Seawell Limited
Pareto Oil and Offshore Conference – September 2008
Executive Chairman Jørgen Peter Rasmussen
This is Seawell
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Seawell Limited is an International Oilfield Service
company
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Established October 2007
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Drilling Services and Well Services
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Core business lines being Platform drilling, Drilling facility
engineering, Modular Rigs, Well intervention services and
Oilfield technology
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More than 2500 people at present
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OTC ticker - SEAW
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What part of the oilfield service
market do you prefer ?
1/3 + 2/3
Only 1/3 of the oil has been produced in existing fields
2/3 of new wells are drilled from fixed platforms
Probably the no 1 market to be in!
Drilling Services and Well Services
Fighting declining production and increasing the reserves
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We are about people and technology
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Skills
Experience
Attitude
Knowledge
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Technology
Innovation
Tools
Solutions
Ideas
Risk management
Patents
Seawell – becoming a global company
Alaska
Aberdeen
Newcastle
Bergen
Stavanger
Esbjerg
Caspian Sea
Houston
Abu Dhabi
Lagos
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Kuala Lumpur
Seawell have two major operational divisions
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Our goal is to help our clients produce more hydrocarbons
through better production wells, effective repairs of producing
wells and assisting in increasing reserves !
Platform Drilling Service
Drilling Facility Engineering
Modular Rigs
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Platform Drilling Services
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Production drilling
Integrated operations
Drilling facility maintenance
Platform operations
Recompletions
Modular Rig crewing
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1800 experienced drillers
30 years experience
Long term contract and relations
Quality of service
World leadership
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Steady and solid business
Drilling facility engineering
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Design and commissioning of Drilling
facilities and technology
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400 Skilled engineers
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Total project management
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Deepwater experience
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Rig Support teams
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Operations World-wide
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Fastest growing unit in Seawell
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Next generation modular drilling systems
Modular Rig
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Multipurpose: drilling, work-over,
snubbing, P&A work
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Flexible module set-up, can be arranged
to suit most North Sea platforms
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Rig up/down time = < 10 days
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Low POB = <13 POB
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Modern, proven technology & meets
North Sea rules and regulations
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Global application and potential
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Drilling Services - Growth and Margins
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Expand Core business to a global footprint by entering GOM,
Brazil, West Africa and Middle East with platform drilling
services.
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Develop a Modular Rig fleet for offshore platform drilling
services as a higher margin business.
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Expand our Engineering House to a world wide business and
using a global back office model.
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Effective cost control to improve operational profit
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Well Intervention Services
Oilfield Technology
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Well Intervention services
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Wireline and slickline multi drums
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Conveying of logging, perforation,
zonal isolation.
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Well clean-up and fishing
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Emergency response team
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TECWEL investigation tools
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Leak and sand detection
• 400 jobs in 25+ countries
• 95 percent success rate
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Wireline tractor services
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Subsea well intervention services
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Special designed intervention tools
Oilfield technology
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Barrier plug technology
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Cementing technology
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Tools and technology for wire-line
and slick-line
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Investigation and video technology
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Fishing tools
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Drilling technology
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Remote operations
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Conveyance technology
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Drilling engineering CAD-CAM
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Well Services - Growth and Margins
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Commercialize TecWel tools and technology world wide
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Build a global sales organisation for PEAK products and
services, underway with UK and USA since June
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Expand our Wireline Business to a world wide business and
organically and through acquisitions of local wireline
companies.
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More technology commercialised and more technology in
development…
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Financial highlights Q2-2008
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EBITDA of NOK101.7 million
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Operating profit NOK83.3 million
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Net income NOK44.0 million
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Revenues of NOK885 million
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Total asset: NOK3,000 million
Financial data divisions
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Drilling Services
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Well Services
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Q2 2008
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Q2 2008
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Revenue
722,3 MNOK
Operating Profit 49,8 MNOK
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Revenue
162,4 MNOK
Operating Profit 33,5 MNOK
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Q1 2008
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Q1 2008
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554,6 MNOK revenue
37,0 MNOK Operating profit
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92,4 MNOK revenue
13,5 MNOK Operating profit
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Strong track record lays foundation for growth
3 500
450
CAGR 2003-2007
Revenues +27%
EBITDA +30%
400
350
2 500
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2 000
250
1 500
200
150
1 000
100
500
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0
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2003
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2004
1) Excl. reimbursables
2005
2006
Sales
EBITDA
2007
2Q2008*4
2Q08 vs. 1Q08
Revenues +31%
EBITDA +53%
EBITDA, NOKm
Op. revenues, NOKm
1)
3 000
Strategy
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Strengthen our core businesses to become world leaders in each domain
• Buy and Build, keep the focus on what we do best.
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Global operating company
• North Sea, Americas, Africa and Middle East- South East Asia
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Develop a multinational organisation for expansion and excellence.
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Develop new core business lines in the drilling service and well services
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Build significant shareholder value through profitable growth
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The story so far, 11 months old
30 years of experience
Seawell established October 1 2007
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2008 – Acquired Noble’s platform drilling division in the
UK.
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2008 – Seawell Engineering established in the US
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2008 – Placed an order for new well service modular rig
unit
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2008 – Acquired Peak Well Solutions a.s
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2008 – Acquired TecWel a.s.
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YTD: 5 billion NOK of new and extended contracts
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What do you think we will do next year?
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Confidential
Disclaimer
THIS PRESENTATION AND ITS ENCLOSURES AND APPENDICES (HEREINAFTER JOINTLY REFERRED TO AS THE “PRESENTATION” HAS BEEN PREPARED BY
SEAWELL LIMITED. (”SEAW” , “SEAWELL or THE ”COMPANY”) EXCLUSIVELY FOR INFORMATION PURPOSES. THIS PRESENTATION HAS NOT BEEN
REVIEWED OR REGISTERED WITH ANY PUBLIC AUTHORITY OR STOCK EXCHANGE. RECIPIENTS OF THIS PRESENTATION MAY NOT REPRODUCE,
REDISTRIBUTE OR PASS ON, IN WHOLE OR IN PART, THE PRESENTATION TO ANY OTHER PERSON.
THE DISTRIBUTION OF THIS PRESENTATION AND THE OFFERING, SUBSCRIPTION, PURCHASE OR SALE OF SECURITIES ISSUED BY THE COMPANY IN
CERTAIN JURISDICTIONS IS RESTRICTED BY LAW. PERSONS INTO WHOSE POSSESSION THIS PRESENTATION MAY COME ARE REQUIRED BY THE
COMPANY TO INFORM THEMSELVES ABOUT AND TO COMPLY WITH ALL APPLICABLE LAWS AND REGULATIONS IN FORCE IN ANY JURISDICTION IN OR
FROM WHICH IT INVESTS OR RECEIVES OR POSSESSES THIS PRESENTATION AND MUST OBTAIN ANY CONSENT, APPROVAL OR PERMISSION REQUIRED
UNDER THE LAWS AND REGULATIONS IN FORCE IN SUCH JURISDICTION, AND THE COMPANY SHALL NOT HAVE ANY RESPONSIBILITY OR LIABILITY FOR
THESE OBLIGATIONS. IN PARTICULAR, NEITHER THIS PRESENTATION NOR ANY COPY OF IT MAY BE TAKEN OR TRANSMITTED OR DISTRIBUTED, DIRECTLY
OR INDIRECTLY, INTO CANADA OR JAPAN.
THIS PRESENTATION DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION TO
ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE SUCH AN OFFER OR SOLICITATION IN SUCH JURISDICTION.
IN RELATION TO THE UNITED STATES AND U.S. PERSONS, THIS PRESENTATION IS STRICTLY CONFIDENTIAL AND IS BEING FURNISHED SOLELY IN
RELIANCE ON APPLICABLE EXEMPTIONS FROM THE REGISTRATION REQIUREMENTS UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED. THE
SHARES OF SDRL HAVE NOT AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OR ANY STATE SECURITIES LAWS, AND MAY NOT BE
OFFERED OR SOLD WITHIN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS, UNLESS AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT IS AVAILABLE. ACCORDINGLY, ANY OFFER OR SALE OF SHARES IN SDRL WILL ONLY BE
OFFERED OR SOLD (I) WITHIN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS, ONLY TO QUALIFIED INSTITUTIONAL
BUYERS (”QIBs”) IN PRIVATE PLACEMENT TRANSACTIONS NOT INVOLVING A PUBLIC OFFERING AND (II) OUTSIDE THE UNITED STATES IN OFFSHORE
TRANSACTIONS IN ACCORDANCE WITH REGULATION S. ANY PURCHASER OF SHARES IN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OF U.S.
PERSONS, WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS AND ACKNOWLEDGEMENTS, INCLUDING WITHOUT LIMITATION THAT THE
PURCHASER IS A QIB.
NONE OF THE COMPANY’S SHARES HAS BEEN OR WILL BE QUALIFIED FOR SALE UNDER THE SECURITIES LAWS OF ANY PROVINCE OR TERRITORY OF
CANADA. THE COMPANY’S SHARES ARE NOT BEING OFFERED AND MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN CANADA OR TO OR FOR
THE ACCOUNT OF ANY RESIDENT OF CANADA IN CONTRAVENTION OF THE SECURITIES LAWS OF ANY PROVINCE OR TERRITORY THEREOF.
This Presentation includes “forward-looking” statements (defined in Section 27A of the US Securities Act and Section 21E of the US Exchange Act as all
statements other than statements of historical facts) including, without limitation, those regarding the Company’s financial position, business strategy, plans
and objectives for future operations. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of the Company, or, as the case may be, the industry, to materially differ from any future results,
performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous
assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate. Among the important
factors that could cause the Company’s actual results, performance or achievements to materially differ from those in the forward-looking statements are,
among others, the competitive nature of the markets, technological developments, government regulations, changes in economical conditions or political
events.
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