization / rationalization, divesting non-core / non-performing assets Reengineering pre-fid developments throughout their portfolio On an unrisked basis, Deepwater CapEx will grow to a 25% in total Top-400 CapEx Source: Barclays Capital, Clarkson Capital Markets; Goldman Sachs. 8

9 (Ultra)Deepwater CapEx Top 400 (Ultra)Deepwater (750m+) CapEx Growth Unrisked $120 US$Bn $100 North America $80 Middle East $60 Latin America Europe $40 Asia-Pacific $20 Asia $0 Africa E 2015E 2016E 2017E 2018E Top 400 Deepwater CapEx Growth Risked No visibility of any slowdown in deepwater CapEx Golden Triangle continues to dominate the Deepwater business for the foreseeable future Even taking historic delays into account or the marginal projects out, then still Deepwater CapEx continues its long-term growth trend $120 $100 $80 US$Bn $60 $40 $20 $0 Slowdown due to Macondo Source: Goldman Sachs E Deepwater (>US$85 breakeven not sancioned) Deepwater ( sanctions risked) Deepwater capex unrisked 2015E 2016E 2017E 2018E Long-term growth trend intact 9

10 What s Changed? & Beyond Rapid growth in the Deepwater frontier Experience from past (complex) projects Technology & local capabilities stretched to the limit; poorly developed supply chain Improved upfront project scoping / more front-end engineering; avoid re-scoping Tight offshore marine contracting market Better supply-chain capacity & management Playing catch-up Overly optimistic on time, effort and budget Lack of project maturation & development Downward trend in cost and timing overruns Improved profitability for client & contractor Slow Down to Speed Up! 10

11 SBM Strategic Actions Client Issues & Trends SBM Response Increased technical complexity Technology development & leverage Cost pressure Cost reduction initiatives Search for new (ultra) deepwater resources Entering new areas & breaking new grounds Industry capacity & capabilities Preferred partner & closer relationships 11

12 Enlarging the Envelope TECHNOLOGY PROJECT EXECUTION OPERATIONS FINANCE & LEASE Current: Focus on top-end segment FPSOs Turret Moorings Turnkey Sale or Lease & Operate Way forward: Enlarging the envelope Floating LNG (FLNG) Semisubmersible & TLP production units SBM Vision: To be the trusted partner of choice in the development of complete Floating Production Systems 12

13 Top Contractor to Our Clients SBM s Value Added Proposition We provide highly customized strategic solutions to our clients We enable our clients to differentiate themselves in the marketplace We strive to offer the greatest return on investment through pursuit of collaborative opportunities We represent significant spend and are crucial to our client s business operations We operate with our clients across multiple geographies, categories, business units There are few alternatives in the marketplace to the products and services we provide We invest substantial time and effort in building & strengthening relationships with our clients to identify and create new opportunities as well as coordinate new technology development Risk / Value Bottleneck Routine Base Core Spend Top Critical Leverage Product Leadership Customer Intimacy Operational Excellence 13

14 Full Value Chain Involvement FEED FID Identify & Assess Select Define Execute Operate Project Initiation Concept Selection Basis for Design Design, Construct Produce, Maintain Feasibility Study Field Development Plan Project Spec & Execution Plan Install, Commission, Test Reservoir FPSO Optimization Low cost options Increase predictability Flawless execution Safe operations SBM brings value in all phases of the project Earlier involvement provides the greatest opportunity for SBM to add value Latest knowhow and experience from recent and current projects Technology Costs & scheduling Project management Partnerships in technology 14

15 Conclusions Attractive market & opportunities Enlarging our footprint Changing industry conditions Our response Ready to Grow 15

16 Q&A SBM Offshore All rights reserved. SBM Offshore All rights reserved.

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