200512 2006217 P. 1
. 200512 P. 3 P. 4 P. 8. P/L P. 13. B/S C/F P. 18. P. 22. 200612 P. 24 P. 2
. 200512 2005 A B2005~2006 FPSO/FSO C SBM D E P. 3
200512 KNOC Rong Doi FSO KNOC Korea National Oil Corporation 7+ 1 23 2006 Yantai Raffles Shipyard 300,000 bbl Storage; 18,000 bopd Inlet Petrobras PRA-1 FSO Petrobras 20 2007 1 Jurong Shipyard 2,200,000 bbl Storage; 630,000 bopd Inlet Petrobras Espadarte Sul FPSO Petrobras BHPBP Stybarrow FPSO BHPBP 10+ 1 10 2007 Samsung Heavy Industries 800,000 bbl Storage; 80,000 bopd 8+ 1 2007 Jurong Shipyard 1,600,000 bbl Storage; 100,000 bopd P. 4
200512 PEARL Jasmine FPSO PEARL Energy Pte Ltd. 2.5+ 20056 20056 7 800,000 bbl Storage; 20,000 bopd Santos Mutineer-Exeter FPSO Santos Ltd. 5-7+ 20053 20054 15 930,000 bbl Storage; 100,000 bopd CNR Baobab FPSO CNR International S.A.R.L. 10+ 10 20055 20058 2,000,000 bbl Storage; 70,000 bopd P. 5
200512 KNOC Rong Doi FSO 2006 Yantai Raffles Shipyard Petrobras PRA-1 FSO 2007 1 Jurong Shipyard Jurong Yantai Samsung Petrobras Espadarte Sul FPSO 2007 Jurong Shipyard BHPBP Stybarrow FPSO Amerada Hess Oveng TLP & Okume/Ebano TLP 2007 Samsung Heavy Industries 2006 4 Samsung Heavy Industries P. 6
200512 2005 200512 20058 Vietsovpetro FSO Replacement Unocal Gendalo FPSO CNR Olowi FPSO MODEC, Inc. (Tokyo) MODEC Int l LLC (Houston) PEMEX KuMaZa N2 Generation Barge BHPBP Stybarrow FPSO Woodside Vincent FPSO Maersk Shell BC10 FPSO BHPBP Pyrenees FPSO Chevron Frade FPSO P. 7
A Truong Son Song Doc FPSO Vietsovpetro Dragon FSO JVPC Rang Dong FSO / MODEC, Inc. (Tokyo) MODEC Int l LLC (Houston) Unocal Gendalo FPSO Shell Bonga SW/Aparo FPSO / Shell BC10 FPSO Kerr-McGee/Norsk Hydro Chinook FPSO Chevron Frade FPSO P. 8
B2005~2006 FPSO/FSO MODEC (Tokyo/Houston) Rong Doi FSO Espadarte Sul FPSO PRA-1 FSO Stybarrow FPSO SBM (Netherlands/Monaco) Kikeh FPSO Mondo FPSO Saxi-Batuque FPSO Prosafe (Norway) Polvo FPSO Tui FPSO Bergesen (Norway) KuMaZa FPSO Saipem (Italy) ESS-132 FPSO Venture Chestnut FPSO (Sevan Marine) Statoil Volve FSO (Teekay) Maersk (Denmark) Fred Olsen (Norway) Tanker Pacific (Singapore) Vincent FPSO OPL123 FPSO Maari FPSO Sevan Marine (Norway) Piranema FPSO Chestnut FPSO KNOC Rong Doi FSO (MODEC) PEMEX KuMaZa FPSO (Bergesen) Murphy Kikeh FPSO (SBM) ExxonMobil Mondo FPSO (SBM) ExxonMobil Saxi-Batuque FPSO (SBM) OMV Maari FPSO (Tanker Pacific) NZOP Tui FPSO (Prosafe) Addax OPL123 FPSO (Fred Olsen) Total Akpo FPSO ChevronTexaco Agbami FPSO AED Puffin FPSO (Vanguard) Woodside Vincent FPSO (Maersk) Petrobras Piranema FPSO (Sevan Marine) Petrobras ESS-132 FPSO (Saipem) Petrobras PRA-1 FSO (MODEC) Petrobras Espadarte Sul FPSO (MODEC) Devon Polvo FPSO (Prosafe) BHPBP Stybarrow FPSO (MODEC) P. 9
C SBM 20062 MODEC 11 4 1 SBM 19 4 1 Jasmine FPSO Tantawan FPSO Langsa FPSO Rang Dong FPSO Su Tu Den FPSO (Rong Doi FSO) FPSO FSO ( ) FPSO FSO T/C O&M T/C 6 MODEC (+2) 1 9 1 (+2) 3 12 4 T/C:11, O&M:1 FPSO:9, FSO:3 Turkmenistan FSO/MOPU Firenze FPSO Yetagun FSO (Kikeh FPSO) SBM 11 (+4) 1 16 4 4 20 4 T/C:19, O&M:1 FPSO:16, FSO:4 SBM (Monaco) MODEC, Inc. (Tokyo) Okha FSO T/C O&M MODEC Int l LLC (Houston) Baobab FPSO Falcon FPSO Cantarell FSO Mystras FPSO Serpentina FPSO: O&M (Golfinho FPSO) Nkossa II LPG FSO Brasil FPSO Sanha LPG FPSO Marlim Sul FPSO Kuito FPSO Espadarte FPSO Xikomba FPSO Elang/Kakatua FPSO Bijupira-Salema FPSO: O&M (Mondo FPSO) Mutineer-Exeter FPSO (Espadarte Sul FPSO) (Saxi-Batuque FPSO) (Stybarrow FPSO) (PRA-1 FSO) P. 10
D Petronas Carigali Ruby FPSO (O&M) Note) Ruby FPSO was built by Prosafe CLJOC Su Tu Den FPSO (T/C) KNOC Rong Doi FSO (T/C) Vietsovpetro White Tiger FSO / O&M T/C BBC PEARL Jasmine FPSO (T/C) PTTEP Bongkot FSO JHN Lufeng FSO MEDCO/MOECO Langsa FPSO (T/C) Amoco Liuhua FPSO CNR Baobab FPSO (T/C) MODEC, Inc. (Tokyo) El Paso Energy Prince TLP MODEC Int l LLC (Houston) Chevron Escravos LPG FSO Anadarko Marco Polo TLP Esso Chad FSO Marathon Kakap FPSO PEMEX Cantarell FSO (T/C) Chevron Anoa FPSO Marathon Tchatamba FSO & MOPU (BBC) Amerada Hess Oveng TLP & Okume/Ebano TLP BHPBP Stybarrow FPSO (T/C) Petrobras PRA-1 FSO (T/C) Shell Bijupira-Salema FPSO (O&M) Petrobras Espadarte Sul FPSO (T/C) Santos Mutineer-Exeter FPSO (T/C) Nexen Buffalo FPSO (T/C) Shell Maui-B FPSO ConocoPhillips Elang/Kakatua FPSO (T/C) P. 11
E 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 BHPBP Stybarrow FPSO Petrobras Espadarte Sul FPSO - Petrobras PRA-1 FSO - KNOC Rong Doi FSO - PEARL Jasmine FPSO 50% CNR Baobab FPSO Santos Mutineer-Exeter FPSO CLJOC Su Tu Den FPSO Shell Bijupira-Salema FPSO Petronas Carigali Ruby FPSO MEDCO/MOECO Langsa FPSO Nexen Buffalo FPSO PEMEX Cantarell FSO ConocoPhillips Elang/Kakatua FPSO - 50% 40% 50% 99% 100% 60% 50% 60% 70% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Feb. 2006 P. 12
. P/L P. 13
80,000 60,000 40,000 20,000 0 56,540 66,751 7,918 7,689 4,863 4,147 51,891 7,338 71,614 8,560 3,779 3,895 2002 2003 2004 2005 12,000 8,000 4,000 0 716.1 FPSO/FSO 7 TLP 2 2005 3 Langsa FPSO 04-05 56,540 66,751 51,891 71,614 38.0% 7,918 14.0% 7,689 11.5% 7,338 14.1% 8,560 12.0% 16.7% 4,863 8.6% 4,147 6.2% 3,779 7.3% 3,895 5.4% 3.1% 432 379 1,342 2,978 121.8% 1,402 1,336 1,420 1,465 3.2% 3,893 6.9% 3,190 4.8% 3,701 7.1% 5,408 7.6% 46.1% 320 731 41 100.0% 329 100.0% 4,214 3,922 3,414 5,408 58.4% 2002 2003 2004 2005 1,690 3.0% 2,029 3.0% 2,230 4.3% 3,213 4.5% 44.0% P. 14
200,000 150,000 100,000 50,000 0 250,000 66,433 1,201 56,540 65,232 37,236 2002 66,751 120,104 114,055 39,772 36,440 86,949 80,332 51,891 77,615 50,141 80,000 231,031 71,614 66,751 48,894 2,472 56,540 710 60,000 51,891 352 166,538 182,136 3,320 71,614 2003 2004 2005 40,000 20,000 0 44,738 57,864 39,422 11,449 8,176 9,148 54,974 14,166 2002 2003 2004 2005 200,000 166,538 2,409 150,000 200,000 250,000 231,031 77,744 100,000 50,000 0 86,949 109,084 625 50,141 37,236 59,204 2,489 330 24,717 55,044 34,593 27,118 22,935 2,313 2002 2003 2004 2005 150,000 100,000 50,000 0 66,433 37,607 1,201 27,435 28,636 120,104 114,055 36,765 21,481 36,440 39,772 83,220 92,482 43,448 56,042 48,894 2002 2003 2004 2005 153,209 104,315 P. 15
6,000 4,000 3,893 6.9 5,408 3,701 3,190 7.6 7.1 % 12 8 CNR Baobab FPSO 10 2003 2004 2005 2,000 4.8 4 461 1,355 1,211 147 31 1,473 0 2002 2003 2004 2005 0 314 1,324 262 1,251 2,575 2,313 04-05 56,540 66,751 51,891 71,614 38.0% 7,918 14.0% 7,689 11.5% 7,338 14.1% 8,560 12.0% 16.7% 4,863 8.6% 4,147 6.2% 3,779 7.3% 3,895 5.4% 3.1% 432 379 1,342 2,978 121.8% 1,402 1,336 1,420 1,465 3.2% 3,893 6.9% 3,190 4.8% 3,701 7.1% 5,408 7.6% 46.1% 320 731 41 100.0% 329 100.0% 4,214 3,922 3,414 5,408 58.4% 2002 2003 2004 2005 1,690 3.0% 2,029 3.0% 2,230 4.3% 3,213 4.5% 44.0% P. 16
4,000 3,000 2,000 1,000 1,690 2,029 3.0 3.0 2,230 4.3 3,213 4.5 % 8 6 4 2 2 1 200512 1 30 0 2002 2003 2004 2005 0 04-05 56,540 66,751 51,891 71,614 38.0% 7,918 14.0% 7,689 11.5% 7,338 14.1% 8,560 12.0% 16.7% 4,863 8.6% 4,147 6.2% 3,779 7.3% 3,895 5.4% 3.1% 432 379 1,342 2,978 121.8% 1,402 1,336 1,420 1,465 3.2% 3,893 6.9% 3,190 4.8% 3,701 7.1% 5,408 7.6% 46.1% 320 731 41 100.0% 329 100.0% 4,214 3,922 3,414 5,408 58.4% 2002 2003 2004 2005 1,690 3.0% 2,029 3.0% 2,230 4.3% 3,213 4.5% 44.0% P. 17
. B/SC/F CF P. 18
2003 2004 2005 04-05 2005 48,832 55,866 104,698 12,264 14,061 25,061 11,000 2004 42,700 23,820 66,521 15,326 14,059 16,409 2,349 1,924 165 2,237 2,072 2003 42,782 17,480 60,262 8,945 9,783 255 9,527 2002 26,105 20,829 46,934 1,542 1,735 2,145 409 2,779 2,894 2,721 173 0 40,000 80,000 120,000 42,782 42,700 48,832 6,131 FPSO 4,563 5,606 3,168 2,438 2,492 3,882 8,463 4,581 1,745 28,289 26,544 1 8,256 6,273 5,043 1,229 2,168 6,313 10,901 4,588 17,480 23,820 55,866 32,046 60,262 66,521 104,698 38,177 P. 19
2003 2004 2005 04-05 2005 65,047 1,807 37,843 104,698 11,329 10,255 18,889 8,634 2004 42,842 1,393 22,285 66,521 8,529 12,663 27,960 15,296 13,314 6,652 3,107 3,545 2003 42,453 2,627 15,182 60,262 3,049 5,337 6,473 1,135 2002 36,055 1,282 9,596 46,934 26,222 34,909 56,431 21,521 13,897 6,345 6,478 132 0 40,000 80,000 120,000 2,332 1,587 2,138 551 16,230 7,932 8,616 684 42,453 42,842 65,047 22,205 2,627 1,393 1,807 413 4,659 7,159 12,391 5,232 10,824 15,206 23,555 8,348 301 80 1,896 1,977 12 106 36% 15,182 22,285 37,843 15,558 60,262 66,521 104,698 38,177 P. 20
CF 21,528 2005 2004 14,402 5,164 11,796 9,623 14,061 19,063 25,061 CF 2003 2004 2005 04-05 3,922 3,414 5,408 1,993 1,834 635 1,116 480 652 685 1,261 575 1,255 3,559 2,263 1,296 9,786 1,708 2,072 3,781 6,345 856 7,614 8,470 1,386 478 1,361 1,839 30,000 0 30,000 7,208 9,626 14,229 4,603 681 426 1,513 1,087 CF 2003 2004 2005 04-05 40,545 161,116 162,014 898 36,386 156,871 148,161 8,710 6,902 156 3,075 2,918 7,545 3,816 8,225 4,409 4,018 4,999 10,679 5,679 192 334 236 97 51 84 83 1 CF 7,290 5,164 19,063 13,898 1,513 685 2,051 1,365 438 1,109 1,132 23 CF 5,452 9,623 11,796 2,173 CF 2003 2004 2005 04-05 301 3,785 4,399 613 1,290 1,624 2,593 968 8,356 27,164 26,809 355 1,320 18,172 12,273 5,899 CF 8,629 14,402 21,528 7,126 P. 21
. Santos Mutineer-Exeter FPSO P. 22
2002 2003 2004 2005 04-05 4,863 4,147 3,779 3,895 116 3,668 1,834 635 1,116 480 13 26 26 0 CFI 1,283 1,321 1,594 1,991 397 EBITDA 9,814 7,315 6,034 7,029 995 314 317 651 2,167 1,516 693 648 1,456 2,190 734 MV10 1,216 1,216 EBITDA 10,821 8,280 8,141 12,604 4,463 1,212 652 685 1,261 575 105 116 390 705 315 1,317 768 1,075 1,966 891 EBITDA 8.2 10.8 7.6 6.4 1.2 24,650 25,741 25,661 37,545 11,884 2,181 12,634 24,380 19,574 4,806 9,766 12,264 14,061 25,061 11,000 166 579 1,093 1,406 313 16,899 25,532 34,887 30,651 4,236 EBITDA 1.6 3.1 4.3 2.4 1.9 ROE (%) 18.7 16.4 11.9 10.7 1.2 ROA (%) 3.6 3.8 3.5 3.8 0.3 P. 23
. 200612 Anadarko Marco Polo TLP P. 24
200612 100,000 75,000 50,000 25,000 0 6,000 4,000 2,000 3,893 56,540 44,738 66,751 57,864 51,891 39,422 11,449 8,176 9,148 71,614 54,974 14,166 80,000 2002 2003 2004 2005 2006 1,690 3,190 2,029 3,701 2,230 5,408 4,500 3,213 3,100 2006 2005 13 2005 +2.6 2005 51.4 58 110 2005 11807 0 2002 2003 2004 2005 2006 P. 25