Marine Subsea AS presentation - otc.nfmf.nootc.nfmf.no/public/news/7194.pdfMarine Subsea Management...
Transcript of Marine Subsea AS presentation - otc.nfmf.nootc.nfmf.no/public/news/7194.pdfMarine Subsea Management...
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Marine Subsea AS presentation
Pareto Conference, OsloAugust 29-30, 2007
Christian Nygaard, Managing Director
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ContentContentContentContent
• Background
• History
• Vessel Fleet
• Financial Target
• Summary
Confidential
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Our vision is to become a leading provider of oil and gas services in the offshore West African region.
VisionVisionVisionVision
Construction Support Light Well Intervention
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Founders with extensive experience in West AfricaFounders with extensive experience in West AfricaFounders with extensive experience in West AfricaFounders with extensive experience in West Africa
�Experience since early 80’s in West Africa
�Founder of InterOil Africa/Orlean Invest
�Activities in Angola, Nigeria, Gabon and Congo
�Local fabrication yards
�Large offshore base and logistics operations
�Partner with local and international companies
�Investment, management and operation of numerous offshore vessels
Confidential
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HistoryHistoryHistoryHistory
Jan Feb March April May June July Aug
LOI
Award10 year
Contract Sonangol
SX 121
Nov Dec
Africa Offshore Services ASestablished
Award3 yearBarge
Contract$ 58,000/d
Acquisition:Acquisition:
$ 130 mill bond$ 50 mill equity$ 70 mill Glitnir/BNP
$
Award2 yearBarge
Contract$ 48,000/d
Change toMarine Subsea AS
MOU
$ 170 mill bond$
135 mill NOK
USDm 225 USDm 155
LOI
USD 120 mill
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Mårten Rød
(Chairman/Main chairholder)
Broad experience from
several positions in oil and
gas industry in North Sea, the
US and West Africa. Co-
founder and Chairman Interoil
E&P ASA
Gian Angelo Perrucci
(Board member & main
shareholder)
Founder and large shareholder
of Interoil Africa and Orlean
Invest. Co-founder and board
member of Interoil E&P ASA
J Christer Ericsson
(Board member & main
shareholder).
The founder of JCE Group AB and
Consafe Offshore AB. Particular
experience in the offshore
accomodation service sector. Board
member of numerous companies.
Marine Subsea Board Marine Subsea Board Marine Subsea Board Marine Subsea Board
Ownership: 25 % Ownership: 25 % Ownership: 25 %
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BARGESG. Repetto
SUBSEAKnut E. Harto
TOPSIDES/VESSELSPer Kavli
I.R. & BUS DEV.TBN
MANAGING DIRECTORChristian Nygaard
QA / HSETBN
COUNTRY MNGR. ANGOLA, TBN
FINANCEKari Kaugerud
OFFICE ADMIN.Maria Carmona
BOARD
Marine Subsea Management Marine Subsea Management Marine Subsea Management Marine Subsea Management
FINANCIAL ADVISOR Kris Jakobsen
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Fleet Status Fleet Status Fleet Status Fleet Status
”African Caribe”
Deliv, Nov 2007
Yantai, China
”African Fjord”
Deliv, Dec 2007
Batamec, Batam
”African Lifter”
Deliv, Dec 2008
Yantai, China
”African Installer”
Deliv, May 2008
Jaya, Singapore
”African Worker”
Deliv, October 2008
Jaya, Singapore
”Karianne”
Deliv, Oct. 2010
Ulsteinvik
”Sarah”
Deliv, July 2009
Ulsteinvik
All units registered as Single Purpose Companies in Cyprus
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UlsteinUlsteinUlsteinUlstein SX 121 SX 121 SX 121 SX 121 ---- a highly advanced LWI Vessela highly advanced LWI Vessela highly advanced LWI Vessela highly advanced LWI Vessel
�Can operate in North Sea
�Dynamic positioning system (DP3)
�Heave compensated derrick
�Roll reduction systems
�150 tonnes crane
�2,500 meter water depth capability
�Accommodates 90 persons, 40 single & 30 double cabins
�Class + DNV 1A1 E, DYNPOS, AUTRO, CLEAN DESIGN
�Length: 120,2 m
�Width: 25 m
�Draft: 7,5 m
�Deck Area: 1470 m2
�Dieselelectric propusion
�Speed: 14,5 knots
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Well Intervention Well Intervention Well Intervention Well Intervention ---- Strategy and PartnersStrategy and PartnersStrategy and PartnersStrategy and Partners
To ensure quality performance Marine Subsea AS is
cooperating with key contractors such as
Strategy
Marine Subsea AS
shall provide the
vessel and access to
the well via the
lubricator.
Other related well
intervention and IMR
services shall be sub-
contracted or
performed through
partnership
relationships.
Coil Tubing
WirelineLubricator
All services related to coil tubing, wireline, logging etc. + all related pre-engineering activities
All services related to lubricator design, manufactoring and operation
Local partner will have 25% equity of the first vessel.
Light Well Intervention
The acquisition of OTG enables access to extensive operating experience, project & risk management skills
Local partner
1111Source. Douglas-Westwood
Construction Support BargesConstruction Support BargesConstruction Support BargesConstruction Support Barges
Barge Size
�100 m length, 30 m wide
�3-400 men living quarter
�150 – 300 t crane
Barge Application
�Benign water, < 150 m wd
�Support during offshore construction
�Support during IMR services
Market
�1200 fixed facilities scheduled between 2007 – 2010 worldwide
�$ 20-30 billion to be invested in offshore modification market between 2007 – 2010
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Multipurpose Service VesselMultipurpose Service VesselMultipurpose Service VesselMultipurpose Service Vessel
Technical
�2500-300 t crane capacity
�4-500 men living quarter
Commercial
�60% ownership, $ 120 mill
�Consafe MSV AB (Consafe Invest, JCE Group & Yantai Raffles) 40% & contract with Yantai
�Delivery July 2009
�LOI agreed
Application
�Installation/removal work
�Platform modification
�Module lifting & Hook up work
�Sub sea installation
�Decommissioning
�Accommodation support
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Financial TargetFinancial TargetFinancial TargetFinancial Target
Well Intervention Vessel:� Targeting EBITDA of USDm 80 p.a. for two vessels incl. own services.� 10 year contract with Sonangol for first vessel.� Guaranteeing min USDm 26 per year in EBITDA� Adjusted annually by 2% LIBOR
Barges�Targeting EBITDA of min USDm 60 p.a. for 5 barges�Two contracts with Dynamic Industries*:
• Averaging USD 53,000 per day• Totalling EBITDA of USDm 30 p.a
* One contract confirmed with Chevron Angola
SG & A and Gross Interest Cost� USDm 2 p.a*
* Excluding Financing of Multipurpose Vessel
Confidential
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� Main focus is offshore West Africa, but exploring other markets.
� Two well intervention vessels have been ordered, delivery Q3 2009 & Q4 2010
� Five work/accommodation barges have been ordered, delivery from Q3 2007.
� Contract on first LWI vessel & two barges.
� LOI’s with OTG and Consafe MSV. MOU with Schlumberger
� Marine Subsea AS is OTC-listed and is aiming for listing on OSE in 4Q 2007.
Summary Summary Summary Summary