Lamprell reported interim results for the first half of 2013, showing a return to profitability. Revenue was broadly flat at $521 million compared to the first half of 2012. Profit before tax was $10.1 million, compared to a loss before tax of $50.8 million in the same period last year. The company secured a new $181 million refinancing facility that matures in 2016. Operationally, several key projects were successfully delivered in the first half and the company's order book stands at $1.1 billion with a bid pipeline of $4.6 billion.
Access Midstream Partners Investor Presentation - July 2013 Kprelosky
Headquartered in Oklahoma City, Access Midstream Partners is one of the largest midstream gathering companies in the U.S. with a diverse mix of gathering pipelines and facilities in the most attractive producing regions in North America.
Access Midstream has established a large-scale position in all of the key unconventional basins in the U.S. and has broad exposure to gathering opportunities in liquids-rich regions with extended access to the processing and fractionation segments of the midstream value chain. Access's diverse portfolio of assets are strategically located in 12 states that encompass the prolific Barnett, Eagle Ford, Haynesville, Marcellus, Niobrara and Utica shales, and Mid-Continent areas.
Access Midstream's gathering systems are comprised of more than 6,000 miles of active gathering and transmission lines and treating facilities that provide services to approximately 7,900 wells. Our assets gather approximately 3.5 billion cubic feet (Bcf) of natural gas per day, which we believe ranks us as the largest gathering and processing master limited partnership in the U.S.
Access Midstream Partners Investor Presentation - July 2013 Kprelosky
Headquartered in Oklahoma City, Access Midstream Partners is one of the largest midstream gathering companies in the U.S. with a diverse mix of gathering pipelines and facilities in the most attractive producing regions in North America.
Access Midstream has established a large-scale position in all of the key unconventional basins in the U.S. and has broad exposure to gathering opportunities in liquids-rich regions with extended access to the processing and fractionation segments of the midstream value chain. Access's diverse portfolio of assets are strategically located in 12 states that encompass the prolific Barnett, Eagle Ford, Haynesville, Marcellus, Niobrara and Utica shales, and Mid-Continent areas.
Access Midstream's gathering systems are comprised of more than 6,000 miles of active gathering and transmission lines and treating facilities that provide services to approximately 7,900 wells. Our assets gather approximately 3.5 billion cubic feet (Bcf) of natural gas per day, which we believe ranks us as the largest gathering and processing master limited partnership in the U.S.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
2. Disclaimer
www.lamprell.com 1
This presentation contains certain forward-looking statements relating to the business, financial
performance and results of the Company and/ or the industry in which it operates. Forward-looking
statements concern future circumstances and results and other statements that are not historical facts,
sometimes identified by the words “believes”, “expects, “predicts”, ”intends”, “projects”, “plans”
“estimates”, “aims”, “foresees”, anticipates”, “targets” and similar expressions. The forward-looking
statements, contained in this document, including assumptions, opinions and views of the Company or
cited from third party sources are solely opinions and forecasts which are uncertain and subject to
risks. A multitude of factors can cause actual events to differ significantly from any anticipated
development. Neither the Company nor any of its officers or employees guarantees that the
assumptions underlying such forward-looking statements are free from errors nor does any of the
foregoing accept any responsibility for the future accuracy of the opinions expressed in this document
or the actual occurrence of the forecasted developments.
No representation or warranty (express or implied) is made as to, and no reliance should be placed on,
any information, including projections, estimates, targets and opinions, contained herein, and no
liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and,
accordingly, neither the Company nor any of its subsidiary undertakings nor any such person’s officers
or employees accepts any liability whatsoever arising directly or indirectly from the use of this
document.
5. Overview
www.lamprell.com 4
Problem projects delivered or on track
New senior management team and structure established and new ERP system
being implemented
Stabilised financial position; Refinancing secured
Supply chain improving and actively managed
Strong operational performance and world class safety record
Solid improvement in H1 results and full year outlook ahead of expectations
Recovery on track
6. World class facilities strategically well located in the Gulf
Good health and safety record with HSE a core value across
the Group
Strong track record of successful project execution in our core
competencies
First class build quality that meets all national and
international standards
>30 years offshore expertise in the Gulf
and the region’s leading rig market service provider
Leading footprint
Safety first approach
Leading market
position
Reputation for quality
Technical expertise
Fundamentally strong and sustainable business
www.lamprell.com 5
Consistent partner of choice for long term clientsClient satisfaction
Lamprell’s core strengths are hard to replicate
8. Highlights
Revenue broadly flat at $521m (H1 2012: revenue $528m)
Profit before tax $10.1m* (H1 2012: loss before tax $50.8m*)
Net cash $151.1m (H1 2012: net debt $35.7m)
Average monthly net cash of $115.7m
Successful refinancing with new $181m facility secured
Current favourable working capital profile will partially unwind in H2
www.lamprell.com
* Prior to exceptional items
7
H1 results ahead of expectations
10. Balance sheet
www.lamprell.com 9
H1 2013 H1 2012
$m $m
Total net assets 413.8 467.8
Tangible net assets 197.9 239.3
Gross cash 274.5 134.0
Free cash 197.8 32.6
Net cash/(debt) 151.1 (35.7)
Land Rig Services
Significant improvement in liquidity
11. Refinancing
www.lamprell.com 10
$181m facility maturing in June 2016
$100m term loan ('Facility A')
$60m term loan ('Facility B')
$21m revolving credit facility ('RCF')
Common set of financial covenants across the debt structure
More suitable covenants: gross debt/EBITDA, interest cover, minimum tangible net
worth and maximum capital expenditure
Reduced number of syndicate banks
Restrictions on paying dividends until balance outstanding on Facility B cleared
Blended average interest margin of 6.7% for Facility A, Facility B and the RCF
Facility B interest costs increase incrementally from July 2014
Upon repayment of Facility B, the margins in Facility A and the RCF will reduce, as will
potential future bonding costs
Refinancing provides security to 2016
12. Financial summary
Refinancing secured
Robust reporting and financial planning in
place
Improved liquidity management
Strong cash performance
Financial performance ahead of expectations
for full year
www.lamprell.com 11
A stable platform for sustainable growth
Offshore platforms: North Sea operator
14. H1 2013 operational highlights
Strong performance in offshore construction
Several key projects successfully delivered:
– Windcarrier “Bold Tern”
– Greatships jackup rig
– Two major offshore structures
Three major projects to be delivered in H2
Over 15 upgrade and refurbishment projects
during the period
Order book of $1.1bn¹
Bid pipeline of $4.6bn¹
www.lamprell.com
¹As at 30 June 2013
13
High activity levels in H1 and strong execution
New build jackup rig: Greatdrill Chaaya
15. Current activity
2013 contract awards:
– New build jackup for Jindal Group
– 3 major rig refurbishment projects
Current major project activity:
– 8 jackups under construction
– 3 rig refurbishment projects
– 4 offshore construction projects
– 1 lift boat (1st generation)
Positive contract growth in offshore
construction and refurbishment
www.lamprell.com 14
58%
14%
7%
21%
New Build Jackups Rig Refurbishment
Land Rigs Others
Key contract awards / extensions
$0.38bn¹
¹Wins since 1st Jan 2013 as at 30th June 2013
Contract awards expected to accelerate in H2
16. Bid pipeline
www.lamprell.com 15
0
400
800
1,200
1,600
2,000
2,400
2,800
Newbuild
Jack Ups
Offshore
Const.
Rig
Refurb
Land rigs Others
Current pipeline of $4.6bn¹
2
¹ As at 30 June 2013 ²Refurbishment value stream has short bid to award profile and therefore limited order book / pipeline values
Increasing bid pipeline in core
markets (Dec 12: $4.1bn)
Strong focus on pipeline conversion
in H2 2013
Creating a balanced portfolio is a
strong focus for 2014 and beyond
Increased pipeline in our core markets
17. Core markets offer significant opportunities
www.lamprell.com 16
OFFSHORE RIGS
Strong forecast drilling activity and global fleet metrics
continues to drive rig new build and refurbishment
Jackup market has tightened through 2013
- Utilisations and day rates continue to increase
- Tender activity strong
- Acceleration in attrition rate of older rigs
Two thirds of global jackup
fleet over 25 years old
Half of global fleet in
Middle East and Asia
OFFSHORE CONSTRUCTION
Increasing global E&P capex inc. FPSOs, LNG
Demand for broader range of process modules
Quality is a key differentiator
Strong track record in complex North Sea projects
LAND RIGS
Exceptionally strong global and regional demand
Growth increased by potential for unconventional
drilling
Cost barriers to rig relocation strengthen Middle East
build programme
Versatile design enhancements to broaden marketSource: Pareto / ODS Petrodata
<10
10-25
25-35
>35
Middle East
Mexico
W Africa
NW Europe
SE Asia
US GOM
Indian Ocean
Far East
Other
Safety, quality, technical and operational capabilities are key differentiators
18. Focusing on our core competencies
www.lamprell.com 17
New build jackups
Established new build jackup rig capability
Leading non-Asian yard for <= 350ft rig class
Larger rigs well within Group’s core
capabilities
Land rigs
Full land rig refurbishment services
API accreditation
Regional expansion
Offshore construction
Proven strength in a range of high quality
process module fabrication
Specialism in North Sea projects
Well placed for significant regional
opportunities
Refurbishment
Regional market leader in offshore rig
refurbishment
Strong track record across all refurbishment
disciplines
Full refurbishment, upgrade and conversion
capabilities
Service businesses are non-core and are under strategic review
Established market positions and strong track record
19. Returns
Service
Focus
Efficiency
HSEQ
Long term value drivers
www.lamprell.com 18
Maintain our reputation for build quality and strong safety focus
World class approach to HSE
Execution excellence
Capitalise on significant opportunities in our core markets
Core market pipeline conversion initiatives
Utilise core capabilities and enhance differentiation
Enhanced risk management and no prototype projects
Best in class customer focus and responsiveness
On schedule and on budget every time
Client and supplier partnerships to enhance overall service delivery
Improve procurement process and labour productivity
Enhanced production planning and efficiency
Cost flexibility and procurement enhancement
Deliver sustainably higher returns with improved earnings
visibility and reduced project risk
Leveraging our core strengths to deliver sustainable growth
20. Summary and outlook
Refinancing secured
New organisation in place
Operational and process improvements
evidenced in H1
High level of tendering activity
Significant opportunity to create value in our
core markets
Continued refinement of strategy whilst
focusing on implementation
Outlook for full year ahead of expectations
www.lamprell.com 19
2013 recovery on track
New Build Greatship Chaaya
22. Strategic timeline
www.lamprell.com 21 21
Oct-12
Departure of
executive team
Appointment of
Peter Whitbread
Announcement of
unquantified
deterioration in full
year forecast
Nov-12
Announced
expected
$105m loss for
the year
Strategic options
review commenced
Nov-12
Feb-13
Windcarrier II
delivered in line
with revised
schedule
Jun-13
H1 return to
profitability
New ERP
project
commenced
Review of strategic
options completed
Jan-13
Mar-13
Divisional review
commenced
Jim Moffat
joins as CEO
Mar-13
Term sheet
signed with
lenders
Jun-13
Strategic
timeline
Project risk review and refinancing
Independent business review
Operational and strategic review
Jul-13
Completion of
refinancing
New INEDs
appointed
May-13
23. Order book and bid pipeline
0
400
800
1,200
1,600
2,000
2,400
2,800
Newbuild
Jack Ups
Offshore
Const.
Rig
Refurb
Land rigs Others
www.lamprell.com 22
0
100
200
300
400
500
600
700
800
900
Newbuild
Jack Ups
Newbuild
Lift Boats
Offshore
Const.
Rig Refurb
Current pipeline of $4.6bn¹Current order book of $1.1bn¹
2 2
¹ As at 30 June 2013 ²Refurbishment value stream has short bid to award profile and therefore limited order book / pipeline values
24. Current project summary
Project Type Facility Delivery
North Sea operator 5,217 tonne utility platform Jebel Ali Delivered – Q1 2013
Nexen 5,353 tonne wellhead deck Jebel Ali Delivered – Q2 2013
EDC1 (Caspian Sea) Le Tourneau S116E Hamriyah Q3 2013
North Sea contractor 15 process modules Jebel Ali Q4 2013
Jindal Star Le Tourneau S116E Hamriyah Q4 2013
NDC 3 Le Tourneau S116E Hamriyah Q1 2014
Leighton Topside & jackets Sharjah Q1 2014
NDC 4 Le Tourneau S116E Hamriyah Q2 2014
Seajacks - Hydra Gusto MSC NG-2500X Hamriyah Q2 2014
Nexen 13,700 tonne PUQ deck Jebel Ali Q2 2014
EDC2 (Caspian Sea) Le Tourneau S116E Hamriyah Q4 2014
NDC 5 Le Tourneau S116E Hamriyah Q4 2014
Dev Drilling Le Tourneau S116E Hamriyah Q1 2015
NDC 6 Le Tourneau S116E Hamriyah Q1 2015
www.lamprell.com 23
$1.1bn order book
25. New lending covenants
www.lamprell.com 24
Gross debt/EBITDA 4.5x decreasing to 1.5xx
Interest cover 1.75x increasing to 3.5x
Minimum tangible net worth $160m increasing to $250m
Capex levels sufficient for business plan
26. Lamprell facilities
www.lamprell.com 25
1. Hamriyah –
Sharjah, UAE
2. Port Khalid –
Sharjah, UAE
3. Jebel Ali –
Dubai, UAE
4. Dubai
Investments
Park – Dubai,
UAE
5. Jubail – Saudi
Arabia*
6. West Shuaiba
- Kuwait
Leading footprint in the Gulf
* MISA Joint Venture