DOCSLIB.ORG

Presentation to the Financial Community First Half 2009 Results

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Presentation to the Financial Community First Half 2009 Results Presentation to the Financial Community First Half 2009 Results July 2009 Forward-Looking Statements Forward-looking statements are based on a number of assumptions and expectations that could ultimately prove inaccurate, as they are subject to risks and variables, outside the company’s control, that could cause actual results to differ materially, including currency fluctuations, the level of capital expenditure in the oil and gas industry as well as other industries, the timing of development of energy resources, construction and project risks, armed conflict or political instability in the Arabic Gulf or other regions, the strength of competition and interest rate fluctuations. 2 Presentation Outline ¾ First Half 2009 Financial Results ¾ Oil & Gas Industry Market Outlook – What’s Changed? ¾ Saipem’s Strategy for Current (Weak) Market ¾ Saipem Medium/ Long Term Strategy Focus on ‘Tough Trends’: ¾ 1. Hydrocarbons in Developing Countries Focus on Onshore ¾ 2. Deep/Ultra-Deep Water 2.a. Drilling 2.b. Field Development ¾ 3. Extreme Pipelines ¾ Conclusions 3 First Half 2009 Financial Results 4 Financials (Mln €) Revenues EBITDA EBIT Net Profit Adjusted 51585158 802802 46194619 % on 582 % on Revenues 582 Revenues 164164 (6.8%) 652652 % on % on 489489 138138 (5.7%) 24062406 Revenues Revenues 81 (30.1%) 154 (6.3%) 81 374374 24422442 154 131131 (5.4%) 3131 (11.5%) (51.0%) (30.3%) 146146 (35.0%) 6060 (16.7%) 100100 269269 3333 286286 123123 (51.7%) 198198 9191 (38.2%) 321 238238 (14.2%) 411 (18.7%) 313313 21972197 411 17411741 315315 (18.1%) 234234 (13.4%) 1H 2008 1H 2009 1H 2008 1H 2009 1H 2008 1H 2009 1H 2008 1H 2009 Saipem Group Business Units Offshore Offshore Drilling Onshore Onshore 5 Financials (Mln €) Capex Sources and Application of Funds, Net Debt & D/E Ratio 2044 60 D/E =0.87 2751 425425 1600 30 D/E = 0.74 110110 2032 796796 700700 979 880 1348 229229 239239 629 763763 760760 35 880880 594594 Net Debt Application Sources of Net Debt 1H 2008 2008 1H 2009 2009E* @ Dec. 2008 of Funds 1H’09 Funds 1H’09 @ June 2009 Outflows Inflows Offshore Onshore Working Capital and Others Cash from Disposals Drilling Offshore Onshore Dividends Cash Flow (*) Amount does not include Euro 100 Mln approx. (Net Profit + Depreciation) Capex related to new possible FPSO initiative 6 Contract Acquisitions & Backlog (Mln €) New Contract Acquisitions Backlog 1901519015 1619116191 54715471 50685068 91359135 10551055 56165616 784 784 2340*2340* 12871287 213213 17271727 34463446 533533 38043804 34193419 331331 18641864 58425842 43494349 1H 2008 1H 2009 June 30, ’08 June 30, ‘09 (*) Net of the Euro 100 Mln reduction from the Manifa contract Saipem Group Business Units Drilling Offshore Offshore Onshore Onshore 7 Market Outlook 8 USD/bbl 14 12 5 10 5 5 85 65 High Oil Price Volatility 45 25 Weekly All Countries Spot Price Jun 13, 08 Jun 27, 08 Jul 11, 08 Jul 25, 08 Short Term: Weak Demand Aug 08, 08 - Oil Services market stil Oil & Gas Industry Market Outlook Aug 22, 08 Medium Term Sep 05, 08 Source: EIA Sep 19, 08 Oct 03, 08 Oct 17, 08 Oct 31, 08 Nov 14, 08 Nov 28, 08 Dec 12, 08 What’s Changed? Dec 26, 08 Jan 09, 09 Jan 23, 09 : ¾ Feb 06, 09 Feb 20, 09 ¾ E&P Investments Suffer, with F Mar 06, 09 Mar 20, 09 Economy Recovers, Oil P …Except that new ‘Frontier¾ Project Apr 03, 09 new lar Apr 17, 09 May 01, 09 Oil CompaniesOil will Co. ‘rush’ S declines - May 15, 09 May 29, 09 Jun 12, 09 Jun 26, 09 g 500 e-field development hareholders - 400 d Our 300 emand action E&P Spending Outlook 200 +28% l challenging - Uncertainty to continue ‘Hunch’: +29.8% r 2006 2007 2008 ice stabili ‘irritated’ e w Excep to make up for lost time… at zes at a level compatible w t i Pr o -11.8% ns oduction and Reser s’ (Alg Forecast will be tougher than before -15.2% eria @Dec.’08 Forecast 2009E , Mid d @Jun.’09 le East, Kazakhstan, etc) Source: Barclays Capital ve Replacement ith 9 Oil & Gas Industry Market Outlook What’s Changed? (continued) Future Tough Trends: Hydrocarbons in Developing Countries => Focus on Onshore This Presentation Slide 15 Drilling Fleet can explore beyond 3,000 meter water depth Development Fleet hasn’t kept pace This Presentation Slide 16-17 Pipelines are More Extreme: Longer, Larger, Deeper, Colder, etc. This Presentation Slide 18 ‘Artic’ development Equipment & Methods largely neglected Challenges require Long-term View 10 Saipem’s Strategy for Current (Weak) Market 11 Saipem’s Strategy for Current (Weak) Market - Market Background - Past: 2003-2008 ¾ Schedule vs. Cost Emphasis – ‘rush to make up for lost time’ (from previous downturn) Present: 2009 - ? ¾ Recession: Cost vs. Schedule Emphasis Future: ¾ Tougher Projects: new ‘Rush to Make up For Lost Time’ -Caveats - Avoid the ‘Cut Prices & Hope for the Best’ Syndrome ¾ Aggressive Contracting Last Downturn brought ‘Twin Curses’: ¾ Key People Layoffs Hugely Weakened Contractors, well beyond Downturn -- SSaipem’aipem’ perspectiveperspective -- ¾ Implement short term improvements in efficiency (‘low hanging fruit’) ¾ Work with Clients to eliminate project redundancy, ‘nice-to-haves’ etc ¾ Contract so that Contingency is stripped out => Clients take the ‘what-if’ risks ¾ Maintain Strong Bidding Discipline – Avoid Bad Contracts (helped by record-level backlog) ¾ Nurture Core Competencies But Mainly: ¾ Invest for ‘Tough Future’ Saipem Choice: Improve, Nurture Competencies, Work with Clients, Invest in Future 1212 Saipem’s Strategy for Current (Weak) Market (continued) €Bln Backlog 2.90 2.83 Backlog 3 2.52 2.58 2.55 2.58 @ Sep. 30, '08 @ Jun. 30, '09 2 19.0419.04 1 19.0119.01 €B€Bllnn 0 €B€Bllnn Q4 08 Q1 09 Q2 09 New Contract Acquisitions Revenues Record Backlog Maintained: Better than Expected Saipem Exposure to High Quality - Resilient Markets Major & by Client Backlog € 19.015 Bln by Year of Execution 2009 Supermajor 20% 2010 National 59% 3%2% @ June 30, 2009 25% 2011 Independent 2012+ 36% 25% 30% Others* (*) Mainly-downstream, Smaller and Others by Geo Area by Country – Local Content Focus North Africa Algeria 39% 12% 7% 3% West Africa Saudi Arabia 6% More than 60% 12% Middle East of present backlog Angola 7% America 8% in Countries where 35% Europe Nigeria 9% 31% Saipem has a strong 15% CIS Kazakhstan Local Content 16% Asia Pacific Others Commitment Maintain a Strong Bidding Discipline during Downturn 13 Saipem Medium/Long Term Strategy - Focus on ‘Tough Trends’ 14 Saipem Medium/ Long Term Strategy - Focus on ‘Tough Trends’ 1. Hydrocarbons in Developing Countries Focus on Onshore Saipem Onshore Advantage Products & Services Segments Context WHAT Most Comprehensive Upstream, Midstream, Large, Complex, in Industry Downstream, Infrastructure ‘The Tougher, The Better’ Integrated E-P-C Model HOW Unique to Industry GLOBAL ENABLERS People Local Content Technology Track Record Country-Specific Needs Examples Algeria Saudi Arabia Nigeria Reserves: 21,378 mm BOE Reserves: 201,712 mm BOE Reserves: 32,183 mm BOE Country’s Production 2008 Production: 3.5 mm BOE/d 2008 Production: 11.9 mm BOE/d 2008 Production: 2.9 mm BOE/d & Reserves * ’08-’13 Prod. Estimate Change: -9% ’08-’13 Prod. Estimate Change: +14% ’08-’13 Prod. Estimate Change: +63% LOCAL Since 1975. Since late 1960s. Rumuolumeni Since 1976. Saipem Presence Hassi Messaoud Logistic Base. Base-Yard. Several partnership Dammam Logistic Base. Algiers Engineering Centre. with Nigerian Indigenous Co. Saipem Onshore E&C Backlog € 5.9 Bln €1.4 Bln € 0.6 Bln (*) Source: Wood Mackenzie and Deutsche Bank Global Capacity Applied Locally 1515 Saipem Medium/ Long Term Strategy - Focus on ‘Tough Trends’ 2.a. Deep/Ultra-Deep Water: Drilling Saipem Deep/Ultra-Deep Drilling Fleet Start of Activities for Vessel Delivery 5-Years Contracts Saipem 12000 Ultra-deepwater Drillship March 2010 May 2010 WD 3,600 m Saipem 10000 Ultra-deepwater Drillship WD 3,000 m Scarabeo 8 6th gen. Semisub March 2010 June 2010 WD 3,000 m Scarabeo 9 Scarabeo 5 Scarabeo 7 6th gen. Semisub April 2010 June 2010 4th gen. Semisub 4th gen. Semisub WD 3,600 m WD 1,800 m WD 1,500 m By Mid-2010 Saipem Drilling Fleet Geared for Toughest Challenges 16 Saipem Medium/ Long Term Strategy - Focus on ‘Tough Trends’ 2.b. Deep/Ultra-Deep Water: Field Development Saipem Track-Record: the Toughest Challenges in the Largest Fields Kizomba A Kizomba B Marimba Kizomba Canyon Rosa SURF Akpo Field West Delta Sequoia USAN Express Tie-Back Tie-Back Development North EPC3 Development Deep Marine Satellites* System System System Ph. IV 533m 850m 1,200m Max WD: 2,200m 1,200m 1,100m 1,400m 1,400m 1,350m Angola 1,000m Egypt West Block 15 US Gulf of Angola Angola Angola Angola Nigeria Nigeria Egypt Delta Deep *Awarded Mexico Block 15 Block 15 Block 17 Block 15 OML 130 Marine Conc. OML 138 in Q3‘09 (not included 2000-2002 2001-2004 2002-2005 2003-2007 2005-2007 2005-2009 2006-2008 2008-2009 2008-2011 in 1H’09 Figures) Unique Assets Engineering R&D Local Content Subsea Construction Vessels Engineering Centres: Examples: Fabrication Yards SaipemSaipem FDSFDS SaipemSaipem 30003000 •Paris (Saibos) •Risers •Fano In Nigeria: •Flow Assurance •Milan • Rumoulumeni •Emerging centres Technologies In Angola: •Subsea Production • Ambriz 12 Support 76 ROVs Tailored for our • Soyo Vessels Yards and Vessels Ready for the Future Saipem FDS 2 ‘Step-Change’ DP3 Vessel with J-lay tower, max Vessel for emerging capacity 2,000 t for Ø 36” pipe, Delivery in water depths of up to 3,000 m. Q2 11 UNDER Ultra-Deep Frontier CONSTRUCTION Also designed for S-lay. A Primary Player for Break-through Projects 17 17 Saipem Medium/ Long Term Strategy - Focus on ‘Tough Trends’ 3.
Load more

Recommended publications
  • Associazione Italiana Di Tecnica Navale 1947-2017 70 Anni a Sostegno Delle Attività Sul Mare E Sulle Acque Interne
    Mario Alimento, Claudio Boccalatte, Gianfranco Damilano e Bruno Della Loggia Associazione Italiana di Tecnica Navale 1947-2017 70 anni a sostegno delle attività sul mare e sulle acque interne Edizioni ETS Si ringrazia SiSi ringrazia ringrazia Si ringrazia Si ringrazia Si ringrazia Si ringrazia Si ringrazia Si ringraziano le seguenti Aziende per il gentile contributo alla Manifestazione Si ringraziano le seguenti Aziende per il gentile contributo alla Manifestazione Si ringrazia Si ringrazia Si ringraziano le seguenti Aziende per il gentile contributo alla Manifestazione Si ringraziano le seguenti Aziende per il gentile contributo alla Manifestazione Si ringraziano le seguenti Aziende per il gentile contributo alla Manifestazione Si ringraziano le seguenti Aziende per il gentile contributo alla Manifestazione Si ringraziano le seguenti Aziende per il gentile contributo alla Manifestazione Si Si ringraziano ringraziano le seguenti seguenti Aziende Aziende per per il il gentile gentile contributo alla Manifestazione contributo alla Manifestazione Si ringraziano le seguenti Aziende per il gentile contributo alla Manifestazione © Copyright 2017 Edizioni ETS Piazza Carrara, 16-19, I-56126 Pisa [email protected] www.edizioniets.com Distribuzione Messaggerie Libri SPA Sede legale: via G. Verdi 8 - 20090 Assago (MI) Promozione PDE PROMOZIONE SRL via Zago 2/2 - 40128 Bologna ISBN 978-884670000-0 Prefazione alla terza edizione 2017 Nel 2017 l’ATENA, Associazione Italiana di Tecnica Navale, celebra il suo settantesimo anniversario. Un recente ritrovamento di documenti ha reso pos- sibile datare al 1947 la fondazione dell’Associazione di cui fu primo Presidente l’Ing. Federico Martinoli. Da allora l’ATENA è sempre stata la principale protagonista nazionale nella promozione della cultura scientifica, tecnica e storica del mondo marittimo: i suoi Soci, sparsi su tutto il territorio italiano, sono i protagonisti e testimoni del progresso scientifico e tecnologico legato alla navigazione e, più in generale, al mondo del mare.
    [Show full text]
  • ANNUAL Report 2O12
    ANNUAL REPORT 2O12 The sea ahead ANNUAL REPORT 2O12 GIUSEPPE BONO CHIEF EXECUTIVE OFFICER OF FINCANTIERI Dear Shareholders, The year 2012 was a challenging one for Fincantieri in the face of a complex global environment, marked by increased competitive pressure and continued market depression but with oppor- tunities of growing strategic importance in the area of high-value new generation ships. This trend is confirmed by the fact that the merchant shipping industry’s investments in new vessels amounted to approximately USD 100 billion, in line with the 2011 figure, while reporting a 20% decrease in compensated gross tonnage. Unfortunately, the level of orders is still insufficient to ensure proper utilization of worldwide production capacity, with consequent pressure on prices. Fincantieri faces a shipping industry that is cautious about investment and wary of depressing fleet profitability, already under pressure due to the growth in operating costs, primarily sparked by the growth in bunker fuel price. The absence of speculative behavior, at least, is helping acce- lerate the process of industry rebalancing, in readiness for a medium-term recovery in demand. In the military field, defense budget cuts, especially in Europe and the United States, are heighte- ning the strategic importance of export markets that more and more often are demanding the transfer of technology or local construction. With regard to Fincantieri’s sectors of operation, the cruise industry has once again demonstra- ted flexibility and responsiveness to the crisis. Analysts are forecasting 3.8% average annual growth in cruise passenger numbers, an estimate that nonetheless reflects very prudent as- sumptions about expected growth in the Asian tourist market.
    [Show full text]
  • Annual Report 2019 Contents
    ANNUAL REPORT 2019 CONTENTS Highlights 2019 4 Letter from the CEO 8 Key Figures 2019 11 A Focused Portfolio 13 Board of Directors 41 Executive Management Team 45 Board of Directors’ Report 50 Reporting of Payments to Governments 71 The Board of Directors’ Report on Corporate Governance 73 Financial statements 83 3 · Aker BP Annual Report 2019 – HIGHLIGHTS 2019 I Q1 HIGHLIGHTS 2019 I Q2 14 JUNE – VALHALL QP TOPSIDE SAFELY REMOVED 19 MARCH - FIRST The original accommoda- OIL FROM ODA tion platform at Valhall (QP) First oil from the Spirit is safely removed by the 16 JANUARY – IVAR AASEN 7 APRIL – ULA DERRICK Energy-operated Oda giant vessel Pioneering OPERATED FROM ON- REMOVED field, some three Spirit. This is the rst of the SHORE CONTROL ROOM The derrick is removed from months ahead of plan. original structures at Valhall Aker BP becomes the first the Ula eld center using the to be removed as part of the copany on te Norean heavy lifting vessel Saipem modernization of the Valhall continental shelf to operate a 7000. The successful lifting eld center. manned platform from an operation is an important onshore control room. Ivar milestone in the upgrading Aaen n te Nort Sea and life extension of the Ula now operated from Aker BP’s area. Future drilling on the offices in Trondheim. eld will be carried out with modern jack-up rigs. AERBP NO BRENT BLEN US AERBP NO BRENT BLEN US 300 100 300 100 12 JUNE – BOND ISSUE OF USD 750 MILLION AT 4.75 % The size of the oering was increased from USD 500 million, indicated at launch on 10 June 2019, to USD 750 million.
    [Show full text]
  • Seizing Opportunities
    Seizing opportunities Annual report and accounts 2003 Finland Norway Sweden Estonia Denmark Latvia UK Russia Ireland Lithuania Belgium Poland France Germany Kazakhstan Austria Georgia Italy USA Azerbaijan Portugal Turkey Algeria Iran China Saudi Arabia Abu Dhabi Mexico Venezuela Nigeria Singapore Angola Brazil Statoil is represented in 28 countries. Head office is in Stavanger. The Borealis petrochemicals group has production facilities in 11 countries and its head office is in Copenhagen. Borealis is owned 50 per cent by Statoil. Statoil 2003 Statoil is an integrated oil and gas company with substantial international activities. Represented in 28 countries, the group had 19 326 employees at the end of 2003. Nearly 40 per cent of these employees work outside Norway. Statoil is the leading producer on the Norwegian continental shelf and is operator for 20 oil and gas fields. The group’s international production is enjoying strong growth, and Statoil is a leading retailer of petrol and oil products in Scandinavia, Ireland, Poland and the Baltic states. One of the major suppliers of natural gas to the European market, Statoil is also one of the world’s biggest sellers of crude oil. As one of the world’s largest operators for offshore oil and gas activities, Statoil has been used to tackling major challenges with regard to safety and the environment from the very start. Today, we are one of the world’s most environmentally-efficient producers and transporters of oil and gas. Our goal is to generate good financial results for our shareholders through a sound and proactive business performance. It is our ambition to achieve good results across three bottom lines – financial, environmental and social – which strengthen each other in the long term and contribute to building a robust company.
    [Show full text]
  • MWL Apr 2015 Draft 1__Marin
    MMaarriinneerrss WWEEAATTHHEERR LLOOGG Volume 59, Number 1 April 2015 From the Editor What a great issue this is! Along with our regular contributors, we have a couple of articles that I know you will really enjoy. One is from our PMO located in Miami Florida, David Dellinger. David sub- mitted an article on a strange phenomenon “fall streak holes”. I myself have never seen this particular type phenomenon nor did I know it existed. Rarely does it occur so far south in the Miami area, Mariners Weather Log so as you can imagine, Dave and emergency managers received quite ISSN 0025-3367 a few phone calls. Recently, (within the past couple of weeks) I was invited to a local art show by a friend. In this art show were such cre- U.S. Department of Commerce ations as water color, sculpture and fine photography. Well there it Dr. Kathryn D. Sullivan Under Secretary of Commerce for Oceans and Atmosphere & Acting was, among ravens and landscapes, a photograph of a “fall streak”. NOAA Administrator As luck would have it, because of my new found knowledge I was Acting Administrator able to discuss the photograph because of the article, thanks Dave! National Weather Service Dr. Louis Uccellini Another article I know you will thoroughly enjoy; Lafayette’s NOAA Assistant Administrator for Weather Services Hermione (her-my-oh-Knee) Voyage 2015. The article will not only Editorial Supervisor give you a history lesson, it describes the concept and effort of recon- Paula M. Rychtar structing an exact replica of General Lafayette 18th century ship called the Hermione.
    [Show full text]
  • Relazione Finanziaria Annuale Al 31 Dicembre 2019 001-072Saipembil19ita.Qxd 6-04-2020 15:35 Pagina II
    001-072SaipemBil19Ita.qxd 6-04-2020 15:35 Pagina I Relazione finanziaria annuale al 31 dicembre 2019 001-072SaipemBil19Ita.qxd 6-04-2020 15:35 Pagina II Missione Realizzare progetti straordinari spingendo sempre oltre le frontiere dell’innovazione facendo leva sulla compe- tenza delle nostre persone e sulla solidità, multiculturalità e integrità di un distintivo modello organizzativo. Affrontare e vincere le sfide poste dall’evoluzione degli scenari e dalle loro interconnessioni, cogliendo le op- portunità per continuare a creare valore economico e sociale per i nostri stakeholder. Valori Innovazione; salute, sicurezza e ambiente; multiculturalità; passione; integrità. Disclaimer I dati e le informazioni previsionali devono ritenersi “forward-looking statements” e pertanto, non basandosi su meri fatti storici, hanno per loro natura una componente di rischiosità e di incertezza, poiché dipendono anche dal verificarsi di eventi e sviluppi fu- turi al di fuori del controllo della Società, quali ad esempio: le variazioni dei tassi di cambio, le variazioni dei tassi di interesse, la vo- latilità dei prezzi delle commodity, il rischio di credito, il rischio di liquidità, il rischio HSE, gli investimenti dell’industria petrolifera e di altri settori industriali, l’instabilità politica in aree in cui il Gruppo è presente, le azioni della concorrenza, il successo nelle tratta- tive commerciali, il rischio di esecuzione dei progetti (inclusi quelli relativi agli investimenti in corso), il recente focolaio di COVID-19 (inclusi i suoi impatti sul nostro business, sui nostri progetti in esecuzione in tutto il mondo e sulla nostra catena di ap- provvigionamento), nonché i cambiamenti nelle aspettative degli stakeholder e altri cambiamenti nelle condizioni di business.
    [Show full text]
  • Download the PDF File
    DWCS RECORD (April 2020) Key data Summary Projects 1004 ROV assisted 423 Diver assisted 398 Surface 183 Platform removals 134 Platform Removals Back-up 6 Pipeline Removals 210 Pipeline Repairs 67 Contingency Projects 87 Number of Cuts 6929 Platforms 2124 Pipelines 1694 Multistrings/Casings 705 Chains/Shackles 238 Flexible and Special Pipelines 637 Drill strings 64 Risers/Guide posts 655 Wrecks & Various items 1453 Fat/Demo Tests 323 Cuts Offshore 6606 Cuts deeper than 1000m water depth 256 Cut surfaces and Time Steel (sqdm) 91066 Coating/Concrete (sqdm) 417693 Total cutting time (hours) 15633 Deepest EPRS Shell USA - 1,600m Deepest CUT Production Scorpion Subsea 6,5” Jumper GOM - 2,745m Deepest CUT Exploration Chevron Texaco 8" Drill pipe Nigeria - 2,434 m DWCS RECORD (April 2020) Projects details Year Assisted Water Customer Project by Depth m Location Details Petronas/Franklin 2020 ROV 68 Offshore/Kemaman/MMA Vigilant Mooring Chain Cutting 2020 ROV 300 Allseas/Norway Cutting of Stud Bolt and Clamp Body Contingency Vattenfall/Global Marine/Dan Tysk 2020 ROV 25 Germany/Global Symphony Dan Tysk Inter Array Cable Replacement Reliance Industries Ltd/McDermott SA/Krishna Godavari Basin, East 2020 ROV 2150 Coast India/DLV2000 and Audacia Reliance KG D6 Project - Contingency Dubai Petroleum- UAE/Boskalis/Offshore Dubai/DSV- 2020 Diver 30 Constructor Riser Cutting Project 2019 Surface --- Shell/PD&MS/North Sea/Brent Alpha Conductors Cuts in air Spirit Energy/Heerema/53FA 2019 ROV 38 Platform North Sea/SSCV THIALF Cutting Truss Frame - F3FA THIALF
    [Show full text]
  • Sustainable Development 2007 Key Data
    Going north Sustainable development 2007 Key data Financials1, 5 2007 2006 Total revenues 522,797 521,482 Income before financial items, other items, income taxes and minority interest 137,204 166,164 Net income 44,641 51,847 Cash flows used in investing activities 75,112 57,175 Return on average capital employed after tax (%) 19.9 22.9 Operations Combined oil and gas production (thousand boe/d) 1,724 1,708 Proved oil and gas reserves (million boe) 6,010 6,101 Production cost (NOK/boe) 44.3 28.1 Reserve replacement ratio (three-year average) 0.81 0.76 Environment2 Oil spills (cubic metres) 4,989 181 Carbon dioxide emissions (million tonnes) 14.6 12.9 Nitrogen oxide emissions (thousand tonnes) 49.4 47.7 Discharges of harmful chemicals (tonnes) 19 30 Energy consumption (TWh) 69.8 62.4 Waste recovery factor (%) 41 79 Health and safety Total recordable injury frequency3 5.0 6.0 Serious incident frequency3 2.1 2.2 Sickness absence4 3.5 3.5 Fatalities3 3 0 Organisation Proportion of female managers (%)* 26 26 Union membership (per cent of workforce), Statoil ASA (%)* 67 1 Key figures given in NOK million 2 Data cover StatoilHydro-operated activities 3 Data cover StatoilHydro employees and contractors 4 Total number of days of sickness absence as a percentage of possible working days (StatoilHydro employees) 5 Owing to IFRS transition from 2007, comparable numbers for years prior to 2006 are not available * Estimates These are key indicators of StatoilHydro’s performance. Several are included in managers’ performance pay contracts.
    [Show full text]
  • 20 Billion Barrels Worth of Projects Deferred in 2015 Contents
    JULY 2015 20 BILLION BARRELS WORTH OF PROJECTS DEFERRED IN 2015 CONTENTS 3 OSV MARKET ROUND-UP ABOUT SEABROKERS GROUP 6 OSV AVAILABILITY, RATES & The Seabrokers Group was established in 1982. We provide a unique and varied range of services to UTILISATION - NORTH SEA clients. The Seabrokers Group has an experienced workforce within Shipbroking, Real Estate, 7 MONTHLY OSV SPOT RATES - Facilities Management, Construction, Cranes & Transportation, Sea Surveillance and Safe Lifting NORTH SEA Operations. Our head office is situated in Stavan- ger, but we also have offices in Aberdeen, Bergen, 8 FEATURE VESSEL Rio de Janeiro and Singapore. The Seabrokers Group is different – and we are 9 OSV NEWBUILDINGS, CONVERSIONS, proud of this fact. Our information, experience and knowledge provide us with the ability to perform SALE & PURCHASE in our diverse business areas. 12 SUBSEA Seabrokers Chartering AS and Seabrokers Ltd are certified by DNV GL in line with Management System Standard ISO 9001; 2008. 15 RIGS 16 CONUNDRUM CORNER & DUTY PHONES SHIPBROKING REAL ESTATE SECURALIFT FACILITY MANAGEMENT Production and Administration: Seabrokers Ltd, Aberdeen SEA SURVEILLANCE ENTREPRENEUR For your free copy of Seabreeze, email: YACHTING CRANES & TRANSPORTATION [email protected] The Seabreeze Monthly Market Report OUR OFFICES: is distributed worldwide through STAVANGER BERGEN SKIEN our offices in Aberdeen, Stavanger, Singapore and Rio de Janeiro. ABERDEEN RIO DE JANEIRO SINGAPORE © Seabrokers Group 2015 www.seabrokers-group.com OSV MARKET ROUND-UP OVERSUPPLY PERSISTS USD 200 BILLION IN PROJECT DEFERRALS IN NORTH SEA As many as 45 major oil & gas costs, have proved the most projects have had their FIDs vulnerable.
    [Show full text]
  • Y O U R N E E D S M a K E O U R D I F F E R E N
    YOUR NEEDS MAKE OUR DIFFERENCE FINCANTIERIOFFSHORE.COM We are a SHIPBUILDING COMPANY specialized in DESIGNING AND CONSTRUCTION of high-value OFFSHORE CUSTOM MADE VESSELS. Through our network of highly qualified partners we put ourselves as the tool for our clients to TRANSLATE THEIR OPERATIVE EXPERIENCE and INNOVATION CAPABILITIES INTO VESSELS which optimize the CAPEX/OPEX ratio and GUARANTEE ON-TIME DELIVERY. Thanks to the Fincantieri network of oshore specialists, we oer to even the most demanding owners high/value DRILLSHIPS, SEMI-SUBMERSIBLE DRILLING RIGS AND OTHER HIGHLY SPECIALIZED OFFSHORE VESSELS WIDE that stand out for high performances, innovative solutions and optimization of the CAPEX/OPEX ratio. SHIPBUILDING EXPERIENCE Our efforts, focused on this specific industry, a careful selection of suppliers and an efficient network of partners allow us to always provide the right product for your needs. AND THIS MAKES THE DIFFERENCE IN YOUR WORK. RELIABILITYCUSTOMIZATION THESE ARE THE KEY FEATURES OPERATIVE EFFICIENCY DISTINGUISHING OUR PRODUCTS. IN DRILLSHIPS AND SEMI-SUBMERSIBLE DRILLING RIGS, WE GUARANTEE A BETTER AND SAFER WORKING ENVIRONMENT, paying special attention to the operator’s comfort and taking care of the vessel’s interior design for a crew-friendly environment. WORK W I T H B E T T E R OUR OFFSHORE DRILLING UNITS GUARANTEE TOP-END PERFORMANCES, LARGER OPERATIVE CAPABILITY AND HIGHER EFFICIENCY. BETTER PRODUCTS A higher operational efficiency of the products means real and significant benefits in terms of time and cost savings, and it will allowing at the same time an increased yearly operability. We produce eco-friendly drilling units with lower emissions and reduced fuel consumption, in order to guarantee a more sustainable offshore drilling activity.
    [Show full text]
  • Fixed Offshore Production Facilities Index
    FIXED OFFSHORE PRODUCTION FACILITIES INDEX SAIPEM TODAY 4 SAIPEM ENGINEERING & CONSTRUCTION 6 FIXED OFFSHORE PRODUCTION FACILITIES 8 SAIPEM ASSETS: PROJECT MANAGEMENT AND ENGINEERING 16 SAIPEM ASSETS: FABRICATION YARDS WORLDWIDE 20 SAIPEM ASSETS: OFFSHORE CONSTRUCTION FLEET 24 FLOAT-OVER METHOD FOR HEAVY WEIGHT DECK INSTALLATION 28 FIXED OFFSHORE PRODUCTION FACILITIES MAJOR PROJECT REFERENCES 32 FIXED OFFSHORE PRODUCTION FACILITIES MAJOR ENGINEERING REFERENCES 92 MAJOR ENGINEERING & PROJECT REFERENCES (BY COUNTRY) 100 3 SAIPEM TODAY SAIPEM TODAY IS A WORLD LEADER IN THE GLOBAL SUPPLY OF ENGINEERING, PROCUREMENT, PROJECT MANAGEMENT, CONSTRUCTION AND DRILLING SERVICES WITH DISTINCTIVE CAPABILITIES IN THE DESIGN AND EXECUTION OF LARGE-SCALE OFFSHORE AND ONSHORE PROJECTS. Saipem has a strong bias towards oil and gas frontiers, namely activities in harsh and remote areas, in deep waters as well as in extremely cold and hot environments, applying significant technological competences in many diverse fields such as gas monetization and heavy oil exploitation. Saipem operates in the Engineering & Construction and Drilling businesses. 4 5 SAIPEM ENGINEERING & CONSTRUCTION FOLLOWING AN AGGRESSIVE GROWTH STRATEGY, WHICH INCLUDED IN THE LAST DECADE THE ACQUISITION OF MANY CONSTRUCTION, TECHNOLOGY AND ENGINEERING COMPANIES, MOST PROMINENTLY OF SNAMPROGETTI, BOUYGUES OFFSHORE, SOFRESID AND MOSS MARITIME, SAIPEM HAS BECOME ONE OF THE WORLD LARGEST AND MOST COMPLETE ENGINEERING AND CONSTRUCTION COMPANIES IN THE GLOBAL OIL AND GAS MARKETS, ONSHORE AND OFFSHORE. Ever since its initial steps in the fifties and numerous project execution installation; also revamps, upgradings, as the construction division of Snam, centres around the globe, and with maintenance, decommissionings, the pipeline company of the Eni Group yearly revenues exceeding 10 billion/y; reclamations and decontaminations.
    [Show full text]
  • Copertina S7000
    Offshore Saipem 7000 SaipemSaipem 70007000 2 With its state-of-the-art J-lay tower, upgraded dynamic positioning capability and fast ballasting system, the Saipem 7000 semisubmersible crane vessel has the capa- city to handle the entire workscope of offshore construc- tion developments worldwide, encompassing pipelaying in water depths greater than 2,000 metres and heavy lift operations up to 14,000 tonnes. The vessel's Class 3 DP system of 12 thrusters ensures that the vessel maintains good station keeping in the most difficult of weather conditions. Additionally, becau- se the Saipem 7000 has accommodation facilities up to 725 people, the vessel can assist hook-up and commis- sioning as well as initial platform life support activities. Altogether, this high specification means that the Saipem 7000 can be counted on to provide the highest level of reliability for conventional, deep and ultradeep water development projects. In support of its underwater works, the Saipem 7000 operates two state-of-the-art Innovator type of working rov's, which are an essential part of the vessel's equip- ment that complement and integrate surface and subsea operations of the Saipem 7000. 3 SemisubmersibleSemisubmersible derrick derrick and pipelayi HULL TYPE Self propelled dynamically positioned semisubmersible VESSEL FEATURES • Length overall 197.95 m • Upper platform 175 m x 87 m x 8.5 m • Lower pontoons 165 m x 33 m x 11.25/15.25 m •Depth to main deck 43.5 m •Free deck area 9,000 sq. m • Deck load 15,000 tonnes • Operating draft 27.5 m • Survival draft 18.5 m •Transit draft 10.5 m •Transit speed 9.5 knots CLASSIFICATION Lloyds Register and R.I.Na.
    [Show full text]