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SBM Brasil Presentation
Oil & Gas day - FEIMEC
© SBM Offshore 2015. All rights reserved. www.sbmoffshore.com 45/25/2016
11th and 12 th
Rounds
Perfect Storm
� Oil below $40� Political situation in Brazil;� Local Content politic not well implemented;� Petrobras situation;
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11th and 12 th
Rounds
� Low oil prices reduces field feasibility
Oil price has seriously deteriorated
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11th and 12 th
Rounds
Actual Scenario
� Upstream capex inflation has raise faster than oil making field development.
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Silver linings: political reforms & strong fundamentalsOffshore production still has a future
#15 amongst largest reserves in the world, representing little under 10% of global reserves90% in Deep/Ultra Deep Waters35-40% is producing today15-20% has a firm plan or is under developmentGovernment Debt* not even so bad compared to some European countries who have even weaker underlying revenue modelInfrastructure and social welfare are kept on the Government’s investment agenda – radical fiscal reforms to finance this + leveraging pension fundsJan 2016: $20Bn credit lifeline by state-run bans for different sectorsCorruption – being a inhibitor to productivity and economic growth engines like car manufacturing, biofuel development & massive oil reservesSlight upticks in employment rates, consumer and manufacturer's confidence in December 2015, January 2016China stepping in
Source: Trading Economics, Siemens Brazil, Financial Times, World Economic Forum *excluding garantees for state owned companies
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Liquids: a supply and demand rebalance expected in 2018
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Floating production systems: still the solution of choice
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Despite downturn, still main Worldwide FPSO MarketExpected FPSO Awards – Next 3 years
11
Non-Petrobras
at least 2 FPSO
awards within the
next 3 years
at least 2 FPSO Awards
within the next 3 years
+
FPSOPROJECTS TO BE AWARDED
***conservative view***
?
2014 – 2019 2015 – 2020
$220bi $98bi
Petrobras 5yr Business Plan – Total CAPEX
US$ 80biE&P
Libra P1Sépia
Marlim 1Búzios 5
Lula OesteSergipe
Esp. Santo
AtlantaKangaroo
Pão de AçúcarGato do Mato
XereleteWahoo
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Building our future… through our Achievements!!
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11th and 12 th
Rounds
Preparing today… for tomorrow… and beyond...
� Product life cycle� Retain talents
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Continue to invest locally
� Engage the local market� Understand the in-country capacity
� De-bottlenecking
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We Do Believe…
International competitiveness
International competitiveness
Long term investment
Support the country to develop the industry and people
Know-how/competitive advantage to attend LC requirements
Local suppliers frame work agreements
© SBM Offshore 2015. All rights reserved. www.sbmoffshore.com 185/25/2016
SBM Lease Fleet Portfolio
CANADA End date of LeaseExcluding extension options
MOPU – Deep Panuke Up to 2021
USA End date of LeaseExcluding extension options
Semi-Sub –Thunder Hawk Up to 2025
FPSO – Turritela Up to 2025
BRAZIL End date of LeaseExcluding extension options
FPSO – Marlim Sul (demob) Up to 2015
FPSO – Espírito Santo Up to 2024
FPSO – Capixaba Up to 2022
FPSO – Cidade de Anchieta Up to 2030
FPSO – Cidade de Paraty Up to 2033
FPSO – Cidade de Ilhabela Up to 2034
FPSO – Cidade de Maricá Up to 2035
FPSO – Cidade de Squarema Up to 2035
FPSO – Frade Turn-key
FPSO – P-57 Turn-key
FPSO – OSX-2 Turn-key
MYANMAR End date of LeaseExcluding extension options
FSO – Yetagun Up to 2018
MALAYSIA End date of LeaseExcluding extension options
FSO – Kikeh Up to 2022
EQUATORIAL GUINEA End date of LeaseExcluding extension options
FSO – Aseng Up to 2026
CONGO End date of LeaseExcluding extension options
LPG – Nkossa II Up to 2018
ANGOLA End date of LeaseExcluding extension options
FPSO – Mondo Up to 2022
FPSO – Saxi Batuque Up to 2023
FPSO – N’Goma Up tp 2026
Under Construction Lease in Operation Turn-Key (exclusively in Brazil
FPSO – Falcon
FPSO – Brasil
Turn-key projects specifically for Brazil
14 FPSOs, 2 FSOs, 1 Semi-Sub, 1 MOPU – 248 years of operations
Average remaining lease duration: 14.5 years
Laid Up