© SBM Offshore 2013. All rights reserved. www.sbmoffshore.com
FY2013 Presentation, February 2014
IR – 06/02/2014
IR- 06/02/2014
Disclaimer
Some of the statements contained in
this presentation that are not historical
facts are statemen...
IR- 06/02/2014
2013 in Context
¹ Directional view is a non-IFRS disclosure, which corrects the non-cash effects on revenue...
Agenda
Macro view
2013 Review
2013 Financials
Outlook
4
IR- 06/02/2014
Total Overview
(in millions of US$)
*Restated for comparison purposes
5
Turnover
Net Income
attributable to...
IR- 06/02/2014
HSSE Results
• Total Recordable Incidents
Frequency in line with 2012
• Frequency of potentially
severe inc...
IR- 06/02/2014
0
100
200
300
400
500
600
Index
E&P Spending (volume) E&P Spending (nominal) Oil & Gas production
CAGR
6.8%...
IR- 06/02/2014
Source: Goldman Sachs; ExxonMobil; Douglas Westwood FPS report 2013-2017
The Award Cycle
8
Last six years 5...
IR- 06/02/2014
Ticking all the Boxes
9
We provide great TECHNICAL solutions
We provide LOCAL solutions
We provide FINANCIA...
IR- 06/02/2014
E&P Spending
Source: Morgan Stanley January 2014
10
Deepwater trends remain intact
IR- 06/02/2014
FPSO Awards
11
IR- 06/02/2014
20.1 bn
2.9 bn
Directional1 Backlog
(in billions of US$)
12
Lease & Operate
US$ 23.0 bn
(as of December 31,...
Agenda
Macro view
2013 Review
2013 Financials
Outlook
13
IR- 06/02/2014
Deep Panuke
• Production Acceptance Notice
received
• Platform formally on hire
In production H2 2013
Decem...
IR- 06/02/2014
• Only remaining legacy issue
• Results of internal investigation handed over to relevant
authorities:
 Op...
IR- 06/02/2014
Team Energy
Seamless handover of Paraty
between project and operations.
Process 30% faster than before
Succ...
IR- 06/02/2014 July 2013
• Two Generation 3 (3G) FPSOs
awarded in one bid
• Accelerated award process
• Delivery end 2015 ...
IR- 06/02/2014
Core Projects on Track
(ol) operating lease (fl) finance lease (t) turnkey
18
Completed/On Hire In Progress...
Agenda
Macro view
2013 Review
2013 Financials
Outlook
19
IR- 06/02/2014
IFRS Directional¹ Difference IFRS Comments
Revenue 4,803 3,445 1,358
~US$1.4bn reported as revenue,
but not...
IR- 06/02/2014
*Restated for comparison purposes
Turnkey P&L
(in millions of US$)
21¹ Directional view is a non-IFRS discl...
IR- 06/02/2014
Lease & Operate P&L
(in millions of US$)
22¹ Directional view is a non-IFRS disclosure, which corrects the ...
IR- 06/02/2014
Group P&L
(in millions of US$)
23¹ Directional view is a non-IFRS disclosure, which corrects the non-cash e...
IR- 06/02/2014
Underlying Directional1 Performance
(in millions of US$)
2013
2012*
*Restated for comparison purposes
24
Di...
IR- 06/02/2014
Divestment Update
July 2013
• Partial sale and lease back of Monaco office
• COOL™ hose technology sold
• S...
IR- 06/02/2014
Funding
• Undrawn Credit Facilities + cash = US$1,434 mln
• Rights Issue: US$273 mln
• N’Goma project finan...
IR- 06/02/2014
Group Balance Sheet
(in millions of US$)
27
31-Dec-13 31-Dec-12* Variance Comment
Property, Plant and Equip...
IR- 06/02/2014
Development of Group Cash Position
(in millions of US$)
28
-400
-200
0
200
400
600
800
1000
1200
1400
Cash
...
IR- 06/02/2014
Financial Ratios
(in millions of US$)
29
*Restated for comparison purposes
31-Dec-13 31-Dec-12* Change Comm...
IR- 06/02/2014
• IFRS 10 & 11 Joint Venture Accounting standards to be introduced in 2014
• Ends proportional accounting o...
IR- 06/02/2014
• As announced in December 2012, no dividend paid over 2013
 2013 Directional1 loss
 Further strengthenin...
Agenda
Macro view
2013 Review
2013 Financials
Outlook
32
IR- 06/02/2014
2014 Message
The Company has focused its
product line on core FPSO
products and associated
services:
• FPSO...
IR- 06/02/2014
Investing in our Future
January 2014IR- 06/02/2014
• Lease fleet maintenance programme
• Transformation Pro...
IR- 06/02/2014
Technology - Focus Areas
35
Simpler FPSOs
Large Turret
Moorings
FLNG
Semi, TLP and
Risers
• Process
intensi...
IR- 06/02/2014
• Guidance based on Directional1 Reporting
• Conservative 2014 award assumptions
• Revenue at least at 2013...
© SBM Offshore 2013. All rights reserved. www.sbmoffshore.com
Appendix
IR- 06/02/2014
• SBM Offshore seeking to provide analysts and investors with clarity on
business performance above and bey...
IR- 06/02/2014
Operating Lease vs Finance Lease
39
IR- 06/02/2014
Operating Lease vs Finance Lease
40
IR- 06/02/2014
• Turnkey segment becomes a pure construction business.
Revenue and Gross Margin consist of:
 Direct sales...
IR- 06/02/2014
• New IFRS 10 & 11 eliminates the revenue SBM generates in the project
phase from its JV partners in invest...
IR- 06/02/2014
Asset
Lease
Contract
Type
SBM share
%
Old
Directional
Old IFRS
New
Directional
New IFRS
FPSO N’Goma FL 50% ...
IR- 06/02/2014
SBM Lease Fleet Portfolio
44
L&O Portfolio Average Duration: 14.5 years
Initial Lease Period Confirmed exte...
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Full Year Results

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Full Year Results

  1. 1. © SBM Offshore 2013. All rights reserved. www.sbmoffshore.com FY2013 Presentation, February 2014 IR – 06/02/2014
  2. 2. IR- 06/02/2014 Disclaimer Some of the statements contained in this presentation that are not historical facts are statements of future expectations and other forward- looking statements based on management‟s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of the Company‟s business to differ materially and adversely from the forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this presentation as anticipated, believed, or expected. SBM Offshore NV does not intend, and does not assume any obligation, to update any industry information or forward-looking statements set forth in this presentation to reflect subsequent events or circumstances. 2
  3. 3. IR- 06/02/2014 2013 in Context ¹ Directional view is a non-IFRS disclosure, which corrects the non-cash effects on revenue and earnings introduced by IFRS finance lease accounting 99% Fleet Uptime 0.4 TRIFR Deep Panuke on hire US$1.2 bn financing IFRS Revenue Up 32% FPSO³ 3 FPSOs 1st oil Cidade de Paraty YME settlement OSX-2 delivered US$23 bn Directional¹ Backlog Directional¹ Revenue Up 13% Directional introduced 9,936 Employees as of year end Rights Issue US$274 mln 3
  4. 4. Agenda Macro view 2013 Review 2013 Financials Outlook 4
  5. 5. IR- 06/02/2014 Total Overview (in millions of US$) *Restated for comparison purposes 5 Turnover Net Income attributable to shareholders EBIT Order Portfolio (in billions of US$) Directional1 IFRS -175 -79-58 111 2012* 2013 2012* 2013 Directional1 IFRS 2,082 2,7062,367 3,784 2012* 2013 2012* 2013 977 9321,078 1,018 3,059 3,445 3,639 4,803 Directional1 IFRS 13.6 10.6 20.1 5.8 2012* 2013 2012* 2013 Directional1 IFRS 311 414296 -164 2012* 2013 2012* 2013 -341 -49 -21 -21 -79 98 38 293 -49 -177 478 -327 2.9 2.9 3.9 13.9 14.5 19.7 23.0 16.5 ¹ Directional view is a non-IFRS disclosure, which corrects the non-cash effects on revenue and earnings introduced by IFRS finance lease accounting
  6. 6. IR- 06/02/2014 HSSE Results • Total Recordable Incidents Frequency in line with 2012 • Frequency of potentially severe incidents halved compared to 2012 • However, Lost Time Incidents frequency deteriorated due to a number of challenges in safe working practices on one specific project • Best practices adopted for Environmental performance reporting Total Recordable Injury Frequency = number of lost time injuries, restricted work and medical treatment cases per 200,000 exposure hours 6
  7. 7. IR- 06/02/2014 0 100 200 300 400 500 600 Index E&P Spending (volume) E&P Spending (nominal) Oil & Gas production CAGR 6.8% 14.1% 1.8% Market Dynamics Production vs. E&P Spending Sources: Pareto, Companies 7 2000 2002 2004 2006 2008 20122010 • Cash Flows constrained • Development costs rising • NOCs of growing importance
  8. 8. IR- 06/02/2014 Source: Goldman Sachs; ExxonMobil; Douglas Westwood FPS report 2013-2017 The Award Cycle 8 Last six years 50% of elephant discoveries have been in deep/ultra deepwater… Project sanction delays increasing along with water depth/complexity Recent deepwater elephant discoveries likely to experience increased lead time for project sanctioning
  9. 9. IR- 06/02/2014 Ticking all the Boxes 9 We provide great TECHNICAL solutions We provide LOCAL solutions We provide FINANCIAL solutions
  10. 10. IR- 06/02/2014 E&P Spending Source: Morgan Stanley January 2014 10 Deepwater trends remain intact
  11. 11. IR- 06/02/2014 FPSO Awards 11
  12. 12. IR- 06/02/2014 20.1 bn 2.9 bn Directional1 Backlog (in billions of US$) 12 Lease & Operate US$ 23.0 bn (as of December 31, 2013) 0.0 2.0 4.0 6.0 2014 2015 2016 Turnkey Backlog: Directional¹ vs. IFRS Directional IFRS Turnkey ¹ Directional view is a non-IFRS disclosure, which corrects the non-cash effects on revenue and earnings introduced by IFRS finance lease accounting 0.0 0.5 1.0 1.5 2.0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Lease & Operate Backlog: Directional¹ vs IFRS Directional IFRS 2016 L&O Average Portfolio Duration: 14.5 years
  13. 13. Agenda Macro view 2013 Review 2013 Financials Outlook 13
  14. 14. IR- 06/02/2014 Deep Panuke • Production Acceptance Notice received • Platform formally on hire In production H2 2013 December 2013IR – 06/02/2014 Source: Encana Corporation 14
  15. 15. IR- 06/02/2014 • Only remaining legacy issue • Results of internal investigation handed over to relevant authorities:  Openbaar Ministerie - Dutch public prosecutor  U.S. Department of Justice • Remain in active dialogue; the timing is not in our control • As investigation still in progress it is not possible to provide further information or an estimate of the outcome, financial or otherwise. Compliance 15
  16. 16. IR- 06/02/2014 Team Energy Seamless handover of Paraty between project and operations. Process 30% faster than before Success OSX-2 & Paraty delivered on time, on budget Ambition More than 65% Brazilian local content for FPSO Paraty; built in 34 months Cdde Paraty (20 year L&O contract) July 2013IR – 14/11/2013OSX-2 (Turnkey sale) Higher Standards 16
  17. 17. IR- 06/02/2014 July 2013 • Two Generation 3 (3G) FPSOs awarded in one bid • Accelerated award process • Delivery end 2015 and early 2016 • World‟s deepest disconnectable FPSO; 2,900 meters in GoM • Cutting edge technology Prestigious Awards 17 Cdde Maricá & Cdde Saquarema IR – 14/11/2013FPSO Stones
  18. 18. IR- 06/02/2014 Core Projects on Track (ol) operating lease (fl) finance lease (t) turnkey 18 Completed/On Hire In Progress/On Schedule
  19. 19. Agenda Macro view 2013 Review 2013 Financials Outlook 19
  20. 20. IR- 06/02/2014 IFRS Directional¹ Difference IFRS Comments Revenue 4,803 3,445 1,358 ~US$1.4bn reported as revenue, but not invoiced EBIT 293 98 195 Inflated by factor of three Net Profit to shareholders 111 (58) 169 Loss turned into profit Backlog (in billions of US$) 19.8 23.0 3.2 US$3.2bn taken through revenue, but yet to be invoiced The Case for Directional1 Reporting (in millions of US$) 20 2013 ¹ Directional view is a non-IFRS disclosure, which corrects the non-cash effects on revenue and earnings introduced by IFRS finance lease accounting An unusual challenge, signing off on ‘true and fair’!
  21. 21. IR- 06/02/2014 *Restated for comparison purposes Turnkey P&L (in millions of US$) 21¹ Directional view is a non-IFRS disclosure, which corrects the non-cash effects on revenue and earnings introduced by IFRS finance lease accounting Directional¹ IFRS FY2013 FY2012* FY2013 FY2012* Revenue 2,367 2,082 3,784 2,706 Gross Margin 443 307 624 410 Other operating income 28 130 28 130 EBIT 296 311 478 414 Depreciation, amortisation and impairment (15) (23) (15) (23) EBITDA 311 334 493 437 Directional¹ Revenue up US$285 mln + Ilhabela, Maricá and Saquarema, Turrets - Gusto, OSX-2 and Paraty Gross margin up US$136 mln + OSX-2, Paraty, Skarv, Fram - Gusto EBIT down US$15 mln US$100mln less divestment profit Underlying EBIT margin 12.7% (8.8% in 2012)
  22. 22. IR- 06/02/2014 Lease & Operate P&L (in millions of US$) 22¹ Directional view is a non-IFRS disclosure, which corrects the non-cash effects on revenue and earnings introduced by IFRS finance lease accounting Directional¹ IFRS FY2013 FY2012* FY2013 FY2012* Revenue 1,078 977 1018 932 Gross Margin (154) (313) (141) (299) EBIT (177) (341) (164) (327) One-off effects (464) (627) (465) (499) Depreciation, amortisation and impairment (463) (678) (390) (619) EBITDA 285 337 226 292 *Restated for comparison purposes Directional¹ Revenue up US$101 mln + Anchieta, Paraty, Deep Panuke - Sanha Gross margin up US$159 mln Higher one-off charges in 2012 Underlying EBIT margin 26.6% vs 29.2% in 2012, reflecting start-up costs for new vessels
  23. 23. IR- 06/02/2014 Group P&L (in millions of US$) 23¹ Directional view is a non-IFRS disclosure, which corrects the non-cash effects on revenue and earnings introduced by IFRS finance lease accounting Directional¹ IFRS FY2013 FY2012* FY2013 FY2012* Revenue 3,445 3,059 4,803 3,639 Gross Margin 289 (6) 484 111 EBIT 98 (79) 293 38 Depreciation, amortisation and impairment (479) (702) (406) (643) EBITDA 577 623 700 681 Net financing costs (100) (79) (100) (78) Income from associated companies 1 4 1 4 Income tax expense (54) (22) (80) (38) Net Income attributable to shareholders (58) (175) 111 (79) *Restated for comparison purposes Directional¹ Net financing cost increase: Anchieta (USPP) and Paraty. Average cost of debt stable at 5.3% Underlying effective tax rate stable at 14%
  24. 24. IR- 06/02/2014 Underlying Directional1 Performance (in millions of US$) 2013 2012* *Restated for comparison purposes 24 Directional1 Revenue Directional1 Gross Margin Directional1 EBIT Directional1 Revenue Directional1 Gross Margin Directional1 EBIT ¹ Directional view is a non-IFRS disclosure, which corrects the non-cash effects on revenue and earnings introduced by IFRS finance lease accounting Reported Exceptional items Underlying Reported Exceptional items Underlying
  25. 25. IR- 06/02/2014 Divestment Update July 2013 • Partial sale and lease back of Monaco office • COOL™ hose technology sold • SBM Installer , FPSO Falcon and VLCC Alba held for sale IR- 06/02/2014 25
  26. 26. IR- 06/02/2014 Funding • Undrawn Credit Facilities + cash = US$1,434 mln • Rights Issue: US$273 mln • N’Goma project finance + CdM/CdS bridge loans • Average cost of debt: 5.3% IR- 06/02/2014 August 2013 26
  27. 27. IR- 06/02/2014 Group Balance Sheet (in millions of US$) 27 31-Dec-13 31-Dec-12* Variance Comment Property, Plant and Equipment 2,023 2,414 (391) Impairments + Assets transferred to “held for sale” Finance lease receivables and other financial assets 1,522 948 574 Delivery of Paraty Construction contracts 1,733 1,160 574 Capex Ilhabella, CdM & CdS, Stones, N’Goma minus delivery Paraty Trade receivables and other assets 1,639 1,081 558 Prepayments, Monaco office sale, Assets held for sale, Derivatives Cash and cash equivalents 200 715 (516) Separate slide Total Assets 7,118 6,318 851 Total Equity 2,135 1,530 605 IFRS profit, Rights Issue, Derivatives Loans and borrowings 2,890 2,531 359 Project related loans +/- redemptions Provisions 151 309 (157) Yme settlement Trade payables and other liabilities 1,941 1,948 (8) Stable Total Equity and Liabilities 7,118 6,318 851 *Restated for comparison purposes
  28. 28. IR- 06/02/2014 Development of Group Cash Position (in millions of US$) 28 -400 -200 0 200 400 600 800 1000 1200 1400 Cash 31-Dec-12 Yme Settlement Cash from operations Investments OL and FL New loans Loan redemptiom Interest paid New equity Investments funding loans and others Cash 31-Dec-13 715 -470 -1,384 -612 -122 -86 941 945 273 200
  29. 29. IR- 06/02/2014 Financial Ratios (in millions of US$) 29 *Restated for comparison purposes 31-Dec-13 31-Dec-12* Change Comment Debt 2,890 2,531 14% Higher project activities Net Liquidities 200 715 -72% Tight cash management Net Debt 2,691 1,816 48% Total Equity 2,135 1,530 40% Rights Issue, IFRS profit, Derivatives OCI Net Debt : Equity 126% 119% 700bps Solvency Ratio 30% 27% 300bps
  30. 30. IR- 06/02/2014 • IFRS 10 & 11 Joint Venture Accounting standards to be introduced in 2014 • Ends proportional accounting of JVs  full consolidation of controlled JVs (mostly Brazilian FPSOs)  equity accounting of jointly controlled JVs, (mostly African FPSOs) • IFRS Balance Sheet impacts:  Inclusion of JVs partner‟s share in relatively young Brazilian fleet  Disappearance of most of the African assets and loans  On balance the Balance sheet is expected to grow significantly • IFRS Revenue and Margin impacts:  Net-Net no material impact expected as additions/substractions offset • Detailed 2013 impacts to be provided with Q1 2014 trading update & H1 2014 results IFRS 10 & 11 - JV Accounting 30
  31. 31. IR- 06/02/2014 • As announced in December 2012, no dividend paid over 2013  2013 Directional1 loss  Further strengthening of balance sheet required  Targeting investment grade credit rating in the medium term • Negative FCF in 2014/2015 due to investments in 3G projects, which begin to fully contribute to income in 2016 • Management Board intends to propose new dividend policy:  Based on FCF positive in the payment year  Derived from Directional1 net income  Payout ratio target of 25% - 35%  To be discussed at a future AGM Dividend Policy 31¹ Directional view is a non-IFRS disclosure, which corrects the non-cash effects on revenue and earnings introduced by IFRS finance lease accounting
  32. 32. Agenda Macro view 2013 Review 2013 Financials Outlook 32
  33. 33. IR- 06/02/2014 2014 Message The Company has focused its product line on core FPSO products and associated services: • FPSO full life cycle • Mooring technology:  Turret  Mooring Systems  Offshore installation • New products:  FLNG  Semis  Heavy to Light  Gas to Liquids (GTL) FPSO FPSO FPSO 33
  34. 34. IR- 06/02/2014 Investing in our Future January 2014IR- 06/02/2014 • Lease fleet maintenance programme • Transformation Programme - Odyssey 24 • Investments in Technology 34
  35. 35. IR- 06/02/2014 Technology - Focus Areas 35 Simpler FPSOs Large Turret Moorings FLNG Semi, TLP and Risers • Process intensification • Equipment standardisation • Optimised manning • Reduced cost & schedule • Hull optimisation & life extension • High capacity small diameter internal turret • Larger external turret • Swivel advances • Diverless connectors • Twin Hull development • LNG topsides advances • Simpler gas processing • Enabling wider use of SCR & Composite Risers • Dry Tree Semi development • MoorSpar development
  36. 36. IR- 06/02/2014 • Guidance based on Directional1 Reporting • Conservative 2014 award assumptions • Revenue at least at 2013 level: US$3.4 billion • Turnkey and Lease & Operate revenues in line with 2013 2014 Guidance 36¹ Directional view is a non-IFRS disclosure, which corrects the non-cash effects on revenue and earnings introduced by IFRS finance lease accounting
  37. 37. © SBM Offshore 2013. All rights reserved. www.sbmoffshore.com Appendix
  38. 38. IR- 06/02/2014 • SBM Offshore seeking to provide analysts and investors with clarity on business performance above and beyond statutory IFRS disclosure • SBM Offshore‟s business model combines turnkey sales, construction and lease and operate projects, making it a challenge to model • IFRS finance lease accounting adds complexity by separating revenue recognition from cash flows • IFRS accelerates recognition of revenues, profit and equity well before any rents are paid by client • Increasing number of contracts classified as finance leases, with IASB intention to make all leases finance leases • In this context, SBM Offshore is extending its reporting to a non-GAAP operating lease presentation in line with operating cash flows… • …leading to increased transparency and understanding of SBM Offshore‟s performance… • …through disclosure of Directional¹ Backlog and a Directional¹ Income Statement as part of the Financial Review Project Direction - Context 38¹ Directional view is a non-IFRS disclosure, which corrects the non-cash effects on revenue and earnings introduced by IFRS finance lease accounting
  39. 39. IR- 06/02/2014 Operating Lease vs Finance Lease 39
  40. 40. IR- 06/02/2014 Operating Lease vs Finance Lease 40
  41. 41. IR- 06/02/2014 • Turnkey segment becomes a pure construction business. Revenue and Gross Margin consist of:  Direct sales contracts (FPSO OSX 2, Turrets for Prelude, Quad 204 and Ichthys)  Sales to JV partners (FPSO Cdde de Ilhabela, FPSO N’Goma, FPSO Cdde de Maricá and Saquarema) • Lease and Operate segment becomes a pure long term cash business. Revenue and Gross Margin consist of SBM‟s share of Lease and Operate contracts (Bareboat + OPEX) • 2013 transition period to promote Directional¹ Reporting as the main indicator for company performance and variance analysis • 2014 guidance to be based on Directional¹ results Directional1 - The Way Forward 41¹ Directional view is a non-IFRS disclosure, which corrects the non-cash effects on revenue and earnings introduced by IFRS finance lease accounting
  42. 42. IR- 06/02/2014 • New IFRS 10 & 11 eliminates the revenue SBM generates in the project phase from its JV partners in investees fully consolidated (Brazil) • This grossly understates the operating cash flow during construction, and invalidates the „close to cash‟ principles of Directional1 reporting • Consequently, Directional1 reporting from 2014 onwards will:  not only classify all leases as operating leases  but also treat all JVs on a proportional accounting basis • The impact on Directional1 Revenue and results will be very limited:  only two significant production facilities (Aseng and Capixaba) have been fully consolidated under Directional1 reporting in the past, and will now be proportionally (60% and 80%) reported.  The Directional1 revenue impacts will be quantified with the Q1 2014 trading update IFRS 10 & 11 - Directional1 Impact 42¹ Directional view is a non-IFRS disclosure, which corrects the non-cash effects on revenue and earnings introduced by IFRS finance lease accounting
  43. 43. IR- 06/02/2014 Asset Lease Contract Type SBM share % Old Directional Old IFRS New Directional New IFRS FPSO N’Goma FL 50% Proportional Proportional Proportional Equity FPSO Stones FL 100% Full consolidation Full consolidation Full consolidation Full consolidation FPSO Saxi FL 50% Proportional Proportional Proportional Equity FPSO Mondo FL 50% Proportional Proportional Proportional Equity FPSO Cdde de Ilhabela FL 62% Proportional Proportional Proportional Full consolidation FPSO Cdde de Maricá FL 56% Proportional Proportional Proportional Full consolidation FPSO Aseng FL 60% Full consolidation Full consolidation Proportional Full consolidation FPSO Cdde de Paraty FL 51% Proportional Proportional Proportional Full consolidation FPSO Cdde de Saquarema FL 56% Proportional Proportional Proportional Full consolidation FPSO Kikeh OL 49% Proportional Proportional Proportional Equity FPSO Cdde de Anchieta OL 100% Full consolidation Full consolidation Full consolidation Full consolidation FPSO Capixaba OL 80% Full consolidation Full consolidation Proportional Full consolidation FPSO Espirito Santo OL 50% Proportional Proportional Proportional Full consolidation FPSO Brasil OL 51% Proportional Proportional Proportional Full consolidation FPSO Marlim Sul OL 100% Full consolidation Full consolidation Full consolidation Full consolidation Deep Panuke OL 100% Full consolidation Full consolidation Full consolidation Full consolidation Thunderhawk OL 100% Full consolidation Full consolidation Full consolidation Full consolidation Yetagun OL 75% Proportional Proportional Proportional Full consolidation Nkossa II OL 50% Proportional Proportional Proportional Equity IFRS 10 & 11 43¹ Directional view is a non-IFRS disclosure, which corrects the non-cash effects on revenue and earnings introduced by IFRS finance lease accounting
  44. 44. IR- 06/02/2014 SBM Lease Fleet Portfolio 44 L&O Portfolio Average Duration: 14.5 years Initial Lease Period Confirmed extension Contractual extension option

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