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CONTENTS
SOCIETE GENERALE IN BRIEF
FPSO LIFE EXTENSION: CONCEPTS
DEFINITION
REQUIREMENTS
OPPORTUNITIES
FINANCING
FINANCING OF FPSO LIFE EXTENSIONS WORK
10
11
12
13
14
CONCLUSION
3
30 million
148,000
76 countries
clients worldwide
employees
2,7 billion
23.6 billion
Financial rating
LNG shipping
Offshore drilling
Dry bulk
Containers
FPSOs
Tankers
Car Carriers
Others
Financing Solutions
Corporate lending:
Capital Markets:
Project bonds, high-yield bonds and equity placement our integrated approach
Export Finance:
Leasing:
Both on- and off-balance-sheet financings through domestic and cross border leases
Refinancing
of 6 jack-up rigs
USD 1,685,000,000
USD 450,000,000
USD 1,550,000,000
USD 225,000,000
USD 1,450,000,000
USD 400,00,000
Co-arranger
2015
2015
2015
2014
2014
2014
BRAZIL
VARIOUS LOCATIONS
BRAZIL
BRAZIL
UNITED STATES
=> We have also seen several redeployments in the past (20+ vessels)
Regulation abiding
Compliance with applicable regulation
Petrojarl I FPSO
Source: Teekay Offshore Partners
Low oil price environment may lead field operators to focus on producing
Cost ranges
Life extension on existing locations: USD [10-100]m
Redeployments: USD [50-500]m
Historically the FPSO releveraging market is smaller than the new conversion financing market
10
Reporting
FPSO performance reports (with uptime)
Compliance certificate (confirming that covenants are in order)
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Typical events
Counterparty /
analysis
Mitigants
Life extension
work
technical risk
Delays
Costs overruns
Contractor
Suppliers /
Charter
payment risk
Subcontractors
Shipyard
field operator (as
paid
charterer)
JV (if project
charterer)
Operating risk
Force Majeure
risk
Political /
Country risk
Contractor (as
perform
vessel operator)
Force Majeure
field operator
Insurer
field operator
Insurer
event
Confiscation,
expropriation,
nationalisation, or
deprivation of the
vessel
Project characteristics
West Desaru MOPU (FPF5) offshore Malaysia and Jasmine Venture
FPSO (FPF3) offshore Thailand
Owned by a joint venture between First Reserve and Petrofac
USD 225m debt financing, tenor of 6 years, closed in August 2014
Financing secured by the two vessels and to be repaid by the cashflows
generated in the respective charter contracts
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Project characteristics
The FPSO Xikomba worked during 8 years offshore Angola and was
disconnected in 2011
After refurbishment the vessel was renamed NGoma and was redeployed
in late 2014 to another field offshore Angola under a new 12-year charter
contract
Owned by a joint venture between SBM Offshore, Sonangol and Angolan
Offshore Services
USD 600m debt financing, closed in August 2013
Financing secured by the vessel and to be repaid by the cashflow
generated by the new charter contract
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CONCLUSION
Debt finance is available for the right FPSO life extension or redeployment projects
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Thank you
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