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Engineering
Procurement
Construction
Installation
Capabilities / Services:
Studies & conceptual designs Front-End Engineering & Design (FEED) Detailed engineering & design Transportation & installation engineering
Capabilities / Services:
Topsides & onshore modules Jackets, Jackets piles & compliant towers TLPs, SPARs, FPSOs Subsea production systems Standardized fabrication processes & procedures
Capabilities / Services:
Single & dual heavy-lift Floatover install Various diameter pipeline install S-Lay, J-Lay, Flex-Lay and Reel-Lay Dynamic positioning & mooring systems Subsea installation support Repair & salvage
Conventional C ti l Fi Field ld D Development l t Fixed Fi d platforms, l tf compliant li t t towers, subsea b and d export t pipelines i li Floating Production Facilities FPSO, TLP, Semi and SPAR topsides SURF (Subsea Umbilical, Risers and Flowlines) Subsea field development and installation
9.0%
CAGR
60 000 60,000
9.0%
CAGR
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Shallow Deep
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Africa Asia Australasia Europe LatinAmerica ME&Casp.Sea NorthAmerica
Shallow water will continue to comprise the majority of offshore spending but deepwater is expected to grow at a higher rate Deepwater expenditure expected to increase 54% over next five years Deepwater activity is anticipated to be driven primarily in the African and Latin American basins, and increasing activity in Australasia
120,000 100,000 80,000 60,000 40 000 40,000 20,000 0 Africa 2013 2014 2015 2016 2017 2018 Asia Australasia Europe LatinAmerica ME&Casp. NorthAmerica
2013
2016 Floating1
2017
2018
Asia is expected to account for the greatest Capex (China, Malaysia, India and Indonesia account for a majority of demand) All of McDermott McDermotts s core markets markets, conventional field development development, floating solutions and SURF are expected to have capital expenditure growth in future years
Floating EPCI capital expenditure forecast does not include hull construction Source: Infield, M&T Analysis January 2013, Internal Analysis.
Shallow ME & Caspian Type Units Fixed Concepts 300 FPSOs 2 FSOs 1 Spars 0 Semi Subs 0 TLPs 0 Other Floaters 16
Australasia Type Units Fixed Concepts 31 FPSOs 9 FSOs 2 Spars 0 Semi Subs 2 TLPs 2 Other Floaters 1
Deep
Latin America Type Units Fixed Concepts 119 FPSOs 51 FSOs 7 Spars 0 Semi Subs 2 TLPs 3 Other Floaters 15
Africa Type Units Fixed Concepts 242 FPSOs 34 FSOs 6 Spars 0 Semi Subs 2 TLPs 3 Other Floaters 4
Total
T Type
Fixed Concepts FPSOs FSOs Spars Semi Subs TLPs Other Floaters
U it Units
1,450 155 41 10 27 14 ME & Caspian Units 68Type
Fixed Concepts FPSOs FSOs Spars Semi Subs TLPs Other Floaters 300 2 1 0 0 0 16 Australasia Type Units Fixed Concepts 31 FPSOs 9 FSOs 2 Spars 0 Semi Subs 2 TLPs 2 Other Floaters 1
Shallow
Deep
Latin America Type Units Fixed Concepts 119 FPSOs 51 FSOs 7 Spars 0 Semi Subs 2 TLPs 3 Other Floaters 15
Africa Type Units Fixed Concepts 242 FPSOs 34 FSOs 6 Spars 0 Semi Subs 2 TLPs 3 Other Floaters 4
10
1 2
Figures as of December 31, 2013 and do not include the backlog of unconsolidated joint ventures. Presented on the basis of continuing operations. Bids outstanding includes pending change orders.
11
Floating Facilities
12
Strong
demand for conventional field development to continue with $285 billion in EPCI capex projected in 2013-2018
Significant growth in Australia, Malaysia and j Mexico p projected Local partnerships required for access to certain markets
60,000 50,000 40,000 30,000 20,000 10,000 0 2013 Pipeline 2014 2015 Platform 2016 2017 ControlLine 2018
Recent
13
LB32
14
Floating Facilities
Floating Facilities
FPSO, SPAR, TLP, and Semi-Sub topsides Integrated solutions through our 50/50 / FloaTEC C joint venture with Keppel FELS
Papa Terra is the first use of dry-tree floating technology offshore Brazil and the first Tension Leg Platform installation offshore South America.
$72
15,000
10,000
5,000
0 2013 TLP
1Floating
2014 Spar
2015 SemiSub
2016 FPSO
2017 FPS
2018
15
Floating Facilities
16
SURF
Front-end and detailed engineering and design, fabrication ab cat o of o SURF SU hardware a d a e and a d installation sta at o through t oug fast-transit subsea construction vessels
Robust
growth in the subsea market with over $221 billion EPCI capex projected in 2013-2018
Pipelines and flowlines comprise majority of capital spend
Inpex Ichthys Field Layout
Recent
market
50,000
Inpex Ichthys $2+ billion contract includes EPCI and pre-commissioning for production, transfer flowline and control systems, 17,600 tons of subsea equipment, a Riser se Suppo Support t Structure St uctu e and a d installation sta at o a aids ds in up to 900 foot water depths BHP Macedon EPCI of a 48 mile, 20-inch diameter pipeline and installed subsea umbilicals and flexible flowlines in water depths up to 590 feet
2015 Pipeline p
2016 SPM
17
SURF
18
SURF
DLV2000
Combination DP3 heavy lift and pipelay vessel with 2,200-ton crane Deepwater S-Lay capability up to 60 inches in di diameter t Ideal for installation, maintenance and decommissioning projects Expected delivery in mid-2015
19
Operating Income
1,000
100
2010
2011
2012
2010
2011
2012
Note: Figures above do not include the backlog of unconsolidated joint ventures. Presented on the basis of continuing operations. 1 Includes approximately $46 million ($0.20 per share) of non-cash impairment & related expenses 2 Includes approximately $162 million of project charges, $5.5 million of non-cash impairment charges and $35 million of non-operating benefits
20
$2.3 billion in backlog expected to be recognized in 2013 1QE awards expected to add $0.3 billion to current year revenue
1,296
2013 2014
2,341
2015+ 1,430
Backlog by Region
6,000 5,000 3,881 $ MM Middle East Asia Pacific 2,000 1,000 0 2010 2011 2012 Atlantic 2,000 1,000 0 $ MM 4,000 3 000 3,000 4,000 3 000 3,000 5,039 6,000 5,067 5,000
2010
2011
2012
Figures as of December 31, 2013 and do not include the backlog of unconsolidated joint ventures. Presented on the basis of continuing operations.
21
Solid operating margins driven by full-service, vertically integrated business model Efficient tax structure from Panamanian incorporation McDermotts balance sheet remains a strength
Over $3.3 billion in total assets Substantial cash and investments of approximately $704 million Low debt level (approximately $103 million) and strong book equity (approximately $1.9 billion) Pension plan obligations largely fully-funded
$950 million credit facility for borrowings and letters of credit; matures August 2016
No borrowings outstanding; letters of credit under the credit facility of approximately $267 million
22
Investor Appeal
Full-service offshore oil & gas engineering & construction company Global EPCI business model p provides competitive p advantage g Attractive industry fundamentals; strong secular growth Strategic transformation well underway Substantial backlog with good visibility; strong balance sheet and capital structure Experienced management team focused on project and risk management
23