EGM - Fairstar - Investors/1 - Publications... · Ichthys Browse Inpex 32bn 2011 2015 ... Yamatai...
Transcript of EGM - Fairstar - Investors/1 - Publications... · Ichthys Browse Inpex 32bn 2011 2015 ... Yamatai...
Fairstar Heavy Transport NV
Fairstar Heavy Transport NV was incorporated in 2005 and has been publicly listed on the Oslo Stock Exchange (OSE) since 2006
Owns and operates four semi-submersible vessels – FJORD, FJELL, FORTE and FINESSE (the latter two are scheduled for delivery from Guangzhou Shipyards in May & November 2012)
Core competitive strengths / unique industry approach:
In-house fleet management
Experienced Dutch officers and crew
Project engineering executed in-house
Strong risk management and culture
Constant focus on safety and safe practice
Fairstar’s strategy is based on offshore and onshore energy infrastructure investment
2
Fairstar Strategic Clients
3
Bechtel
CB&I
Chiyoda
Fluor
Foster Wheeler
JGC
KBR
McDermott
MODEC
Saipem
Technip
Australia’s gas reserves (trillion cubic feet) LNG Projects
Australia continues to emerge as the supplier of choice for energy demand in Asia
7
Project Field OperatorEst. cost
USD
Targeted
approvalProduction
Gorgon Carnarvon Chevron 43bn Approved 2014
Pluto 2 Carnarvon Woodside 4bn 2011 2013
Ichthys Browse Inpex 32bn 2011 2015
Gladstone LNG* Surat-Bowen Santos 11bn 2011 2014
Curtis Island LNG* Surat-Bowen BG Group 12bn 2011 2014
APLNG* Surat-BowenOrigin/
ConocoPhillips12bn 2011 2014
Fisherman`s
Landing*Surat-Bowen LNG/Arrow 500m 2012 2012-2013
Pluto 3 Carnarvon Woodside 4bn 2011 2014
Wheatstone Carnarvon Chevron 13bn 2011 2016
Sunrise Bonaparte Woodside 12bn 2011 2017
Browse Browse Woodside 30bn 2011 2018
TOTAL 174bn
* Planned LNG production from coal seam gas piped to Gladstone. Analysis and proponents agree that the projects will need to
consolidate and cannot all go ahead at current time frames and sizes
Carnarvon
Basin
81.75
Browse
Basin
30.3
Bonaparte
Basin
27.9
Perth
Basin
1.38
Cooper
Basin
7.5
Surat
Basin
7.5
Gippsland
Basin
7.15Bass
Basin
0.5
Otway
Basin
2.4
Gladstone
Curtis Island
Source: AFP and SEB Enskilda
Market trends and energy investment patterns are becoming increasingly clear
Asian demand is driving long term infrastructure investment
LNG is emerging as the preferred energy option
New discoveries of oil and gas are being found in more and more remote locations
The energy infrastructure assets required to package oil and gas into transportable bundles cannot be supplied by local industry
Modularization is the most cost efficient method of construction
Modules are becoming larger and more complex
8
Economic value of onshore and offshore projects
12
Natuna$ 12M
Sunrise$ 75M
2 vessels
Ichthys$ 175M+4 vessels
Kitimat$ 50M
2 vessels
Browse$ 175M+4 vessels
Eldfisk$ 12M
Solan$ 10MMalikaj
$ 10M
Sylwin deck
$ 10M
Guara Tipi
$ 10M
Pluto$ 75M
4 vessels
IDG Gas$ 20M
2 vessels
CMMP Iraq
$ 12M
Golden Eagle$ 15M
Nemba$ 15M
Barzan Offshore
$ 25MShtokman Offshore
$ 30M2 vessels
Browse TLP
$ 25M
Valemon$ 10M
Mafumeira$ 25M
Brass LNG$ 18M
BSR $ 10M
Umm Lulu$ 40M
Point Thompson
$ 50M
Prudhoe Bay$ 50M Arrow
$ 75M3 vessels
Gorgon$ 500M+9 vessels
Yamal$ 300M
5 vessels
Wheatstone$ 175M+4 vessels
AP LNG$ 75M
2 vessels
Shtokman$ 100M
4 vessels
In 2012 and 2013 most of these
projects will award marine transportation
contracts
The lead time from tender
submission to contract award is on
average 15 months
Marine heavy transport operators utilize three ship designs
13
Converted oil tankers
Non submersible, open deck carriers
Open stern, semi-submersible vessels
Global fleet of marine heavy transport vessels
14
Semi-Submersible Vessels Converted Oil Tankers Deck Carriers
FJORD (Fairstar,2008)FJELL (Fairstar,2009)FORTE (Fairstar,2012)FINESSE (Fairstar,2012)FATHOM (Fairstar,2013)Vanguard (Dockwise,2012)
Mighty Servant 3 (Dockwise,1984/2009)Mighty Servant 1 (Dockwise,1983/2003)
Xiang Yun Kou (COSCO,2010)Xiang Rui Kou (COSCO,2010)Kang Sheng Kou (COSCO,2002)Tai An Kou (COSCO,2002)
HYSY 278 (COOEC,2012)Hua Hai Long (Guangzhou Salvage,2011)Mega Passion (Mega Line,2010)ZS-E New 1 (Zhejiang Share-Ever,2012)
Talisman (Dockwise,1987/2008)
Transporter (Dockwise,1992/2007)
Triumph (Dockwise,1992/2008)
Trustee (Dockwise,1991/2008)
Target (Dockwise,1990/2007)
Treasure (Dockwise,1990/2008)
Swift (Dockwise,1983)
Teal (Dockwise,1982)
Tern (Dockwise,1982)
Swan (Dockwise,1981)
Eagle (OHT,1981/2006)
Falcom (OHT,1981/2007)Osprey (OHT,1989/2008)
Hawk (OHT,1986/2008)
Zhen Hua 28 (ZPMC,1988/2009)
Zhen Hua New 2 (ZPMC,1987/2009)
Zhen Hua New 1 (ZPMC,1986/2009)
Zhen Hua 22 (ZPMC,1983/2009)
Asian Atlas (Viatech,1976/2006)
Yamatai (NYK-Hinode Line,2010)Yamato (NYK-Hinode Line,2010)Mega Trust (Mega Line,2008)Mega Innovation (Mega Line,2009)Mega Caravan (Mega Line,2011)Mega Caravan 2 (Mega Line,2011)Haiyang Shiyou 225 (COOEC,2009)Haiyang Shiyou 226 (COOEC,2010)Yuanjing (COSCO,2009)Zhi Xian (COSCO,2010)Yuan Jian (COSCO,2007)Yuanjian (COSCO,2007)Dong Bang Giant 3 (Dong Bang,2010)Dong Bang Giant 2 (Dong Bang,2006)Dong Bang Giant 1 (Dong Bang,2006)Hanjin Pioneer (Hanjin,2010)Zhi Xian 2 (Shanghai Zhixian,2010)Teras Navigator (Terras offshore,2011)Tongbao World (Tongbao,2009)Tongbao Mercury (Tongbao,2005)Zhen hua 12 (ZPMC,2008)
Development Way (CCCC,2010)Wish Way (CCCC,2010)
Black Marlin (Dockwise,2000)Blue Marlin (Dockwise,1999/2005)
Transshelf (Dockwise,1987)
STX Rose 1 (STX Pan Ocean,2008)STX Rose 2 (STX Pan Ocean,2012)
* (Operator, Year vessel was built/converted)
Compliance standards by the energy industry are becoming increasingly strict
Vessels must be Open Deck/Open Stern
Vessels must be 15 years old or less
Vessels must be Asbestos Free
Vessels must have an IMO compliant Ballast Water Treatment systems
Operators’ organisation must meet the requirements of complex engineering support, project management skills, and commitment to high standards of SAFE practice and environmental awareness
15
Only 26% of the competitive fleet qualifies
based on these stringent standards
Demand for qualified vessels is strong and growing
AwardedProjects
Projects in the Tender phase
Projects in the Pre-Tender phase
Total
Onshore projects 15 32 26 73
Offshore projects 10 7 8 25
Total vessel years 25 39 34 98
16
Between 2012-2016, awarded projects and known projects in the (pre-) tender phase already require a total of 98 years of vessel time.
This equates to an average 20 vessels per year
New projects will only increase demand further
Offshore projects have a lead time of 2-3 years
Number of vessel years required for on/offshore projects 2012-2016 by contracting phase
We envisage a shortage of up to 20 vessels for the onshore and offshore projects
17
Vessels required for onshore and offshore projects vs. qualified vessels
Contact details - Fairstar Heavy Transport NV
19
Postal address Visiting addressP.O. Box 2225 Weena 316-318, Tower A3000 CE Rotterdam 3012 NJ RotterdamThe Netherlands The Netherlands
Philip Adkins (CEO)M +44 (0)7796 681 414E [email protected]
This material has been prepared by Fairstar Heavy Transport NV (“FHT").
This material is for distribution only under such circumstances as may be permitted by applicable law. It has no regardto the specific investment objectives, financial situation or particular needs of any recipient. It is published solely forinformational purposes. No representation or warranty, either express or implied, is provided in relation to theaccuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statementor summary of the securities, markets or developments referred to in the materials. It should not be regarded byrecipients as a substitute for the exercise of their own judgement. Any opinions expressed in this material are subject tochange without notice and may differ or be contrary to opinions expressed by other business areas or groups of FHT asa result of using different assumptions and criteria. FHT is under no obligation to update or keep current theinformation contained herein. Neither FHT nor any of its affiliates, nor any of FHT’s or any of its affiliates, directors,employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of this material.
© 2011 Fairstar Heavy Transport NV. All rights reserved. Fairstar Heavy Transport NV specifically prohibits theredistribution of this material and accepts no liability whatsoever for the actions of third parties in this respect.
ContactT +31 (0)10-403 5333F +31 (0)10-403 5344I www.fairstar.comE [email protected]