Transcript
Index
DOF ASA 2
III. Challenges in Brazil
IV. Present/Future outlook
II. Brazilian Offshore Market
I. DOF in Brazil
DOF Group Brazil
DOF ASA
Group structure in Brazil...
DOF ASA 4
Skandi Leblon
Skandi Salvador
SK Niteóri/SK Vittória
Skandi Rio
5 PSVs
10 AHTSs
7 CSVs/RSVs
2 PLSV
High end offshore solutions
DOF Brazil
DOF Subsea Brasil 290 employees
99,3% local labour
Norskan 922 employees
98% local labour
4 NEWBUILDS (AHTSs)
Skandi Iguaçu
Strategically located to support BR offshore market ...
DOF ASA 5
Macae base
Rio de Janeiro office
DOF ASA 6
Experienced and qualified management
team and employees
Experienced and committed
founding shareholders
Long-term relationship
with shipyards and suppliers
Access to attractive long-term financing
Long-term contract
coverage with first class
clients
Strong Brazilian local presence
Large and diversified state of the art fleet
Leading position in Offshore
Subsea and Support Vessels
Skandi Rio Skandi Salvador ROV launching
Providing support, construction vessels, offshore and subsea support services to the Brazilian offshore oil and gas industry
A leading operator in the region...
With a state-of-art fleet...
SKANDI IGUAÇU/AMAZONAS Largest AHTS ordered
in Brazil. Customized to meet
the extreme requirements
demanded by Pre-Salt Environmentally
friendly
SKANDI NITERÓI/VITÓRIA
The first 2 PLSV´s built
in Brazil. JV with Technip
Both in a long-term contract with Petrobras
SKANDI SALVADOR
The first CSV built in Brazil.
Support Chevron to develop Frade field
Main task: x-mas tree installation
SKANDI SANTOS
In long-term contract with Petrobras
Scope of work x-tree installation
Petrobras ranks SK Santos as the best
vessel in their subsea fleet
DOF ASA 7
Unique solutions for offshore subsea market…
DOF ASA 8
•Capacity to delivery full package solutions for subsea operations. • Provides specialized survey, subsea construction and inspection repair and maintenance (“IRM”) •Flexible fleet of modern subsea construction and survey vessels.
• Vessel Fleet equipped with high technology equipment (AHC Cranes, AHC winchs, high end ROV fleet and Survey equipment) to meet increasing deepwater challenges in Brazilian market.
•Strong expertise on delivering ROV and survey services during anchor-handling operations.
•12 Work Class ROV’s (4 to come), 4 Observation ROV’s, full spread of survey equipment, 7 vessels from DOF Subsea fleet currently operating in Brazil.
Skandi Salvador: Chevron Brasil
Vessel Spread support all offshore Installation and IMR activities to expand and maintain the subsea field
Project : FRADE
Water depth: 1,300m
Contract Term: 3+1+1 year
Survey
Tree Installation and Intervention
Jumper & FLs Installation
Routine Inspection and Maintenance
DOF ASA 9
Contract coverage
FIRM CONTRACTS UNDER CONSTRUCTION OPTIONAL PERIOD DOF SUPPLY DOF SUBSEA NORSKAN
Focus on long-term relationship with clients and suppliers...
DOF ASA 10
Key E&P Clients
Key Subsea Engineering Clients
Key Suppliers
Brazilian offshore market
DOF ASA
Brazil is a booming upstream market...
DOF ASA 12
•Growth particularly in deep-and ultra-deepwater
•Target of 6.000 bpd by 2020 vs. 2.200 bpd today
•OSV demand is expected undertake an expressive growth until 2020. The current fleet in Brazil of 433 vessels (176 Brazilian flagged and 257 foreign flagged).
•Petrobras has announced the construction of146 new vessels (Prorefam/PB OSV Renovation fleet program 2008-2014).
•Demand excludes pre-salt needs. Other estimates say there will be a 200-vessel demand within the next 10 years
•Strong strategic commitment by Brazilian government and Petrobras to ensure high Brazilian content. (priority to BR flagged vessels)
•OSV demand shifting towards larger and more sophisticated vessels
DOF ASA 13
Pre-salt depths demand more sophisticated OSV´s...
Pre-salt oil reservoirs are located in water depths as deep as 7,000 meters
2.629m 1977
1.825m 1983
3.318m 1988
2.930m 1992 3.230m
1994 3.167m
1997 3.759m 1999
4.343m 2003
7.000m 2007
Santos Basin (Tupi)
1.000m
2.000m
3.000m
4.000m
5.000m
6.000m
7.000m
709m
Enchova Marimbá Marlim Marlim Sul
Marlim Sul
Roncador Roncador Tupi Technological challenges
• Distance: approximately 300km from the coast. Pre-salt reservoir measures 800km in length and 200km in width
• Depth: long path to cover to reach the oil. It is necessary to go through 2 km of water and to drill through 1 km of pre-salt layer rocks
• Thickness: it is also necessary to drill through 2 km of salt
High impact on specification of vessels (type, size, speed) as well as shift to floating production system
Harsh conditions demand a greater number of technologically-advanced and larger offshore support vessels
DOF ASA 14
Petrobras E&P Investments in bi US$
(2011-2015)
Pre-salt Post-salt
Petrobras is the top investment source...
3 main offshore basins in Brazil: Santos, Campos and Espirito Santo
São Paulo Rio de
Janeiro
Espirito Santo
64,3 bi USD
53,4 bi USD
Source: Petrobras Business plan 2011-2015
DOF ASA 15
76; 90 %
8; 10 %
Production phase
30; 81 %
7; 19 %
Development phase
121; 67 %
59; 33 %
Exploration phase
IOC´s are increasing their roles in E&P activities...
IOC´s Petrobras
TOP 8 non-Petrobras operators Source: ANP statistic review/end of 2010
IOC´s own 8 blocks in
production phase
IOC´s own 7 blocks in
development phase
IOC´s own 59 blocks in
exploration phase
Overview of the Brazilian fleet
59 %
41 %
BRA OSV fleet
Foreign flag (257) BRA flag (176)
44%
25%
13%
6%
5%
3%
2%
1%
1%
PSV
AHTS
LH/SV
DSV/RSV
CREW/FSV
PLSV
ORSV
WSV
MPSV
0% 10% 20% 30% 40% 50%
BRA OSV fleet sorted by vessel type
DOF ASA 16
Source: ABEAM 2012
DOF ASA 17
0 10 20 30 40 50 60
EDISON CHOUEST/BRAM
ASTROMARÍTIMA
BRAZBUNKER/S MIGUEL
NORSKAN / DOF
MAERSK
MARÉ ALTA
BOURBON
CBO
SEACOR
W.SONS
FARSTAD
BRA FLAG FOREIGN FLAG
Top 4 in the brazilian market
Source: ABEAM 2012
Challenges
DOF ASA
Regulation reinforces protectionist rules...
DOF ASA 19
25%
42%
28% 39%
79% 86%
74% 69%
79%
27%
48% 40%
54%
86% 89% 81%
77% 84%
1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th
Exploration Phase Development Phase
ANP (National Agency for Oil and Biofuels) bidding rounds
Source: ANP Note: 8th ANP bidding round auction is still under discussion
Special Brazilian Regime (REB) Local Content Requirement “Circularization” (Res. 192/04)
● “Circularization” gives priority to Brazilian-flagged vessels over foreign vessels
●Foreign vessels operating in Brazil need to undergo “circularization” each year, where contracts will be taken over by Brazilian-flagged vessels if available
● For each vessel ton built in Brazil by a Brazilian shipping company, 0.5x additional tons are allowed to be imported, with the privilege of a Brazilian flag (ex. Skandi YARE)
● For each vessel ton under construction, twice the vessel tonnage of the same type is temporarily allowed to be imported with the privilege of a Brazilian flag
Fleet in Operation
The Brazilian government is committed to developing Brazil through local content and instituting favorable policies for those who commit to the country’s growth
Obs. ANP has been very strict to ensure high levels of local content with alloperators
DOF ASA 20
Industry framework... • Cost in Brazil (hot market) • Lack of personnel • Lack of reliable
suppliers/spare parts/quality
• Shipyards for repair/docking
Contract structure... • Long term contracts
(typical 5 + 5 year) • Risk of penalties
Others • Cultural differences • Complex tax regime • Bureuacracy • Incipient spot market
Challenging environment...
Present/Future outlook
DOF ASA
DOF ASA 22
We are positioned to capitalize BR opportunities...
High Growth Brazilian Oil & Gas Market
Offshore Supply Vessel Shortage
Need for a High Tech Fleet
Key Regulation in the Brazilian Sector
Leading position in offshore subsea and support vessels
Long-term relationship with shipyards and suppliers
Large and Diversified State-of-the-art Fleet
Strong Brazilian local presence
With competitive advantages…
DOF ASA 23
One of the youngest fleets in the industry
Unique “best-in-class” Brazilian-flagged vessels
One of the largest tonnage capacities in the Brazilian offshore industry to benefit from REB regime
Capacity to import 6 to 8 additional high-end vessels (through REB)
Providing services to a large number of highly-active clients
Strong Brazilian local presence
Working on 7 focus points...
Safety • Improve safety awareness
Company culture
• Ensure key elements of company culture in order to promote loyalty and ensure low turnover
Leader
• Ensure right quality of leaders in all positions offshore and onshore
Project oriented
• Implement a project oriented structure to ensure control of contractual deliveries
Synergy
• Take advantage of all possible synergies between the two companies
Group align
• Align operation and procedures to rest of group to ensure DOF group standardization
Result orient
• Find smarter ways to work and ensure high focus on maximizing earnings and keeping cost within budget
DOF ASA 24
Safety Culture
Company culture
Leadership
Project oriented
Max synergies
Group alignment
Result oriented
DOF Brazil key targets....
Strong focus on International Oil Companies
Develop subsea engineering capabilities
Increase presence in survey services
Consolidate position in anchor-handling (vessel+ROV+Survey) services in order to meet Pre-sal requiments
DOF ASA 25
DOF ASA 26
• Pre-salt will have high impact on specification of vessels (type, size and speed) driving up the demand for OSV. Deepwater subsea projects will bring significant technological and logistic challenges.
• 11th ANP round is expected to bid 174 new O&G blocks from which 87 are located offshore.
• The main player in the “Non-Petrobras” market is OGX which had in 2011 6 drilling rigs and 11 OSV under term charter. Other main players are Shell, BP and Statoil. Sonangol and Repsol are expected to undertake a major growth in the next years.
• Several tenders out from Petrobras, OGX and other IOCs.
Opportunities
Thank you
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