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Contracting trends in the FPSO market

Maarten van Aller, COO Floating Production


Petrofac Integrated Energy Services
14th FPSO Congress, 17 September 2013

Introduction
Petrofac background
Petrofac Floating Production Asset overview
Contract structures
Success factors

Future considerations
Closing remarks

Introducing Petrofac

Petrofac is the largest UK-listed service provider to the international oil & gas industry (FTSE
60), with over 18,000 employees across the world
We have over 30 years experience and a track record of several hundred projects across our
key markets of the Middle East, Africa, CIS, Asia Pacific and UK Continental Shelf

Our capabilities span the oil & gas value chain: subsurface, asset management, field
development, engineering, construction, operations, maintenance and training
We provide these services as standalone offerings but increasingly we offer our capabilities
as integrated services to resource holders to enable them to develop their assets we call this
business Integrated Energy Services (IES)
Whilst IES may deploy capital, we are fundamentally a service company, not an oil company
we dont seek to book reserves
We have been ranked number one EPC contractor for the last 3 years in Oil and Gas Middle
East and completed around 200,000 training days in 2012

Vision and values

Global footprint

Moscow
Aberdeen

Bucharest
Sakhalin

Milan
Woking

Atyrau
London

Abu Dhabi
Baku

Algiers
Houston
Tunis
Villahermosa

Mary

Ahmadi
Delhi
Khobar

Muscat

Bangkok

Doha
Chennai
Lagos

Beijing

Sharjah

Basra

Kuala Lumpur
Singapore

Mumbai
Jakarta

Main operational centers

Other operating locations


Corporate services
4

Financial strength

Petrofac Revenues, $M

Petrofac Share Price Performance


(Since IPO 4/10/2005, GBP Pence)

5,801

9%

4,354
3,330

6,339

1,200.0

1,000.0

3,655

725%

800.0

576%
600.0

2008

2009

2010

2011

2012

Note: all figures presented above are for the groups continuing operations
and are for financial years ended 31 December and interim periods ended
30 June

400.0

80%
71%
19%

200.0

903% share price growth since IPO top


performing FTSE company over this period
Strong balance sheet with $0.3bn gross cash

0.0
Oct - 05

Nov - 06

Dec - 07

Jan - 09

Feb - 10

Mar - 11

Petrofac

Petrofac + Enquest

FTSE 100

FTSE 250

OSX
Source: Bloomberg as of 28th September 2012

Apr - 12

How we built our integrated service capability

Life of asset solutions to support resource holders

Integrated
Energy
Services

Develop
& CoInvest

Engineering,
Construction,
Operations &
Maintenance

Design

Enhance
Production

Build

Operate

Manage

Train

Maintain

Commercial Structures Employed


Engineering, Construction, Operations & Maintenance
Reimbursable
services

e.g. Karachaganak FEED,


Kazakhstan

Cost
plus KPIs

e.g. Duty Holder on Northern


Producer, North Sea

Lump-sum
turnkey

e.g. Yoloten Project,


Turkmenistan

Risk Services
Contracts

e.g. Berantai, Malaysia

Production
Enhancement Contracts

e.g. Ticleni, Romania

Production Sharing
Contracts

e.g. Cendor, Malaysia

Integrated Energy Services

IES track record in integrated service delivery

Acquires stake in
Ohanet field
development,
Algeria

Acquires equity
as development
operator
of Cendor PSC,
Malaysia

Acquires
interest as
operator of
West Don field
and Don SW,
UKCS

Acquires
interest
Sign Ticleni
in
Chergui
gas
PEC, Romania
field, Tunisia

Signs Seven
Energy alliance,
Nigeria

Signs Berantai
RSC, Offshore
Malaysia

Enters service
operator contract
with Dubai
Petroleum

Forms EnQuest
and demerges
Dons
assets

Signs two
PEMEX PECs
Mexico for
Magallanes and
Santuario blocks

Signs Ticleni
PEC, Romania

Signs Greater
Stella Area
development with
Ithaca and
deploys FPF1

Agrees two
further PEMEX
PECs for Pnuco
(onshore) and
Arenque
(offshore) blocks
Agrees strategic
alliance with
Bowleven for
Etinde Permit,
Cameroon
8

IES projects
FPF1,Stella
field, UK (2011)

West Don & Don


SW, UK (2005-2010)

Ticleni, Romania
(2010)

Capacity: 30,000
bpd

12 months from
FDP to first oil

~1000 wells, 900 staff

Chergui, Tunisia
(2007)

Cendor, Malaysia
(2004)

2P reserves: 12m
boe

Magallanes & Santuario,


Mexico (2011)

2x billion bbl fields


+ Pnuco (2012)
>7 billion bbl
+ Arenque (2012)
>1.2 billion bbl

2P reserves:
75.5m bbl

Ohanet, Algeria
(2000-11)

Berantai,
Malaysia (2011)

First RSC contract


Etinde Permit,
Cameroon (2012)

Strategic alliance

Dubai Petroleum
(2006-10)

72 platforms, 420
wells

2P reserves:
100m boe

Petrofac in South East Asia

Active in region since 2004

Over 1400 employees


Offices in Kuala Lumpur, Bangkok, Singapore and Jakarta
Projects / Assets include:
Block PM304 (Cendor) fast-track field development (Malaysia)
Block PM304 (Cendor) fast-track development of West-Desaru with MOPU
Block PM304 (Cendor) phase II (leased FPSO)
Berantai fast-track field development (RSC, Malaysia)
SEPAT early production system (EPC, Malaysia)
Provision of, and operations and maintenance for, the FPSO vessel on Jasmine field (Thailand)
Offshore overhaul & re instatement of Bekok-C facilities (EPC, Malaysia)
Capability development at the Chemical Process Technology Centre (CPTC) (Singapore)

In house Floating Production entity PFP; ownership & lease


10

Contracting issues, trends


and Petrofac contracts

Background: what ARE the issues?


A few examples all well known
Failing existing commercial model new strategies required
Absence of upside; max reward is often base case; eroded during EPC phase
Purchase option based on initial CAPEX; destroys optionality contractor; destroys value in case of CAPEX overrun
Fixed O&M charges; neither realistic or fair
Start up definition often linked to performance; no leverage contractor
Availability / uptime penalties; limited contractor leverage; huge ROI impact
Unguaranteed minimum bill, although being addressed

Risk-reward imbalance between contractor and resource holder: introduction of reservoir


performance based tariffs aligns both parties
Early fixing of lease rate often prior to sufficient definition; frequent underbidding; requires
contractor group discipline. Contractor should be rewarded commensurate with technology
application & technical risk profile
Lease model applicability: 20 years lease vs. short term lease; accounting issues with longer
term lease
Engineering drive vs. commercial drive: beauty vs. efficiency
Residual value position: bespoke FPSO design limits re-deployment without large additional
12
CAPEX; discipline required

Petrofac Floating Production

Initial acquisition 2009 (AH-001)


Petrofac Floating Production established mid 2010, UK
Moved to Singapore office 1st January 2012
5 asset acquisitions so far:
3 FPSO
1 MOPU

1 semi-submersible

Current status:
3 assets on charter
1 asset equity swap with Greater Stella Area field (UKCS)

1 asset available

Lean team of ~ 35 fte: Singapore, KL & UK


13

FPF-1 Leveraging vessel equity for interest in license

Risk Service Contract

FPF-1 FSU: Greater Stella Area, UK

Signed agreement for deployment


of the FPF-1 on the Greater Stella
Area development in the UK
North Sea in November 2011
Sold ~75% share capital in FPF-1
company in return for ~20%
interest in development
Significant modifications and
upgrade works being carried out
on vessel by OPO
Petrofac will provide Duty Holder
service on a life of field contract
Operator: Ithaca
14

Risk service contract: FPSO for fast-track solution


First gas achieved in October 2012 (less
than 21 months from field FID) including
FPSO Berantai topsides upgrade

East
Fortune

BEFORE

FPSO
Berantai

AFTER

Risk Service Contract

Signed RSC with PETRONAS in January


2011 for the Berantai field
PETRONAS retain reserves and price
upsides; Petrofac is reimbursed through
portion of production revenues
Petrofac (as Operator), in partnership
with SapuraKencana, has invested close
to US$1 billion to fast-track the
development
Innovative concept selection and fasttrack/cost-effective project execution

15

FPSO Berantai contracting

Pre-FID investment in donor FPSO


enabled & locked in fast track development
Alignment Operator / FPSO provider
throughout all phases including FEED

FPSO
Berantai

Separate entities for BBC and O&M


contracts; stable BBC terms

Initial target BBC rate; fine-tuning upon


increased scope definition level
RSC Partnership & FPSO co-ownership
with SapuraKencana; shared risk &
responsibilities

16

Reservoir knowledge leverages upside potential

FPSO Jasmine Venture (FPF-003): Thailand

Lease

Acquired vessel in 2011


Lease inclusive of separate
bare boat charter and
operations and
maintenance services
contract from Petrofac
Currently deployed on the
Jasmine field until 2015; X
years likely.

17

Pre-investing in flexible field infrastructure

Scope to be determined

FPSO Cossack Pioneer (FPF-004): available for deployment

Pre-investing in field infrastructure in


readiness for future developments to
enable fast-track total field
development solutions
Petrofac acquired the high specification
FPSO in June 2011 for a specific
development that subsequently stalled
Previously on Cossack Wanaea fields in
Australia

The unit has substantial oil and gas


processing capability

18

Phased field development under PSC

West Desaru: Ocean Legend MOPU bare boat charter to Operator


Production Sharing Contract

PSC: Petrofac as Operator of Block


PM304 (Cendor field): offshore peninsular
Malaysia
Partners: Petrofac, PETRONAS Carigali,
KUFPEC & PetroVietnam
Scope: 3-phase fast-track development,
operations & maintenance
PSC start date: 2004
Cendor Phases 1&2

Irama

West
Desaru

East
Desaru

Cendor
Graben

Cendor
Cendor-2

West Desaru
(Cendor Phase 3)

2.5 kms

19

In summary

Flexibility is key there are various different contracting structures for assets
Commercial innovation
Standalone service offering vs. full lifecycle asset management; bareboat charter vs. time charter

Willingness to put skin in the game


Maintain optionality hence contractor upside
Discipline amongst FPSO providers

Sharing risk & reward


Alignment contractor / resource holder
Definition & early EPC phase, used to develop realistic budget and lease rates
Introduction of upside/production tariffs

20

Thank you

1 International Business Park


03-17 The Synergy
Singapore 609917
Tel: +65 69339700

www.petrofac.com

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