Fairstar Heavy Transport NV

Transcription

1 EGM 1 June 2012

2 Fairstar Heavy Transport NV Fairstar Heavy Transport NV was incorporated in 2005 and has been publicly listed on the Oslo Stock Exchange (OSE) since 2006 Owns and operates four semi-submersible vessels FJORD, FJELL, FORTE and FINESSE (the latter two are scheduled for delivery from Guangzhou Shipyards in May & November 2012) Core competitive strengths / unique industry approach: In-house fleet management Experienced Dutch officers and crew Project engineering executed in-house Strong risk management and culture Constant focus on safety and safe practice Fairstar s strategy is based on offshore and onshore energy infrastructure investment 2

3 Fairstar Strategic Clients Bechtel CB&I Chiyoda Fluor Foster Wheeler JGC KBR McDermott MODEC Saipem Technip 3

4 LNG 4

5 MODULARIZATION 5

6 High value Multiple voyage Long term CONTRACTS Gorgon Golden Eagle Ichthys 6

7 Australia continues to emerge as the supplier of choice for energy demand in Asia Australia s gas reserves (trillion cubic feet) LNG Projects Bonaparte Basin 27.9 Browse Basin 30.3 Gladstone Curtis Island Project Field Operator Est. cost USD Targeted approval Production Gorgon Carnarvon Chevron 43bn Approved 2014 Pluto 2 Carnarvon Woodside 4bn Ichthys Browse Inpex 32bn Gladstone LNG* Surat-Bowen Santos 11bn Carnarvon Basin Perth Basin 1.38 Cooper Basin 7.5 Surat Basin 7.5 Curtis Island LNG* Surat-Bowen BG Group 12bn APLNG* Fisherman`s Landing* Surat-Bowen Origin/ ConocoPhillips 12bn Surat-Bowen LNG/Arrow 500m Pluto 3 Carnarvon Woodside 4bn Otway Basin 2.4 Gippsland Basin Bass7.15 Basin 0.5 Wheatstone Carnarvon Chevron 13bn Sunrise Bonaparte Woodside 12bn Browse Browse Woodside 30bn TOTAL 174bn Source: AFP and SEB Enskilda * Planned LNG production from coal seam gas piped to Gladstone. Analysis and proponents agree that the projects will need to consolidate and cannot all go ahead at current time frames and sizes 7

8 Market trends and energy investment patterns are becoming increasingly clear Asian demand is driving long term infrastructure investment LNG is emerging as the preferred energy option New discoveries of oil and gas are being found in more and more remote locations The energy infrastructure assets required to package oil and gas into transportable bundles cannot be supplied by local industry Modularization is the most cost efficient method of construction Modules are becoming larger and more complex 8

9 Offshore Transport of MSF/CE modules to the Tombua Landana Field, Angola, for Chevron in

10 Offshore Transport of Jacket and Topside to the Maersk Halfdan Field, North Sea,

11 Onshore Transport of LNG Modules to Escravos, Nigeria, for the Chevron EGTL Project in

12 Economic value of onshore and offshore projects In 2012 and 2013 most of these projects will award marine transportation contracts Browse $ 175M+ 4 vessels Ichthys $ 175M+ 4 vessels Gorgon $ 500M+ 9 vessels Guara Tipi $ 10M Eldfisk $ 12M BSR $ 10M Nemba $ 15M Malikaj $ 10M CMMP Iraq $ 12M Valemon $ 10M Brass LNG $ 18M Solan $ 10M Golden Eagle $ 15M Natuna $ 12M Sylwin deck $ 10M Umm Lulu $ 40M Mafumeira $ 25M Barzan Offshore $ 25M IDG Gas $ 20M 2 vessels Browse TLP $ 25M Point Thompson $ 50M Shtokman Offshore $ 30M 2 vessels Sunrise $ 75M 2 vessels Pluto $ 75M 4 vessels Prudhoe Bay $ 50M Kitimat Arrow $ 50M $ 75M 2 vessels 3 vessels AP LNG $ 75M 2 vessels Wheatstone $ 175M+ 4 vessels Shtokman $ 100M 4 vessels Yamal $ 300M 5 vessels The lead time from tender submission to contract award is on average 15 months 12

13 Marine heavy transport operators utilize three ship designs Converted oil tankers Non submersible, open deck carriers Open stern, semi-submersible vessels 13

14 Global fleet of marine heavy transport vessels Semi-Submersible Vessels Converted Oil Tankers Deck Carriers FJORD (Fairstar,2008) FJELL (Fairstar,2009) FORTE (Fairstar,2012) FINESSE (Fairstar,2012) FATHOM (Fairstar,2013) Vanguard (Dockwise,2012) Black Marlin (Dockwise,2000) Blue Marlin (Dockwise,1999/2005) Mighty Servant 3 (Dockwise,1984/2009) Mighty Servant 1 (Dockwise,1983/2003) Transshelf (Dockwise,1987) Xiang Yun Kou (COSCO,2010) Xiang Rui Kou (COSCO,2010) Kang Sheng Kou (COSCO,2002) Tai An Kou (COSCO,2002) Development Way (CCCC,2010) Wish Way (CCCC,2010) STX Rose 1 (STX Pan Ocean,2008) STX Rose 2 (STX Pan Ocean,2012) HYSY 278 (COOEC,2012) Hua Hai Long (Guangzhou Salvage,2011) Mega Passion (Mega Line,2010) ZS-E New 1 (Zhejiang Share-Ever,2012) Talisman (Dockwise,1987/2008) Transporter (Dockwise,1992/2007) Triumph (Dockwise,1992/2008) Trustee (Dockwise,1991/2008) Target (Dockwise,1990/2007) Treasure (Dockwise,1990/2008) Swift (Dockwise,1983) Teal (Dockwise,1982) Tern (Dockwise,1982) Swan (Dockwise,1981) Eagle (OHT,1981/2006) Falcom (OHT,1981/2007) Osprey (OHT,1989/2008) Hawk (OHT,1986/2008) Zhen Hua 28 (ZPMC,1988/2009) Zhen Hua New 2 (ZPMC,1987/2009) Zhen Hua New 1 (ZPMC,1986/2009) Zhen Hua 22 (ZPMC,1983/2009) Asian Atlas (Viatech,1976/2006) Yamatai (NYK-Hinode Line,2010) Yamato (NYK-Hinode Line,2010) Mega Trust (Mega Line,2008) Mega Innovation (Mega Line,2009) Mega Caravan (Mega Line,2011) Mega Caravan 2 (Mega Line,2011) Haiyang Shiyou 225 (COOEC,2009) Haiyang Shiyou 226 (COOEC,2010) Yuanjing (COSCO,2009) Zhi Xian (COSCO,2010) Yuan Jian (COSCO,2007) Yuanjian (COSCO,2007) Dong Bang Giant 3 (Dong Bang,2010) Dong Bang Giant 2 (Dong Bang,2006) Dong Bang Giant 1 (Dong Bang,2006) Hanjin Pioneer (Hanjin,2010) Zhi Xian 2 (Shanghai Zhixian,2010) Teras Navigator (Terras offshore,2011) Tongbao World (Tongbao,2009) Tongbao Mercury (Tongbao,2005) Zhen hua 12 (ZPMC,2008) * (Operator, Year vessel was built/converted) 14

15 Compliance standards by the energy industry are becoming increasingly strict Vessels must be Open Deck/Open Stern Vessels must be 15 years old or less Vessels must be Asbestos Free Vessels must have an IMO compliant Ballast Water Treatment systems Operators organisation must meet the requirements of complex engineering support, project management skills, and commitment to high standards of SAFE practice and environmental awareness Only 26% of the competitive fleet qualifies based on these stringent standards 15

16 Demand for qualified vessels is strong and growing Number of vessel years required for on/offshore projects by contracting phase Awarded Projects Projects in the Tender phase Projects in the Pre-Tender phase Onshore projects Offshore projects Total vessel years Total Between , awarded projects and known projects in the (pre-) tender phase already require a total of 98 years of vessel time. This equates to an average 20 vessels per year New projects will only increase demand further Offshore projects have a lead time of 2-3 years 16

17 We envisage a shortage of up to 20 vessels for the onshore and offshore projects Vessels required for onshore and offshore projects vs. qualified vessels 17

18 Fairstar 4 year fleet schedule 18

19 Contact details - Fairstar Heavy Transport NV Postal address Visiting address P.O. Box 2225 Weena , Tower A 3000 CE Rotterdam 3012 NJ Rotterdam The Netherlands The Netherlands Contact T +31 (0) F +31 (0) I E fairstar@fairstar.com Philip Adkins (CEO) M +44 (0) E philip.adkins@fairstar.com This material has been prepared by Fairstar Heavy Transport NV ( FHT"). This material is for distribution only under such circumstances as may be permitted by applicable law. It has no regard to the specific investment objectives, financial situation or particular needs of any recipient. It is published solely for informational purposes. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in the materials. It should not be regarded by recipients as a substitute for the exercise of their own judgement. Any opinions expressed in this material are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of FHT as a result of using different assumptions and criteria. FHT is under no obligation to update or keep current the information contained herein. Neither FHT nor any of its affiliates, nor any of FHT s or any of its affiliates, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of this material Fairstar Heavy Transport NV. All rights reserved. Fairstar Heavy Transport NV specifically prohibits the redistribution of this material and accepts no liability whatsoever for the actions of third parties in this respect. 19