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Sovcomflot offshore activities development: New frontiers. 27 June, 201 2. Russian Petroleum & Gas Congress - 2012. Agenda. Corporate highlights Offshore activities Strategy vision Special highlight. at a glance. 157 owned and chartered in vessels

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sovcomflot offshore activities development new frontiers

Sovcomflot offshore activities development:New frontiers

27 June, 2012

Russian Petroleum& Gas Congress - 2012

slide2

Agenda

Corporate highlights

Offshore activities

Strategyvision

Special highlight

at a glance
at a glance
  • 157owned and chartered in vessels
  • with total DWT of abt. 12 million tons(1)
    • Tanker owner by number of vessels
    • Ice-class tankers owner/operator
  • Aframax tankers owner/operator
  • MR product tankers owner/operator
  • Tanker owner by deadweight
  • Shuttle tankers owner/operator
  • Suezmax tankers owner/operator
    • Average age of SCF tanker fleet: 7 yearsMore than 8,500 seafarers and shore-based personnel are employed by SCF

1

Company of the year

1

1

1

Global Performer

for the pioneering work in Arctic

3

3

4

2010 public debt deal of the year

SCF is one of the world’s largest energy shipping companies, providing leading-edge integrated marine solutions to its clients

Source: Clarkson research, ranked by DWT unless otherwise stated

As of June 2012

slide4

business platform: three core elements

  • Conventional shipping1
  • LNG/LPG
  • Offshore

Gas

Crude

Products

Shuttles

Services

  • 59 crude oil tankers
  • 6.9m DWT capacity
  • > 50% revenues from fixed rate charters
  • 63 product tankers
  • 2.7m DWT capacity
  • > 50% revenue from fixed rate charters
  • 13 shuttle tankers
  • 1.2m DWT capacity
  • World leader in ice-class shuttle tankers
  • Platform supply
  • Heavy lift (towing)
  • Seismics
  • World leading ice-class LNG fleet
  • 1m DWT
  • 100% under long-term fixed contracts

Profit on vessel trading (EBIT)

TCE revenue composition

2010

2011

2010

2011

SCF successfully expanded into new high value-added segments while maintaining leadership in conventional shipping

  • Number of vessels shown is as June 2012 and includes vessels on order.
slide5

conventional energy shipping strategy

Sovcomflot conventional fleet:

123 on water

6under construction

Suezmax

18

VLCC

2

Aframax

42

Small/Coastal

12

LR2

6

LR1

9

MR

38

  • Managed fleet size/structure, taking into account market environment and fleet age profile
  • Continued commitment to quality and safety of operations
  • Reliance on time charters to generate fixed income, less exposure to spot market
  • Focus on ice shipping from Russian ports as a “pocket of opportunity”

SCF strategy is to maintain leadership in the conventional sector,while maintaining highest standards of quality and operational excellence

slide6

LNG: attractive segment with high growth potential

  • Unique Positioning in the Sector
  • Global Geography of Operations
  • SCF pioneered Russia’s seaborne natural gas exports with the first LNG shipment from Sakhalin 2 plant in March 2009
  • Currently operating a fleet of 6 LNG and 2 LPG carriers
  • 2 LNG vessels recently ordered under 15 yrs TC with Gazprom Group + 2 for a long-term TC with Royal Dutch Shell
  • 2 LPG vessels recently ordered under 10 yrs TC with Sibur
  • 100% of the fleet under long-term fixed contracts

Yamal LNG

Algeria– Spain/France

Sakhalin – China/India/Japan/Korea

Qatar– Spain/Italy

Egypt– Japan/Korea

Trinidad– Spain/North America

Indonesia– Korea/Mexico

E.Guinea– India

Escobar Project

Argentina

  • Gas Fleet(1)
  • 4 NewbuildingsLNG Carrier, Membrane systemCapacity- 170,000 cbmIce-class 1C
  • Participation in Key LNG Development Projects
  • Sakhalin-2 Project
  • An oil, gas, and condensate development project in Russia operated by Sakhalin Energy Investment Company Ltd, with annual LNG production at 9.6 M tons.
  • Tangguh Project
  • A gas development in Eastern Indonesia controlled by an international consortium of The Tangguh Production Sharing Contractors, led by BP with annual LNG production of 7.6 M tons
  • GNL Escobar Project
  • Feeder vessel operations and ship-to-ship lightering to regas vessel supplying gas to Buenos Aires, Argentina
  • Yamal LNG Project
  • Development of integrated marine logistics for transportation of LNG in the heavy ice and harsh environment of the Russian Arctic
  • «SCF Arctic» /«SCF Polar»LNG Carrier, Membrane systemCapacity- 71,200 cbmIce-class 1C
  • «Tangguh Towuti» /«Tangguh Batur» LNG Carrier, Membrane system Capacity – 145,700 cbm
  • «Grand Aniva» / «Grand Elena»LNG Carrier,Spherical systemCapacity- 145,000cbm Ice-class1C
  • «SCF Tomsk» / «SCF Tobolsk»LPG Carrier, HandysizeCapacity- 35,000cbm

SCF Sovcomflot gas strategy 2011-2017: pursuit of global LNG projects in preparation for future Russian LNG (Shtokman, Yamal, Sakhalin expansion)

  • 2 x LPG Carrier, Capacity - 20,600 cbm
  • Ice-class 1B
  • TC with Sibur , delivery in 2013
slide7

SCF Peer Group Performance

SCF remains the only sizable tanker company reporting black numbers

* Gross revenues

slide8

Contracted future revenues

  • Total contracted future revenues for the period from 01.01.2011 are over USD 4.9 bln
  • Significant growth of long term contract coverage supplied with increase of industrial projects portfolio, particularly in operation on Russian offshore and LNG transportation
slide10

Agenda

Corporate highlights

Offshore activities

Strategyvision

Special highlight

slide11

Offshore services – a new growth platform for

2006

2007

2008

2009

2010

2011

  • Fleet:
  • High-endice-class 3D vessel
  • Projects
  • Shatskiy Ridge
  • Fleet:
  • 13 tankers
  • Total capacity 1,2 mt DWT
  • 100% ice-class
  • Projects
  • Sakhalin-1 (De-Kastri)
  • Sakhalin-2
  • Varandey
  • Prirazlomnoye
  • Fleet:
  • 2 ice-class PSVs operative
  • 2 ice-class PSVs on order
  • Heavy lift (towage) project
  • Projects
  • Sakhalin-1
  • Sakhalin-2

Shuttle tankers

Platform supply / Services

Seismics

SCF goal is to become a strong Arctic-focused offshore player

slide12

10-15 year time charter with Naryanmarneftegaz

  • (JV – Lukoil/ConocoPhillips)
  • Shipments began in June 2008
  • 3 highly specialised SCF Panamax shuttle tankers chartered from SCF:
    • 70,000 DWT tonnes
    • 1A Super Ice-class
    • ICE Azipod propulsion 2 x 10 MW
    • 1.5m ice-breaking capability
    • Self-supporting ice navigation
    • Winterisation package -45ºc
    • LxBxH = 250m x 32m x 21m
    • Draft 14m.

Varandey

slide13

Sakhalin 1

  • Oil and gas project operated by Exxon Neftegas Ltd
  • International consortium: Rosneft, Exxon, Sodeco, ONGC
  • SCF has 15-year time charter
  • Oil transported from DeKastri
  • 5 Aframax ice class 1C/1A (hull) shuttle tankers in use:
    • Winterisation package (-30º c) = year-round operations:
    • Introduced into the Class Rules thanks to co-operation between SCF, DNV, ExxonMobil
  • Sakhalin 2
  • Oil, gas and condensate project operated by Sakhalin Energy Investment Company Ltd
  • International consortium: Gazprom; Shell; Mitsubishi; Mitsui
  • Gas exported via LNG plant and terminal at Prigorodnoye
  • Pioneered Russia’s seaborne gas exports with the first LNG shipment from Sakhalin 2 plant in March 2011
  • 2 LNGC 1C Ice class vessels.

Sakhalin 1 and 2

slide14

First offshore oil production project in Barents Sea

  • Long-term time charter with Gazprom Neft Shelf (former Sevmorneftegaz)
  • Critical mass of shuttle tankers in Pechora Sea area with potential for optimisation between neighbouring projects
  • 2 Super Panamax-size shuttle tankers (70,000 DWT):
    • 1A Super Ice-Class
    • ICE AZIPOD propulsion 2 x 8.5 MW
    • 1.2 metre ice breaking capability
    • Self-supporting ice navigation
    • -40ºc winterisation package
    • LxBxH = 257m x 34m x 20.8m
    • Draft 13.6 m.

Prirazlomnoye

seismic project about the vessel
Seismic Project:About the vessel
  • Vessel with all equipment delivered in August 2011
  • Innovative ULSTEIN X-BOW® design
  • Ice class - 1A, Winterized basic
  • 8 Streamer vessel capable to tow with separation up to 200m
  • New “eco” design (DNV CLEAN DESIGN), economy fuel consumption
  • Diesel-electric propulsion, high specification catalytic convertors, double hull and advanced ballast water treatment / bilge water cleaning systems
slide16

Agenda

Corporate highlights

Offshore activities

Strategy vision

Special highlight

slide17

The Russian Arctic basin – hydrocarbon potential

  • Arctic has some 24% of global undiscovered resources of hydrocarbons (Source: Statoil)
  • Undiscovered oil & gas north of the Arctic Circle = 90 billion barrels of oil, 1,669 trillion cubic feet of natural gas; approx. 84% expected from offshore areas (Source: U.S. Geological Survey)
  • Russia holds ~24% of global gas and ~6% of global oil reserves (Source: BP, 2011)
  • Over 20% of Russia located North of the Polar Circle
  • Arctic/sub-Arctic regions of Russia include:
    • 90% of Russian gas reserves
    • 60% of Russian oil reserves

Figures indicate located and yet to find reserves in billion BOE

SCF’s asset base, track record, skill set and reputation put the company

in prime position to provide services for Russia’s future Arctic offshore projects

current and planned future russia cis offshore projects
Current and planned future Russia/CIS offshore projects

Current projects

Projects expected by 2017

Shtokman

Russian Arctic

Prirazlomnoye

Russian Far East

Black Sea / Caspian

Sakhalin

Russian offshore opportunity is made up of ~50 projects, estimated reserves of >30 btoe, and USD 25-30 billion offshore services revenue potential

aspiration for 2017 a balanced and diversified portfolio
aspiration for 2017: a balanced and diversified portfolio

Business segment

Target 2017revenue share

Strategic aspiration

Upstream

Downstream

Offshore services

  • Strong offshore player, leveraging SCF’s marine skills and operational excellence
  • Focused presence in
    • Russian offshore
    • Harsh environment

40%

  • Leading carrier of Russian LNG
  • World leader in harsh environment LNG shipping

Gas

20%

Crude tankers

Product tankers

Offshore services

Seismics

Chemical tankers

  • Leading conventional fleet owner/operator
  • World’s leading ice-class tanker operator
  • Commitment to industrial shipping

Conventional shipping

LPG

Shuttle tankers

LNG

40%

SCF is aiming to achieve scale and segment leadership across the board

slide20

strategic horizons and growth aspirations

Horizon 3

2015-2020

Horizon 2

2012-2015

  • Create viable growth options
  • New upstream-related business areas?
  • New technologies?

Horizon 1

2011-2012

  • Build emerging businesses
  • Expansion in specialized energy shipping areas, based on SCF marine skills (shuttle tankers and LNG)
  • Streamlining of conventional business
  • Building position in selected upstream-related areas

Sovcomflot 2017 aspirations:

  • USD 2 billion turnover(CAGR ~11-12%)
  • USD 1 billion EBITDA
  • USD 500 million profit
  • ROCE 10-12%
  • Extend and defend
  • core businesses
  • Corporate strategy review
  • Ongoing operational improvement
  • Organizational fine-tuning

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

slide21

Agenda

Corporate highlights

Offshore activities

Strategy vision

Special highlight

slide23

Towing and Installation of Sakhalin-1 “Arkutun-Dagi” GBS

  • One of the biggest towed objects in the world - 130 000 tons
  • Distance: 1025nm; Tow speed: 3,5 knots; Duration: 12 days; Positioning shall be + / - 3.0 meter
  • Number of vessels employed – 15 (incl. five AHTS, OSV, GSV, Flexible fallpipevessel, etc)
  • Project team – total: 65 pers. (incl. 20 Russians) + crews + support from SCF and VO HQs
  • 110 000 tons should be place on sea bottom to make scour protection

SCF’s asset base, track record, skill set and reputation put the company

in prime position to provide services for Russia’s future Arctic offshore projects

slide24

Место установки основания платформы

Маршрут буксировки погружаемого основания платформы «Беркут»

Окончание буксировки

15.06.12, 21:27 МСК

14.06.12

17:00 МСК

13.06.12

17:00 МСК

о. Сахалин

Начало буксировки 02.06.2012 г. 23:40 МСК

Окончание буксировки 15.06.2012 г. 21:27 МСК

Общее расстояние буксировки 1025 миль

Общее время буксировки 12 дней 21 ч. 47 мин.

Средняя скорость буксировки за сутки3,30уз

12.06.12

17:00 МСК

11.06.12

17:00 МСК

10.06.12

17:00 МСК

07.06.12

17:00 МСК

09.06.12

17:00 МСК

08.06.12

17:00 МСК

Начало буксировки

02.06.12, 23:40 МСК

06.06.12

17:00 МСК

05.06.12

17:00 МСК

п. Восточный

15.06.2012

04.06.12

17:00 МСК

03.06.12

17:00 МСК

scope of marine works
Scope of marine works

Marine operations:

  • Route surveying
  • GBS lift-off and float out of dock
  • GBS tow to Field and positioning
  • GBS set-down and grouting installation
  • GBS Subsystem decommissioning and preparation
  • Installation of scour protection

6

2

4

4

3