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TRANSCRIPT
Offshore DevelopmentsNew challenges, New Strategies
France-Norway Oil & Gas Technology Partnerships Workshops
Jean-Marc LETOURNEL – Group SVP Offshore Business & TechnologyMay 28th 2015, Paris, France
Safe Harbor
This presentation contains both historical and forward-looking statements. These forward-looking statements are not based on historical
facts, but rather reflect our current expectations concerning future results and events and generally may be identified by the use of forward-looking words such as “believe”, “aim”, “expect”, “anticipate”, “intend”, “foresee”, “likely”, “should”, “planned”, “may”, “estimates”,“potential” or other similar words. Similarly, statements that describe our objectives, plans or goals are or may be forward-lookingstatements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actualresults, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied bythese forward-looking statements. Risks that could cause actual results to differ materially from the results anticipated in the forward-lookingstatements include, among other things: our ability to successfully continue to originate and execute large services contracts, andconstruction and project risks generally; the level of production-related capital expenditure in the oil and gas industry as well as otherindustries; currency fluctuations; interest rate fluctuations; raw material (especially steel) as well as maritime freight price fluctuations; thetiming of development of energy resources; armed conflict or political instability in the Arabian-Persian Gulf, Africa or other regions; thestrength of competition; control of costs and expenses; the reduced availability of government-sponsored export financing; losses in one ormore of our large contracts; U.S. legislation relating to investments in Iran or elsewhere where we seek to do business; changes in taxlegislation, rules, regulation or enforcement; intensified price pressure by our competitors; severe weather conditions; our ability tosuccessfully keep pace with technology changes; our ability to attract and retain qualified personnel; the evolution, interpretation anduniform application and enforcement of International Financial Reporting Standards (IFRS), according to which we prepare our financialstatements as of January 1, 2005; political and social stability in developing countries; competition; supply chain bottlenecks; the ability ofour subcontractors to attract skilled labor; the fact that our operations may cause the discharge of hazardous substances, leading tosignificant environmental remediation costs; our ability to manage and mitigate logistical challenges due to underdeveloped infrastructure insome countries where we are performing projects.
Some of these risk factors are set forth and discussed in more detail in our Annual Report. Should one of these known or unknown risksmaterialize, or should our underlying assumptions prove incorrect, our future results could be adversely affected, causing these results todiffer materially from those expressed in our forward-looking statements. These factors are not necessarily all of the important factors thatcould cause our actual results to differ materially from those expressed in any of our forward-looking statements. Other unknown orunpredictable factors also could have material adverse effects on our future results. The forward-looking statements included in this releaseare made only as of the date of this release. We cannot assure you that projected results or events will be achieved. We do not intend, anddo not assume any obligation to update any industry information or forward looking information set forth in this release to reflect subsequentevents or circumstances.
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This presentation does not constitute an offer or invitation to purchase any securities of Technip in the United States or any other
jurisdiction. Securities may not be offered or sold in the United States absent registration or an exemption from registration. The informationcontained in this presentation may not be relied upon in deciding whether or not to acquire Technip securities.This presentation is being furnished to you solely for your information, and it may not be reproduced, redistributed or published, directly orindirectly, in whole or in part, to any other person. Non-compliance with these restrictions may result in the violation of legal restrictions ofthe United States or of other jurisdictions.
Technip Offshore & Subsea, 2015 France-Norway O&G Workshops2
A word about the Technip Group
Technip Offshore & Subsea, 2015 France-Norway O&G Workshops3
Technip Offshore & Subsea, 2015 France-Norway O&G Workshops4
Technip Today
Energy is at the core of Technip
With Engineering, Technologies and Project Management, on land & at
sea, we safely and successfully deliver the best solutions for our
clients in the energy business
Worldwide presence with 40,000 people in 48 countries
Industrial assets on all continents, including a state-of-the-art fleet,
and world-class manufacturing plants
2013
Revenue: €9.3
billion
2014
Revenue:
€10.7 billion
Backlog:
€20.9 billion(as of February 2015)
2014 Order
Intake: €15.3
billion
Our Fleet
27 Vessels(21 in operation, 6 under
construction)
Our Plants 4 Flexible Plants
4 Umbilicals Plants
4 Spoolbase
1 Yard
Technip Offshore & Subsea, 2015 France-Norway O&G Workshops5
Three Segments, One Technip
Design, manufacture and supply of
deepwater flexible and rigid
pipelines, umbilicals and riser
systems
Subsea construction, pipeline
installation services and Heavy Lift
Six state-of-the-art flexible pipe and /
or umbilical manufacturing plants
Five spoolbases for reeled pipeline
assembly as well as four logistic
bases
A constantly evolving fleet
strategically deployed in the world's
major offshore markets
Subsea Offshore Onshore Engineering, Procurement &
Construction services of
Fixed platforms for shallow waters
(Conventional, GBS & TPG 500)
Floating platforms for deep waters (Spar,
Semi-submersible platforms, TLP & FPSO)
Leadership in Floatover technology
(including the Unideck® technology)
Leadership in Floating Liquefied
Natural Gas (FLNG)
Construction yard
Gas treatment and liquefaction
(LNG), Gas-to-Liquids (GTL)
Oil refining (refining, hydrogen and
sulphur units)
Onshore pipelines
Petrochemicals (ethylene, aromatics,
olefins, polymers, fertilizers)
Process technologies (proprietary or
through alliances)
Biofuel and renewable energies
Non-oil activities (principally in life
sciences, metals & mining,
construction)
Technip delivers the best solutions across the value chain
A Worldwide Presence
(1) Former Duco
Evanton
Orkanger
Flexibras: Vitória
Flexibras: Açu
Macaé
Port of Angra
Pori
Asiaflex Products:
Tanjung Langsat
Flexi France:
Le Trait
Perth
Angoflex: Lobito
Dande
Technip Umbilicals(1) Inc
MobileHouston
Kuala Lumpur
Rome
London
4 Flexible Pipe Plants
4 Umbilicals Plants
1 Construction Yard
3 Logistic Bases
Regional Headquarters
Operating Centers
Technip Umbilicals(1) Ltd: Newcastle
Calgary
Claremont
WeymouthBoston
Port-Of-SpainCaracas
Bogota
Ciudad del CarmenMexico City
Accra Lagos
Lisbon
Barcelona
Warsaw
St. Petersburg
MoscowAntwerp
Lyon
Cairo
Athens
New Delhi
Mumbai Chennai
Abu Dhabi
Al-Khobar
Doha
Kuwait
Seoul
Shanghai
Jakarta Balikpapan
Miri
BangkokRayong
Ho Chi Minh City
St. John’s
Singapore
Aberdeen
Oslo
Rio de Janeiro
MarseilleParis
Frankfurt
Zoetermeer
Düsseldorf
Luanda
Stavanger
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4 Spoolbases
A unique combination of operating centers, facilities and
plants allows us to remain close to our Clients’ operations
Technip Offshore Facilities Segment
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Services
Floating Facilities
Fixed Facilities
Technip tackles all the challenges of the Offshore
Industry
Technip is a leading integrated company
in Project Management, Engineering,
Procurement and Construction for the
Energy Industry
To the Offshore Facilitites Industry,
Technip provides… Project management
Engineering
Procurement
Construction
Installation
Hook-up & Commissioning
For… Topsides (including FLNG & HP/HT)
Substructures (Fixed & Floating)
Modification & Brownfield works
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Offshore Facilities: Our Products & Services
Conventional
Fixed Platforms
Self-Elevating
(TPG 500)GBS
FPSO Semi-Submersible Spar
Fixed Facilities
Floating Facilities
TLP
Artificial Islands
FLNG
Services
Floatover
Installation
HU&C –
Modifications
A complete range of Products, Technologies & Services
covering all demands
Technip Offshore & Subsea, 2015 France-Norway O&G Workshops9
$60 barril, Project Delays, Cost Overruns: Consequences…
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New context…
* Barclays, Goldman Sachs, City, Morgan Stanley, UBS, Deutsche Bank, Societe Generale
Oil Price Forecast: Analysts(*) Average Consensus ($/bbl)
Zoom on 2015 Brent Price Forecast ($/bbl)
66
81
61
75
40
60
80
100
120
Brent Yearly WTI Yearly
72
70
65
70
63
73
50
66
0 20 40 60 80
Average
Goldman Sachs 12 Jan 2015
Deutsche Bank 07 Jan 2015
City Research 05 Jan 2015
UBS 02 Jan 2015
Morgan Stanley 30 Dec 2014
Societe Gen 02 Dec 2014
Barclays 01 Dec 2014
84
Previous forecast
-9%
-25%
-22%
-10%
-5%
-1%
-2%
5%
-30% -20% -10% 0% 10%
IFP Oct 2014
Societe Gen. Nov 14
Morgan Stanley Nov 14
BoAML Dec 14
DB Dec 14
Jefferies Jan 15
Bernstein Jan 15
Barclays Jan 15
Zoom on 2015 Global E&P Capex Forecast
Global E&P Capex forecast ($B)
586
565628
697 733 696
875
2011 2012 2013 2014E 2015E […] 2020E
Sources: IFPEN 2014; Morgan Stanley Nov. 2014
2015: BoAML – Dec 14, Bernstein – Jan. 2015,
11% p.a. 3% p.a.
(5)%
(20)%
Oil Prices Expenditures
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…New Rules
Understanding of the Cost Structure is key
Low Oil Price + Projects Size &
Complexity
CostOverruns
CAPEX Reduction
GreaterSelectiveness
For our Clients, a “Greater Selectiveness”…
Thourough assessment of their Upstream Assets Portfolio ROI & NPV are
drivers, rather than resources replacement
Avoid CAPEX underestimation leading to Cost Overruns
Many factors can explain Cost Overruns, with root causes at
Concept/FEED Stages…
FEED execution by others than the EPC contractor
Underestimated impact of complex production parameters & regulations
Client specifications limiting standardization & repeatability potential
Lack of interactions between the different contractors & suppliers
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The answer of the industry could be one of or a mix of the following…
Collaboration Mode amongst the different actors of the EPC
industry has become an absolute must, to develop
streamlined & efficient execution plans
Early Engagement
Get involved at Concept Definition or FEED stage in order to engage Client & Partners on critical issues such
as equipment definition & specification
Simplification
NO COMPROMISE ON HSE
Focus on proven solutions to maximize cost and schedule
Identify possible improvements
Standardization
Identify areas (equipment, disciplines, SoW…) where standardization can be safely & reliably achieved
Improved efficiency through collaboration with manufacturers & fabricators
Repeatability
Enhance delivery process in term of Cost, Schedule, Safety & Quality
Technip Offshore & Subsea, 2015 France-Norway O&G Workshops13
Technip maintains a continuous involvement in the field development process
Exploration AppraisalConcept
Selection & Definition
FEEDEPC &
InstallationOperation
De-commissioning
Exploration & Engineering
FID
Development1st
Oil/Gas Production
Discovery
Upstream Industry
Prod.
End
Being involved at early stage, from Concept Selection &
Definition, should allow a greater understanding of the project
challenges & the development of the best suited solution
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One example: Technip’s leadership with Spar Hulls
Technip delivers fully-integrated EPC for Spar Hulls
Engineering, including Concept & FEED, in Houston, USA
Detail Design, Procurement & Construction in Pori, Finland
Classic
Truss
Cells
Integrated
EPC
Solution
Engineering
Procurement
Construction
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A world-class delivery track record
Pori Yard Spar projects fabrication duration in months, from
Fabrication Start to Sail Away0 5 10 15 20 25
Perdido
Tahiti
Kikeh
Constitution
Mad Dog
Holstein
Gunnison
Horn Mountain
Boomvang
Nansen
Diana
Genesis
Neptune
Actual Fabrication Duration Contract Fabrication Duration
Umbilicals
(Power & control)
Electrically Trace
Heated Pipe-in-pipe
In-line Monitoring
Technologies
Integrated
Production Bundle
Broader Integrated Subsea Solutions at Conceptual Stage
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Subsea Field Architecture
Proprietary Technologies
Integrating Technip subsea
proprietary technologies and
offshore platform know-how with
third party processing equipment to
provide innovative development
(1) (2)
Pre-FEED and FEED
Offshore field development studies
Innovative technology solutions for
platform and subsea challenges
Providing independent subsea architecture
development and component selectionImproving equipment and installation
converge in subsea architecture
Integrated Subsea Design
Integrated concept selection phase of
FEED, combining industry-leading
technologies
Innovative technology solutions from
Subsea Tree to Floater
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Forsys Subsea, An Exclusive Alliance between FMC Technologies and Technip
• Life of field monitoring and surveillance, data analysis and advisory services
• Preemptive analysis of Integrated SURF* and SPS** enabling timely maintenance
• Maximize reliability and uptime providing the lowest total ownership cost available in the
industry.
• Seamless subsea infrastructure delivery from seabed to topside
• Integrated project planning and reduced interfaces
• Rationalize overall field layout, drive standards, development and integration of technology
• Leverage of SURF* products with Subsea Production and Processing equipment
• Topside selection and modification
• Design systems for improved field performance
Concept
Delivery
Beyond
Step change in design
Reduce complexity and time
Increased field performance
Reservoir
Development
Subsea Field
Development
SURF Field
Development
Topsides
Drilling &
Downhole
Completion
SURF***
Subsea
Production
Systems (SPS)Reservoir
Characterization
Concept
Selection
Tender
Preparation
LOF**
Surveillance
Plug and
Abandonment
Front End Engineering Project Execution*
Alliance Scope
* Covers engineering, supply, fabrication and installation
** Life of field surveillance and monitoring
*** Subsea Umbilicals, Risers and Flowlines
Topsides
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Delivering Results through Integrated Collaboration
CAPEX cost savings examples:
EVDTs without tubing heads
Single active-heated production pipelines
No PLETs
Compact, block manifold
Subsea pig launching eliminating flowline between drill centers
Subsea pumps for seawater injection eliminating flowline
Topsides design optimization
Subsea equipment design fit for installation assets
Traditional Field
Integrated Approach
LOF cost savings examples:
Condition-based maintenance enabling the right
decisions to be made at the right time
Avoid costly unplanned failures
Increased asset efficiency and availability
Optimized use and selection of vessels
Take-Aways
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HSE remains our industry’s utmost priority
We must not hold the Oil Price as the sole explaination of our industry’s
situation
EPC Contractors must focus on offering:
Predictability
Credibility
Affordability
In addition to Early Engagement, Collaboration between all the actors has
become mandatory:
SURF & SPS
Engineering, Equipment suppliers & Fabricators
Topsides & Subsea
Client & Contractors
A time of challenges for our industry.
From the Contractors & Solution Providers’ perspective, Early Engagement &
Collaboration give time & leverage to define the right solution, at the right
cost.
www.technip.com
Thank you