Teekay Petrojarl
FPSO Pioneer i Vekst
MainTech Konferansen
Trondheim 12 April 2012
T E E K A Y – T H E M A R I N E M I D S T R E A M C O M P A N Y ®
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Scope of Presentation
Teekay Corporation
Teekay Petrojarl
Market
Our Aspiration for future Growth – Developing
new Technology.
2
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Teekay Corporation
T E E K A Y – T H E M A R I N E M I D S T R E A M C O M P A N Y ®
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Vision and Values
4
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Teekay – A Global Franchise
Founded 1973 by the late Torben Karlshoej
Transnational company with over 6,300 employees worldwide
Largest tanker company by market capitalisation (NYSE: “TK”)
Fleet of over 150 vessels
Transporter of more than 10% of the world’s seaborne oil
Leading franchises in shuttle tanker and conventional tanker segments
Fastest growing independent LNG shipping company
Growing presence in the offshore sector
Recognized leader in safety, quality, and service
Trondheim
Aberdeen
Stavanger/Grimstad
Glasgow
London
Vancouver
Nassau Hamburg
Gdynia
Luxembourg
Madrid
Manila
Houston
Mumbai
Rio de Janeiro
Singapore
Perth
Sydney
5
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Tokyo
The Teekay Fleet
Terminal
Offshore
11
FPSO’s
40 Shuttle
Tankers
Conventional
5
FSO’s
62 Crude Oil
Tankers
Total of 153 Vessels
6
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26 Gas
Tankers
9 Product
Tankers
Business Unit Structure
7
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Scope of Presentation
Teekay Corporation
Teekay Petrojarl
Market
Our Aspiration for future Growth – Developing
new Technology.
8
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Teekay Petrojarl
The FPSO Pioneer
T E E K A Y – T H E M A R I N E M I D S T R E A M C O M P A N Y ®
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Teekay Petrojarl’s background
1974
Golar Nor
Offshore,
spinn-off from
Nordenfjelske
10
1984
Petrojarl I,
the first
purposed
FPSO
ever
ordered
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1995
Agreement
with BP for
Petrojarl
Foinaven
1998
PGS
Production,
Acquired by
PGS
1999
Petrojarl Banff
commences
production on the
Banff field.
Petrojarl Varg
Acquired from
Saga Petroleum
2001
2005
Sale of Pertra
Pertra
established takes over 70%
of PL038 (Varg
field) and
assumes
operatorship.
Continued
production from
Petrojarl Varg.
2006
Teekay
Petrojarl
Acquired by
Teekay
2006 - 2011
Years of change,
6 more FPSOs
contracted;
Petrojarl Cidade de
Rio das Ostras.
Petrojarl Cidade de
Itajai.
Petrojarl Knarr.
Sevan Piranema.
Sevan Hummingbird.
Sevan Voyageur.
Teekay Petrojarl - FPSO Fleet & Customers
Petrojarl Knarr
(BG Norge)
Petrojarl
Foinaven (BP)
Petrojarl Banff
(CNR)
Petrojarl Varg
(Talisman)
Voyageur Spirit
(E.ON)
Petrojarl I
(Statoil)
Ikdam (Lundin)
Hummingbird
Spirit
(Centrica Energy)
Petrojarl
Cidade de Itajai
(Petrobras)
11
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Petrojarl
Cidade de Rio
das Ostras
(Petrobras)
Piranema Spirit
(Petrobras)
Petrojarl I – Redeployments (1986 – 2012)
Hudson
Troll
Lyell
Oseberg
Balder
Glitne
Blenheim
Kyle
Fulmar
Angus
12
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Teekay Petrojarl - Long term Operational Experience
Unit
Petrojarl I
Petrojarl Foinaven
Petrojarl Varg
Petrojarl Banff
Petrojarl Cidade
de Rio das Ostras
Piranema Spirit
Humingbird Spirit
Voyager Spirit
Petrojarl Cidade de Itajai
Petrojarl Knarr
In total
13
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In Operation
25 years
14 years
13 years
12 years
3 years
0 years (oper. from 01.12.11)
0 years (oper. from 01.12.11)
0 years (sailout Q3 2012)
0 years (first oil Q3 2012)
0 years (first oil Q2 2014)
67 years
Status of Contracts for Existing Units
14
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Scope of Presentation
Teekay Corporation
Teekay Petrojarl
Market
Our Aspiration for future Growth – Developing
new Technology.
15
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FPSO
Market
T E E K A Y – T H E M A R I N E M I D S T R E A M C O M P A N Y ®
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FPSO – the preferred solution
17
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Market - World wide FPSO Contractors
18
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Market - The FPSO Market Outlook
126
Prospects
Analysts expect the FPSO fleet to grow by
126 units within the next 6 years.
However
Teekay’s view is 50-60 FPSOs are likely
to be contracted
Of Which
Approx. 50 % are expected to be leased
39
Construction
Leaving
25 to 30 FPSOs to be bid competitively
over the next 5 years.
144
Operation
Conclusion
Growth potential is relative and
competition will remain high in the
FPSO segment over the next 5 years.
2012
19
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2012-2016
Source: International Maritime Associates March 2011
Scope of Presentation
Teekay Corporation
Teekay Petrojarl
Market
Our Aspiration for future Growth – Developing
new Technology.
20
www.teekay.com
Our Aspiration
future Growth
Developing new
Technology.
T E E K A Y – T H E M A R I N E M I D S T R E A M C O M P A N Y ®
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Our Aspiration – the future Growth
Retain our position as the leading North Sea
FPSO contractor
Redeployment of existing units (contract
extensions)
Continuously improve Teekay Petrojarl’s track
record for Safety and Operational Excellence
Continue to be recognized for superior project
execution and engineering excellence within the
FPSO and FSO segments
Grow our FPSO operations in harsh weather
environments, and develop new areas of
expertise (e.g. heavy oil production)
Grow our operations in regions outside of the
North Sea (e.g. Brazil,)
22
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Organic Growth
Newbuilding or Conversion?
Newbuilding (e.g. Current North Sea projects under development);
Long lead time
Potentially lower cost for harsh environment and strict legislative
regimes (e.g. North Sea)
Potentially less risk (One stop shop)
Conversion (e.g. Petrojarl Cidade de Rio das Ostras)
Shorter lead time (e.g. Brazil)
Lower cost for less strict environment and legislative regimes
23
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Purpose Build FPSO
One stop shop.
24
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BG Group – Knarr (Jordbaer) Block 34/3
25
Tampen Basin
110 km from shore
410 m water depth
Closest infrastructure; Snorre (43 km)
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A Cost Comparison – Knarr FPSO vs Hurtigruteskip
26
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Conversion of an existing Tanker to a FPSO
Multiple Contractors.
27
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Design Overview
Wartsila
Power
Expro
International
Wartsila
Automation
Teekay
Petrojarl
Remontowa
Generation
Riser Balcony
Life
Boat
Fire Pump
CCR
Switchboard
Module
Helideck
Mooring
28
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Life
Boat
Mooring
Boiler
Utility Module
Mooring
MOB
Boat
Integration WorkProcess ModuleLER
Power
Generation
Flare
Tower
KO
drum
Offloading
Fire Pump
Crane
Metering
Crane
Mooring
Tiro Sidon – Petrobras
Petrobras discovered the Tiro and
Sídon deposits in 2009 in block BM S40 in around 250 m of water (close to
other oil discoveries Cavalo Marinho,
Caravela and Estrela do Mar.
Good quality oil (34° API) with 150
MMboe of estimated recoverable
reserves.
29
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Strategic Growth - Acquisition
Technology driven.
Sevan Techonology, Spread Moored;
Marginal fields
Ultra Deep Water
Artic waters
Power from shore
30
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The Sevan Deal
Acquire ownership of the Sevan units;
Hummingbird
Piranema
Voyager
(effective when on-going
modification completed)
40% interest in Sevan Marine ASA
31
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