This document provides an earnings presentation summary for Q1 2020. It includes the following key points:
- Adjusted EBITDA was $154 million in Q1 2020, down $13 million from Q4 2019, with decreases across the FPSO, shuttle tanker, and towage segments.
- Two new E-shuttle tankers were delivered in Q1 2020 and commenced operations, with the remaining four expected to deliver through 2021.
- A one-year extension was signed for the Knarr FPSO contract through 2022 with adjusted terms.
- Operations have not been materially impacted by COVID-19 so far due to medium-term contracts, but the company is monitoring risks and
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
2. This release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934,
as amended) which reflect management’s current views with respect to certain future events and performance,
including, among others, the timing of the commencement of charter contracts. The following factors are among those
that could cause actual results to differ materially from the forward-looking statements, which involve risks and
uncertainties, and that should be considered in evaluating any such statement: delays in the commencement of charter
contracts; unanticipated market volatility (such as volatility resulting from the recent COVID-19 outbreak); and other
factors discussed in the Partnership’s filings from time to time with the SEC, including its Report on Form 20-F for the
fiscal year ended December 31, 2019. The Partnership expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the
Partnership’s expectations with respect thereto or any change in events, conditions or circumstances on which any
such statement is based.
Forward Looking Statement
3. 4%
48%
48%
FSO Shuttle Tanker FPSO
$4.6bn(1)
Forward Revenue
(1) As of March 31, 2020. Based on existing contracts; but excluding extension options and oil-tariff revenue.
~2,000
Employees
55
Vessels
Blue-Chip Customers
Altera Infrastructure
4. Recent Highlights
Q1-20 Results
Adjusted EBITDA of
$154 million in Q1-20,
decreased by $13 million
from Q4-19
E-Shuttle Newbuildings
Aurora Spirit delivered in
January 2020 and
commenced operations
in the North Sea in April
2020
Rainbow Spirit delivered
in February 2020 and is
expected to commence
operations in the North
Sea in May 2020
Knarr Contract Extension
In March 2020, a one-
year contract amendment
was signed to extend the
lease and operation of the
Knarr FPSO until
minimum March 2022
Privatization Process
In January 2020,
Brookfield completed its
acquisition by merger of
the outstanding publicly
held and listed common
units of Altera
Infrastructure
5. • No material business interruptions or financial impact in Q1 2020 from the COVID-19 pandemic
• We continue to focus on the safety of operations and have introduced a number of proactive
measures to protect the health and safety of vessel crews, as well as for onshore employees
• A majority of our revenues are secured under medium-term contracts that should not be materially
affected by a short-term volatility in oil prices
• We continue to closely monitor counterparty risk associated with our vessels under contract and
work to mitigate any potential impact on the business
COVID-19
6. Q1-20 Results
Adjusted EBITDA of $154 million in Q1-20,
decreased by $13 million from Q4-19
FPSO Segment
Adjusted EBITDA decreased by $6 million to $76 million in
Q1-20 mainly due to the recognition of the Libra FPSO
annual maintenance bonus in Q4-19
Shuttle Tanker Segment
Adjusted EBITDA decreased by $3 million to $62 million in
Q1-20 mainly due to costs related to the mobilization of the
two E-shuttle newbuildings that were delivered in Q1-20
FSO Segment
Adjusted EBITDA increased by $2 million to $24 million
in Q1-20 mainly due to timing of repairs and maintenance
Towage Segment
Adjusted EBITDA decreased by $5 million to $-4 million in
Q1-20 mainly due to lower fleet utilization
7. FPSO Segment
Knarr Contract Extension
Economic Uptime Adjusted EBITDA (US$ millions)
Foinaven Operation Contract
In March 2020, a one-year contract
extension was signed with Shell and the
Knarr license partners to extend the lease
and operation of the Knarr FPSO until
minimum March 2022
The terms include a reduction of the firm
day rate from March 2021 in exchange for
tariff incentive revenues based on oil
production revenue and oil price, as well as
the elimination of the contract termination
fee and the purchase option for the FPSO
The Voyageur Spirit FPSO contract with
Premier Oil at the Huntington UK field
ended in April 2020 and the FPSO is in the
process of being decommissioned
The FPSO is expected to be redelivered
and subsequently laid up from June 2020,
while marketed for re-deployment
83
92
109
94
72 73
82
76
Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20
99% 99% 99% 99% 99% 99% 99% 99%
Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20
Voyageur Decommissioning
In March 2020, seven-year operation and
duty holder agreements were signed with
BP to continue to provide operational
services for the Foinaven FPSO
8. Shuttle Tanker Segment
E-Shuttle NewbuildingsContracts Update
Technical Uptime Adjusted EBITDA (US$ millions)
In April, an 18-month extension was signed
with Transpetro, a subsidiary of Petrobras,
to extend the Navion Stavanger bare boat
contract until October 2021
In April, a four-month time-charter contract
was signed with Suncor for Navion Anglia,
which commenced in May 2020
Aurora Spirit delivered in January 2020
and commenced operation in April 2020
Rainbow Spirit delivered in February 2020
and is expected to commence operations
in May 2020
The remaining four E-Shuttle newbuildings
are expected to be delivered between July
2020 and January 2021
Capex
Total capex for the six E-Shuttles and the
fourth East Coast Canada shuttle tanker
is approximately $920 million, excluding
capitalized interest, of which $728 million
is funded with secured financing
Remaining capex per end March 2020 is
approximately $468 million, of which $422
million will be drawn on committed,
secured financing
* Q4-18 figures excludes impact of Petrobras settlement
99% 99%
96%
99% 100% 100% 99% 98%
Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20
56
65
69 67 68
65 65
62
Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20
10. Towage Segment
Q1-20 Operations
Fleet utilization decreased to 34% in
Q1-20 compared to 69% in Q4-19 from
slower market activity reflecting the
global impact of COVID-19
Utilization Adjusted EBITDA (US$ millions)
Contracts Update
In January 2020, a contract to tow an
FLNG to the Coral South LNG project in
Mozambique was signed. This will require
up to five vessels, and is expected to
take place in the fourth quarter of 2021
11. Note: Excluding FPSO JV debt. Revolving credit facilities shown as fully drawn.
End Q1 2020 Debt Maturity Schedule
Including both scheduled amortizations and balloon payments
$435
$334
$578
$1,137
$476
$138
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
Remaining 2020 2021 2022 2023 2024 2025
MILLIONS
Brookfield RCF Unsecured debt Shuttle FPSO FSO Towage Accomodation
12. • Maintain safety standards and operational excellence
• Proactively approach the new business environment
• Progressing strategic plans to enhance the liquidity of the business
• Tighten and reduce discretionary spending
• Optimize the offshore and onshore organizations and cost structure
• Limit capital expenditures to the committed shuttle tanker newbuilding program and mandatory vessel dry-dockings
• Focus on completion of refinancing initiatives in progress
• Capture opportunities from a strong oil tanker and oil storage market
• Secure FPSO charter extensions and redeployments
2020 Priorities
14. End Q1 2020 Shuttle Charter Summary
Vessel 2020 2021 2022 2023 2024
Peary Spirit
Samba Spirit
Lambada Spirit
Bossa Nova Spirit
Sertanejo Spirit
Beothuk Spirit
Norse Spirit
Dorset Spirit
Altera Thule
Nansen Spirit
Petroatlantic
Petronordic
Aurora Spirit
Rainbow Spirit
Navion Oceania
Time-charter
CoA
Bareboat
Spot
Vessel 2020 2021 2022 2023 2024
Tide Spirit
Current Spirit
Wind Spirit
Wave Spirit
Amundsen Spirit
Scott Spirit
Stena Natalita (50% JV)
Heather Knutsen (in-charter)
Ingrid Knutsen (in-charter)
Navion Oslo
Navion Anglia
Navion Gothenburg (50% JV)
Nordic Rio (50% JV)
Nordic Brasilia
Navion Stavanger
Navion Bergen
Please also refer to Form 20-F for the fiscal year ended December 31, 2019.
15. End Q1 2020 FPSO Charter Summary
Unit Location 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Libra Brazil Petrobras
Itajai Brazil Petrobras
Knarr Norway Shell
Petrojarl I Brazil Enauta
Piranema Brazil Petrobras
Voyageur UK Premier Oil
Varg Norway
OptionsFirm Available
Unit Location 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Please also refer to Form 20-F for the fiscal year ended December 31, 2019.
16. End Q1 2020 FSO Charter Summary
(1) As of March 31, 2020
OptionsFirm Available
Unit
Locatio
n
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Randgrid Norway Equinor
Suksan
Salamander
Thailand Teekay Corp.
Dampier
Spirit
Australia Jadestone
Falcon Spirit Qatar Qatar Petroleum
Apollo Spirit UK Teekay Corp.
Unit Location 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Please also refer to Form 20-F for the fiscal year ended December 31, 2019.