Bergen Group -positioned for growth

Transcription

1 Bergen Group -positioned for growth CFO Ståle Rene SR-Markets oljeseminar, Stavanger 5. juni 2012

2 QUALITY THROUGH SERVICE AND INNOVATION Bergen Group is an innovative supplier of products, services & solutions to the offshore and maritime industries. Founded in 2002 and listed on Oslo Stock Exchange with ticker BERGEN since June 2008 The Group is based on 30 offshore and maritime-related companies, each with a strong individual history. The headquarter is located in the center of Bergen 1,600 employees at locations strategically located along the Norwegian coastline from Kirkenes in the north to Stavanger in the south Specialized competence within Offshore, Shipbuilding and Maritime/Industrial Services 2

3 BERGEN GROUP BUSINESS AREAS OIL COMPANIES RIG OWNERS RIG OPERATORS SHIP OPERATORS NAVY (Nor) SHIP OWNERS OFFSHORE Major EPCI projects Maint & Mods Studies Fabrication Rig repair/classing Decommissioning SERVICES Ship service Support rig/ship service Piping systems Electrical systems Steel & welding Prefabrication Cranes SHIPBUILDING Offshore Seismic RoPax & design Specialized cruise YARD SUPPORT GLOBALLY 3

4 BERGEN GROUP - STRATEGIC LOCATIONS HAMMERFEST: Kimek KIRKENES: Kimek / Kimek Offshore MURMANSK: Kimek Offshore ASKØY: Hanøytangen TRONDHEIM: Fosen BERGEN: BMV / Services/ Dreggen / Vest Elektro SUNDE: Skarveland / Risnes STAVANGER: Rosenberg HALSNØY: Halsnøy POLAND: Amia 4

5 ANNUAL DEVELOPMENT REVENUE AND EBITDA Revenue NOK mill. 5

6 BERGEN GROUP OFFSHORE Bergen Group Rosenberg 6

7 BERGEN GROUP ROSENBERG > BUSINESS MODEL FEED Engineering (EPCI) Fabrication (EPCI) Installation Modifi-cations & Maintenance Strong order intake in Q2 2012: NOK 175 million: Hook up contract for the new accommodation and field center platform at Ekofisk (ConocoPhilips) NOK 350 million: EPCI-contract A brownfield modification project modifications and replacement of the Waste Heat Recovery Unit on the Eldfisk 2/7 E platform (ConocoPhilips) NOK 50 million: Subsea EPC-contract: subsea manifold located at the Alvheim field (Subsea 7) 7

8 BG ROSENBERG PREPARING FOR GROWTH Top modern and office facilities in April 2012 Capacity of 600 workspaces Securing further growth 8

9 INCREASED ENGINEERING CAPACITY Acquisition of majority stake in Origo Process AS; a leading provider of process competence to the Norwegian oil and gas industry. Cooperation with ITC-Infotech (India) established in First group of engineers already in Stavanger, fully involved in NCS-projects. Potential for further increase. Successful recruitment both at home and abroad to be continued: Graduates Experienced Engineers from other industries 9

10 BERGEN GROUP HANØYTANGEN RIG SERVICE CENTER 10

11 HANØYTANGEN AS AN INDUSTRIAL CLUSTER Hanøytangen on its way to become an important industrial cluster for maritime and offshore operations. Investments of NOK mill finished in 2010 External companies in process of establishing activity at Hanøytangen Hanøytangen ready for increased Bergen Groupactivities in the future One Stop Shop 11

12 HANØYTANGEN OFFSHORE PROJECTS Transocean Leader 1998 (wetdocked) Transocean Searcher 2008 Transocean Arctic 2009 Deepsea Atlantic 2010 and 2011 Transocean Winner 2011 Safe Scandinavia 2012 (2 x) Polar Pioneer 2009 Songa Trym 2009 Safe Scandinavia 2010 and 2011 Safe Caledonia year rig classing Q Octabuoy storage and hookup* 2013 LOI valued NOK mill *option for the hookup process 12

13 ACTIVITY BOOM FOR THE OFFSHORE YARDS Annual Special Periodic Survey (SPS) / 5 year classing to be carried out in Market potential of NOK 7.5 billion An additional need for yard capacity related to: minor classing projects Mobilization and modifications general maintenance upgrades Source: Pareto Securities / Offshore.no 13

14 BERGEN GROUP POSITIONED FOR GROWTH IN THE NORTH 14

15 BERGEN GROUP SHIPBUILDING 16 advanced offshore vessels delivered in

16 SHIPBUILDING > STRATEGIC POSITION Strong macro outlook for larger subsea intervention vessels Bergen Group have a proven track record in high end market Attractive margins possible in complex tailor made offshore vessels Hence Bergen Group will focus on DSV, OSCV, ROV and Seismic projects A more opportunistic approach towards an AHTS and PSVmarket which is characterized by high competition and undesirable request for equity participation from the yard 16

17 STRATEGIC PARTNERSHIPS IN SHIPBUILDING Mitigating actions to improve ship hull manufacturing; Safeguard delivery on promised time Safeguard quality in workmanship and materials Improve outfitting flexibility to increase product offerings Concept sales Design Steel fabrication Outfitting Commissioning DSV OSCV ROV AHTS PSV BERGEN GROUP HULL PARTNER 17

18 ADVANCED OFFSHORE VESSELS NEW CONTRACTS Two new contracts awarded from Volstad Maritime AS in Q with a total value of NOK 1.5 billion; both with same design as the one currently being outfitted at at BG Fosen. 18

19 SHIPBUILDING EXPERIENCE AND EXPERTISE Extensive experience and technical expertise. Solid record of building Special purpose vessels" such as: Seismic Vessels Offshore Vessels (ROV) Research Vessels RoPax and specialized cruise ships Focus on design and innovation to remain the leading shipbuilding company. The hull is built by efficient joint venture partners abroad. The ships are then equipped and outfitted at one of our yards in Norway. 19

20 ADVANCED ROPAX STRONG DESIGN KNOWLEDGE «Stavangerfjord» - currently being outfitted at Bergen Group Fosen

21 BERGEN GROUP SERVICES 21

22 BERGEN GROUP SERVICES Bergen Group Dreggen Strategic partnership with Koch Metalúrgica in Brazil established Sales offices in both Singapore and Brazil Complex maritime maritime service projects incl. the Norwegian Navy Long term history with carrying out complex service operations for the Norwegian Navy increased offshore focus Focus on Turn Key deliveries Revenue split in the division 22

23 MARKET OUTLOOK BERGEN GROUP Offshore Continued high investments in brownfield modifications String of new discoveries leading to new field developments Subsea investments also expected to grow Bergen Group Rosenberg positioned with competence and capacity as evidenced by ongoing projects High number of rig SPS s (Special Periodical Survey) over the next 8 years Shipbuilding Strengthened market in Bergen Group core segment (advanced offshore vessels) New orders for NOK 1.5 billion in 2012 (as of June 4 th ) Ongoing process of improving the hull production at subcontractors Services Improved market position expected to generate new business Partnership will increase the international growth for Bergen Group Dreggen Offshore-related activity expected to increase 23

24 BERGEN GROUP PREPARED FOR GROWTH OIL COMPANIES RIG OWNERS RIG OPERATORS SHIP OPERATORS NAVY (Nor) SHIP OWNERS OFFSHORE Major EPCI projects Maint & Mods Studies Fabrication Rig repair/classing Decommissioning SERVICES Ship service Support rig/ship service Piping systems Electrical systems Steel & welding Prefabrication Cranes SHIPBUILDING Offshore Seismic RoPax & design Specialized cruise INTEGRATED OFFSHORE RELATED PRODUCTS AND SERVICES 24

25 IR AND MEDIA CONTACTS Next Interim Report: Wednesday August 22th: Q CEO Terje Arnesen tel. (+47) CFO Ståle Rene (finance) tel. (+47) VP Communication Øyvind Risnes (media), tel. (+47)

26 DISCLAIMER This Presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Bergen Group ASA and its subsidiaries. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Bergen Group s businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time. Although Bergen Group ASA believes that its expectations and the information in this Presentation were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this Presentation. Bergen Group ASA nor any other company within the Bergen Group is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the Presentation, and neither Bergen Group ASA, any other company within the Bergen Group nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in the Presentation. Bergen Group ASA undertakes no obligation to publicly update or revise any forward-looking information or statements in the Presentation. 26

27 BERGEN GROUP QUALITY THROUGH SERVICE AND INNOVATION THANK YOU FOR YOUR ATTENTION! 27

28 APPENDIX

29 INCOME STATEMENT Q CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT (UNAUDITED) Figures in MNOK Q Q FY 2011 FY 2010 Operating revenues Other operating costs Operating profit before depreciation (EBITDA) (5) Ordinary depreciation Depreciation and amortization of intangible assets and goodwill 1) Operating profit (EBIT) (28) 19 (40) 98 Net finance costs (15) (14) (69) (96) Profit before taxes (43) 4 (109) 2 Net profit 2) (31) 3 (109) 11 Earnings pr share (NOK) (0,51) 0,05 (1,80) 0,22 Diluted earnings per share (NOK) (0,51) 0,05 (1,80) 0,20 Weighted avg. no. of shares outstanding (mill) 60,62 60,62 60,62 50,37 Diluted Weighted avg. no. of shares outstanding (mill) 60,62 62,87 61,58 54,16 1) Depreciation of identified excess values related to acquisitions 2) Taxes are calculated based on a nominal tax rate of 28% adjusted for known permanent differences 29

30 ORDER BACKLOG QUARTERLY DEVELOPMENT NOK mill SHIPBUILDING OFFSHORE SERVICES Q Q Q Q Q Q Q Q Q

31 OFFSHORE FINANCIALS OFFSHORE Q to Q NOK mill. BERGEN GROUP ROSENBERG BERGEN GROUP KIMEK OFFSHORE Order backlog : NOK 770 mill. ( : NOK 865 mill) BERGEN GROUP HANØYTANGEN *Order backlog does not include frame agreements 31

32 SHIPBUILDING FINANCIALS SHIPBUILDING Q to Q BERGEN GROUP FOSEN Order backlog : NOK million* ( : NOK million*) BERGEN GROUP BMV *Order back log numbers: ex BOA contract 32

33 SERVICES FINANCIALS SERVICES Q to Q BERGEN GROUP DREGGEN BERGEN GROUP VEST ELEKTRO BERGEN GROUP SKARVELAND BERGEN GROUP KIMEK BERGEN GROUP SERVICES BERGEN GROUP HALSNØY BERGEN GROUP RISNES Order backlog* : NOK 334 million ( : NOK 308 million) BERGEN GROUP AMIA *Order backlog does not include frame contracts 33