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WELL POSITIONED for the FUTURE Who We Are Subsea 7 S.A. Annual Report 2012 WELL POSITIONED FOR THE FUTURE WHO WE ARE Subsea 7 is a seabed-to-surface engineering, construction and services contractor to the offshore energy industry worldwide. Our vision is to be acknowledged by our clients, our people and our shareholders as the leading strategic partner in our market. We provide integrated services and have a proven track record of safely and reliably executing offshore projects of all sizes and complexity in all water depths. Our operating principles define the way we conduct our operations and shape our approach to business: Safety is at the heart of our operations – we are committed to an incident-free workplace, every day, everywhere. Projects are core to our business – our people are motivated to ensure that our projects deliver exceptional performance. Engineering is at the heart of our projects – we create technical solutions and sustainable value for our stakeholders. People are central to our success – we build our business around a valued and motivated workforce. We make long-term investments in our people, assets and know-how – we build strong relationships with clients and suppliers, based on mutual trust and respect. We operate in a consistent manner on a worldwide basis – we are locally sensitive and globally aware. Subsea 7 S.A. Annual Report and Consolidated Financial Statements 2012 2012 Financial Highlights Overview Overview 1 2 Chairman’s Statement Revenue Revenue by Territory 4 What We Do AFGOM $2,182m 6 Where We Operate 8 Chief Executive Offi cer’s Review $6,297m APME $278m 10 Our Market (2011: $5,477m) Brazil $987m 11 Our Strategy 12 Our Strategic Differentiators NSC $2,838m 14 Our Technology 16 Social Responsibility CORP $12m Governance Governance Revenue by service capability 18 Board of Directors 20 Executive Management Team SURF $4,217m 22 Corporate Governance Conventional / 28 Risk Management Hook-up $1,076m Life-of-Field $764m i-Tech $217m VERIPOS $23m Performance Performance Financials Adjusted EBITDA2 Cash 30 Africa,Gulf of Mexico & Mediterranean 32 Asia Pacifi c & Middle East 34 Brazil $1,139m $1,288m 36 North Sea & Canada (2011: $1,003m ) (2011: $803m) Net income Earnings per share (diluted) $847m $2.23 (2011: $451m) (2011: $1.21) Financials 38 Financial Review Backlog Backlog by Territory 43 Consolidated Financial Statements Contents AFGOM $2,826m 44 Report of the Réviseur d’Entreprises Agréé $9,086m APME $718m 45 Consolidated Financial Statements (2011: $8,538m) Brazil $1,824m 52 Notes to the Consolidated Financial Statements NSC $3,718m 103 Additional Information Glossary The Consolidated Financial Statements Backlog by year Glossary include the Group’s results for the of execution year ended 31 December 2012. 106 Defi nition of terms used in this document The comparative period is the 13-month period ended 31 December 2011. 2013 $4,624m 2014 $2,520m 1. See pages 30-37 for individual 2012 Certain statements made herein may include forward-looking Territory Commentaries and page 39 2015 $938m statements. See ‘Special Note Regarding Forward-Looking Statements’ on page 104 for further details. for 2012 Territory Financial Highlights. Thereafter $1,004m 2. For explanations and reconciliations of Adjusted EBITDA refer to page 103. seabed-to-surfaceseabed-to-surface 1 CHAIRMAN’S STATEMENT “ We enter 2013 with a record backlog of work… the growth outlook in our industry remains attractive” Kristian Siem, Chairman To the Shareholders of Subsea 7 S.A. Our Values 2012 was another year of signifi cant progress for Subsea 7. Against an improving but still challenging market backdrop, the Group achieved record revenue of $6.3 billion and Adjusted EBITDA of $1.1 billion, while backlog increased to $9.1 billion. Safety We are committed to an incident-free workplace, every day, The Group remains focused on delivering predictable performance everywhere. We continue to minimise the impact of our activities to our clients, and is recognised as a leader in its fi eld with over 14,000 on the environment. people and state-of-the art equipment deployed around the world. Integrity Integration successfully completed We apply the highest ethical standards to everything we do. The achievements of 2012 are underpinned by the Combination We believe that by treating our clients, people and suppliers fairly between Acergy S.A. and Subsea 7 Inc. which was completed in and with respect, we will earn their trust and build sustainable January 2011. success together. In an environment where effi ciency and risk management are paramount, and where the trend is towards larger projects which Innovation require substantial resources, clients increasingly rely on Subsea 7’s We constantly strive to improve the effi ciency of our business engineering and project management expertise, and on our fl eet’s by investing in the development of our people and through size, diversity and technical capability. innovation in technology, operations and processes. Subsea 7 has strong Values: Safety, Integrity, Innovation, Performance Performance and Collaboration. We are predictable and reliable in our performance. We always These Values are embedded at all levels of the organisation and are strive for excellence in everything we do in order to achieve crucial to its success. superior business results. An improving business environment Collaboration Recession in the Eurozone, low growth in the US and fears of a hard We are locally sensitive and globally aware. Our people work landing in China contributed to economic uncertainty and Brent oil together, leveraging our global know-how and capabilities prices fell to near $90 per barrel in May 2012. to build sustainable local businesses. The expansionary monetary policies of Central Banks helped to bring back some confi dence in the fi nance markets and Brent oil averaged $112 per barrel in 2012, up slightly on 2011. The strong oil price and the need to improve declining production profi les drive demand in the oil services industry. However, delays in awarding projects caused by supply chain constraints and governmental and regulatory factors in some parts of the world meant that Subsea 7’s backlog was built relatively late during 2012, with Q4 experiencing particularly strong order infl ow. 2 Subsea 7 S.A. Annual Report and Consolidated Financial Statements 2012 Market overview Subsea 7 enters 2013 with a record backlog of work, and Industry fundamentals remain strong Overview tendering activity remains strong. The growth outlook in the The International Energy Agency forecasts in its ‘central scenario’ industry remains attractive. that global primary energy demand will increase by one-third between 2010 and 2035, with 90% of the growth in non-OECD As expected in a growing industry, new competitors emerge and economies. Consequently, oil demand is expected to continue existing companies increase their capabilities. to grow steadily, reaching about 100 million boe/d in 2035, an In this increasingly competitive environment, Subsea 7’s experience increase of around 10 million boe/d over 2012. This demand will and resources are key differentiators. Constantly challenging our be met from both onshore and offshore production. cost base is key to preserving competitive advantage. While demand continues to grow, existing production is steadily declining at around 6% per annum. New developments to fi ll this Well positioned for the future widening gap will come from unconventional sources such as Subsea 7 brings together engineering and project management shale, oil sands, and, increasingly, from offshore production, expertise and the most versatile and capable fl eet in our industry, in particular deep and ultra-deepwater (see chart below). positioning us well to fulfi l clients’ needs. Our size and scale enables us to serve clients on a global basis Global oil and gas offshore production and our robust balance sheet gives us freedom to pursue future growth opportunities. 70 Subsea 7 will continue to ensure that disciplined risk and fi nancial 60 Ultra-deep management is applied to investments and projects, and that a Deep competitive cost base is maintained. 50 The Group’s strategic focus remains centred on our core market 40 segments of SURF, Life-of-Field, Conventional and Hook-up 30 services, in all of which we see good growth prospects. Shallow 20 2012 saw us exit non-core businesses with the disposal of our stake in millions boe/d Production in NKT Flexibles and the distribution of VERIPOS as a dividend in 10 kind to shareholders. 2012 also saw a $200 million share buyback and a $199 million dividend. 0 2000 2005 2010 2015* 2020* 2025* Our fi rst priority is to re-invest in the business for profi table growth Source: PFC Energy (*estimate) but we will distribute surplus cash to our shareholders when Looking forward, most analysts agree that the areas of expected returns from new opportunities do not meet our investment greatest opportunity to replenish oil and gas reserves, such criteria. We remain focused on developing sustainable competitive as deepwater offshore, present greater technical challenges advantage and delivering long-term value for shareholders. and are likely to lead to higher exploration and production To our people, Subsea 7 offers personal development and exciting (‘E&P’) capital expenditure. growth opportunities in a global and attractive industry. We aim to According to Barclays Capital, global E&P spending will assist each employee to reach their potential and build their career approach $650 billion in 2013, an increase of 7% versus 2012 within our organisation. and, as the charts below show, PFC Energy estimates that there will be growth in CapEx spend from $4.7 trillion in the period My thanks 2003-2012 to $8.9 trillion in the 10-year period 2013-2022. I would like to thank our shareholders and our clients for their Deep and ultra-deepwater will exhibit the largest growth.
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