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to changes in stakeholders expectations and other changes affecting business conditions.
Actual results could therefore differ materially from the forward-looking statements.
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Forward-looking statements are to be considered in the context of the date of their release. Saipem S.p.A. does
not undertake to review, revise or correct forward-looking statements once they have been released, barring
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Forward-looking statements neither represent nor can be considered as estimates for legal, accounting, fiscal or
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investment.
Presentation Outline
1. Financial Results
2. Operational Update
3. Legacy Contracts
4. 2014 Guidance
5. Market Outlook
6. Medium Term Guidance
7. Q&A
1.
Financial Results
(mn )
Revenues
Net Profit
EBIT
5,966
5,246
556
93
293
608
(225)
93
136
155
192
(330)
1H 2013
1H 2014
1H 2013
1H 2014
1H 2013
E&C Offshore
E&C Onshore
Drilling Offshore
Drilling Onshore
1H 2014
0.06
5.61
(bn )
0.26
0.13
0.43
0.05
4.76
0.24
Net Debt
1
2
@ Dec. 31, 2013
5.10
0.20
Net Debt
6
7
@Mar. 31, 2014
Capex
Working Capital
Net Debt
11
@June 30, 2014
10
Others
1H 2014 IFRS 10 and 11 compliant; Net Debt @ Dec. 31, 2013 restated for comparability.
7
17,065
(mn )
13,132
24,215
1H14 Revenues
1H14 Contracts
Acquisition
Backlog
@June 30, 2014*
E&C Onshore
Drilling Offshore
5,966
Backlog
@Dec. 31, 2013
E&C Offshore
Drilling Onshore
the cancellation of the 16 mn backlog related to the onshore rig operating in Ukraine.
8
(mn )
9,679
5,827
214
571
8,709
689
410
886
1,519
2,736
2,444
1,372
4,677
5,027
3,670
2014
E&C Offshore
2015
E&C Onshore
Drilling Offshore
2016+
Drilling Onshore
2.
Operational Update
10
Update on Drilling
DEEP-WATER
LOCATION
Saipem 12000
Total
Angola
Saipem 10000
Eni
Worldwide
Scarabeo 9
Eni
Angola
Scarabeo 8
Eni
North Sea
Eni
Angola/Indonesia
Burullus
Egypt
Statoil
North Sea
Ieoc
Egypt
Addax
Nigeria
Eni
Italia
Saudi Aramco
Saudi Arabia
Saudi Aramco
Saudi Arabia
Perro Negro 4
Petrobel
Egypt
Perro Negro 3
NDC
Abu Dhabi
NDC
Abu Dhabi
Eni
Congo
Scarabeo 7
2 Year extension
Scarabeo 6
Scarabeo 5
Scarabeo 4
MID
WATER
HI
SPEC
Scarabeo 3
Perro Negro 8
Perro Negro 7
Perro Negro 5
STANDARD
SHALLOW-WATER
Perro Negro 2
2 Year extension
TAD
2014
2015
2016
2017
2018
2019
Scope of work:
T&I of jackets, topsides and subsea production systems
and subsea structures; laying of over 360 km of pipelines;
diving support services; upgrading of main installation
vessels
Schedule:
Installation Vessel
Lula Norte, Lula Sul and Extremo Sul Project Brazil - SURF
Client:
Petrobras
Scope of work:
EPCI of three offshore pipelines with related terminations
(PLETs) and free standing hybrid risers (FSHRs)
Schedule:
Marine activities performed by FDS2 in 1H2016
FDS 2
12
Scope of work:
EPCI of 2 converted turret-moored FPSOs
7-Years contract for operation and maintenance services
Schedule:
first FPSO unit operational by 1Q 2017
second FPSO unit operational by 2Q 2017
Scope of work:
Package 1: EPCI of the gasification unit, the soot/ash
removal unit, the acid gas removal and the hydrogen
recovery units
Package 2: EPCI of 6 sulphur recovery unit (SRU) trains
and relevant storage facilities
View of a Sulphur Recovery Unit
13
3.
Legacy Contracts
14
7.6
7.4
2.7
5.0
5.9
2.3
4.9
64%
2.7
54%
1.5
2014
@ Dec. 31, 2013
2014
@ June 30, 2014
Existing lower
margin contracts
20%
2015
@ June 30, 2014
New contracts won
since 2013
resolved
90% of the pending revenues at the end of June, totaling 1.2bn,
are accounted for by five contracts still under negotiation
Expected completion schedule
2013
2014
2015
16
4.
2014 Guidance
17
Updated
2014 Guidance
Revenues:
12.5 13.6 bn
~ 13 bn
EBIT:
600 750 mn
600 700 mn
Net profit:
280 380 mn
280 330 mn
~ 750 mn
~ 750 mn
~ 4.2 bn
4.2 4.5 bn
Capex:
Net Debt:
18
5.
Market Outlook
19
Market Outlook
E&P Spending Forecast (bn $)
1,000
800
600
400
200
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014E
2015E
2016E
2017E
20
E&C Offshore
E&C Onshore
Saipem Award
Competitors Award
New
21
6.
22
23
24
7.
Q&A
25
TUE
WED
THU
FRI
SAT
SUN
15
16
17
18
19
20
21
24
25
26
27
28
WED
THU
FRI
SAT
SUN
10
11
12
London
London
Morgan Stanley Morgan Stanley
1-1s
1-1s
22
23
29
30
October 2014
MON
TUE
Paris
Natixis
1-1s