Why should Financiers be involved in equipment selection for FPSO ? Hanno Schoonman, Director MLS 1 © Wärtsilä 27 October 2014 Agenda Wärtsilä & Wärtsilä’s presence in Brazil FPSO Market Brazil Wärtsilä Marine lifecycle Solutions for FPSO How can Wärtsilä support Financing for FPSO Conclusion 2 © Wärtsilä 27 October 2014 Wartsila Corporation Our personnel: 19.000 proffesionals 114 Nationalities 70 Countries 160 Locations Solutions for Marine/ offshore Energy Power Plants 32% Ship Power 28% Services 40% • Listed in Helsinki • 2013 Results: • 4.65 billion € turnover • 11.2 % operating result 3 © Wärtsilä 27 October 2014 600 + Do things better than anyone else in our industry Capture opportunities and make things happen Our values Foster openness, respect and trust to create excitement Where is Wärtsilä in Brazil? Existing Marine & Offshore installed base 1340 MW Operation of more than 3100 MW of installed capacity in the country Planned new location to support the (new) PP installations and local shipping market DC Açu Factory inauguration Dec 2014 - Present since 1990 - > 600 employees - 29 Powerplants in operation - Rio´s Top 30 of ”Best Place to Work” 4 © Wärtsilä 27 October 2014 New workshop (Rio) Agenda Wärtsilä & Wärtsilä’s presence in Brazil FPSO Market Brazil Wärtsilä Marine lifecycle Solutions for FPSO How can Wärtsilä support Financing for FPSO Conclusion 5 © Wärtsilä 27 October 2014 Petrobras plan: 38 units during 2013-2020 13 FPSO´s to be contracted Source: Petrobras 2014-2018 Business Plan 6 © Wärtsilä 27 October 2014 Libra block development • Auction: October 2013 • Location: Santos Basin ultra deep water • Area: 1550 Sqkm • ANP estimated recoverable volume of oil and gas 8 -12 billion of barrels (boe) • Drilling of two test wells starting 2nd half of 2014 • LOI for first (well test) FPSO singed with OOG / Teekay LIBRA estimated additional demand 6 Drillships 12 -16 FPSOs 56 Support Vessels Source: Petrobras Operational & Financial Results Q3 2013 Petrobras Material Fact 21st October 2013 and 2014 Working and Investment Plan for Libra release January 23rd, 2014 ANP - Brazil Round 11 The 11th bidding round was held on May 14, 2013, in Rio de Janeiro: - 289 blocks offered, 142 blocks contracted, 39 offshore No of Blocks Blocks total area (km2) BG Energy Holdings Limited (UK) 9 6.921,3 BHP Billiton Petroleum Pty Ltd. (Australia) 1 2.301,7 BP Exploration Operating Company Limited (UK) 2 1.534,9 Chevron Brazil Ventures Aps. (USA) 1 326,3 Ecopetrol S.A. (Colombia) 1 767,8 Exxonmobil Química Ltda. (USA) 2 1.531,1 Niko Resources Ltd. (Canada) 2 985,2 OGX (Brazil) 1 768,0 Petróleo Brasileiro S.A. – Petrobras (Brazil) 3 2.211,0 Premier Oil PLC (UK) 2 1.266,4 Queiroz Galvão Exploração e Produção S.A. (Brazil) 5 3.573,0 Statoil Brasil Óleo e Gás Ltda. (Norway) 4 2.884,8 Total E&P do Brasil Ltda. (France) 6 4.600,3 Operator 11 round est. additional demand 39 FPSOs 156 Support Vessels 8 © Wärtsilä 27 October 2014 Agenda Wärtsilä & Wärtsilä’s presence in Brazil FPSO Market Brazil Wärtsilä Marine lifecycle Solutions for FPSO How can Wärtsilä support Financing for FPSO Conclusion 9 © Wärtsilä 27 October 2014 Wärtsilä Marine Lifecycle Solutions Wärtsilä MLS approach - Improving asset performance by focusing on • MLS approach means optimizing the elements of the customer’s operation throughout the commercial lifecycle of the vessel • Technology (equipment & solutions) • Operations (service / maintenance) • Financing (export credit, equity) • Environment • Benefits of the lifecycle approach • Reduced costs • Reduced risk • Reduced lost revenue • Guaranteed performance 10 © Wärtsilä 27 October 2014 Slide Title [Arial 24pt] Technology 11 © Wärtsilä 27 October 2014 Operation of fuel flexible Power Modules P63 Ship Design https://www.youtube.com/watch?v=EWYgcfqPUew 12 © Wärtsilä 27 October 2014 FPSO´s Power Modules Bumi Armada Kraken FPSO 13 © Wärtsilä 27 October 2014 Agenda Wärtsilä & Wärtsilä’s presence in Brazil FPSO Market Brazil Wärtsilä Marine lifecycle Solutions for FPSO How can Wärtsilä support financing for FPSO Conclusion 14 © Wärtsilä 27 October 2014 How could Wartsila support financing for FPSO? Pre-delivery (Contruction) Extended payment terms: to reduce pre-delivery financial costs for our customers. Wartsila engages commercial trade insurance companies to develop convenient credit risk products. Post-delivery Export credit schemes: Wartsila’s supply scope with high “Local content” can trigger cost effective export credit schemes for our customers. Alternative Finance Leasing: Wartsila is partnering with financial institutions to develop leasing facilities for Power Modules, as an alternative to outright purchase Lifecycle Finance Capex - Opex balancing: Wartsila can balance Capex and Opex payments to meet the cash flow expectation of our customers While Wartsila is committed to fulfill customer financial requirement with the above/others financial products, we cannot commit on the outcome, which depends either on third party financing and/or due diligence processes 15 © Wärtsilä 27 October 2014 How could Wartsila support financing for FPSO? Pre-delivery (Contruction) Extended payment terms: to reduce pre-delivery financial costs for our customers. Wartsila engages commercial trade insurance companies to develop convenient credit risk products. Post-delivery Export credit schemes: Wartsila’s supply scope with high “Local content” can trigger cost effective export credit schemes for our customers. Alternative Finance Leasing: Wartsila is partnering with financial institutions to develop leasing facilities for Power Modules, as an alternative to outright purchase Lifecycle Finance Capex - Opex balancing: Wartsila can balance Capex and Opex payments to meet the cash flow expectation of our customers While Wartsila is committed to fulfill customer financial requirement with the above/others financial products, we cannot commit on the outcome, which depends either on third party financing and/or due diligence processes 16 © Wärtsilä 27 October 2014 ECA References 17 © Wärtsilä 27 October 2014 Using ECA Finance in Package Supply Package supply allows ECA to finance much larger value of the total investment Others Others Export Finans Norway Required 30% of Norwegian content Others Norway Origin Norway Finance source Wärtsilä Full Package Supply 18 © Wärtsilä 27 October 2014 Origin Export Finans Norway Finance source Independent Suppliers ECA References Wartsila Ship Design Propulsion equipment 19 © Wärtsilä 27 October 2014 How could Wartsila support financing for FPSO? Pre-delivery (Contruction) Extended payment terms: to reduce pre-delivery financial costs for our customers. Wartsila engages commercial trade insurance companies to develop convenient credit risk products. Post-delivery Export credit schemes: Wartsila’s supply scope with high “Local content” can trigger cost effective export credit schemes for our customers. Alternative Finance Leasing: Wartsila is partnering with financial institutions to develop leasing facilities for Power Modules, as an alternative to outright purchase Lifecycle Finance Capex - Opex balancing: Wartsila can balance Capex and Opex payments to meet the cash flow expectation of our customers While Wartsila is committed to fulfill customer financial requirement with the above/others financial products, we cannot commit on the outcome, which depends either on third party financing and/or due diligence processes 20 © Wärtsilä 27 October 2014 How could Wartsila support financing for FPSO? Pre-delivery (Contruction) Extended payment terms: to reduce pre-delivery financial costs for our customers. Wartsila engages commercial trade insurance companies to develop convenient credit risk products. Post-delivery Export credit schemes: Wartsila’s supply scope with high “Local content” can trigger cost effective export credit schemes for our customers. Alternative Finance Leasing: Wartsila is partnering with financial institutions to develop leasing facilities for Power Modules, as an alternative to outright purchase Lifecycle Finance Capex - Opex balancing: Wartsila can balance Capex and Opex payments to meet the cash flow expectation of our customers While Wartsila is committed to fulfill customer financial requirement with the above/others financial products, we cannot commit on the outcome, which depends either on third party financing and/or due diligence processes 21 © Wärtsilä 27 October 2014 Agenda Wärtsilä & Wärtsilä’s presence in Brazil FPSO Market Brazil Wärtsilä Marine lifecycle Solutions for FPSO How can Wärtsilä support financing for FPSO Conclusion 22 © Wärtsilä 27 October 2014 Why should Financiers be involved in equipment selection? To Reduce Financing Costs - ECAs through global manufacturing footprint - Optimized finance structures Business Solution To Reduced Construction Risk - EPC package reduces Integration Risk - Avoid construction delays To Guarantee Revenue / Availability Service Technical Solution - Through Performance / Uptime guarantees - Limiting Financial exposure due to failures Product To Maintain Asset Value - OEM Operation and maintenance of the equipment - Ensure asset liquitidy 23 © Wärtsilä 27 October 2014 WÄRTSILÄ CORPORATION Thank you for your attention Hanno Schoonman Director MLS Wartsila Brasil Ltda Phone: +55 – 21 – 2206 2885 Mobile: +55 – 21 – 99210 9221 E-mail: [email protected] 24 © Wärtsilä 27 October 2014 WÄRTSILÄ CORPORATION
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