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TRANSCRIPT
First Quarter 2011 Results
April 28, 2011
First Quarter 2011 Results22
Contents
1. First Quarter 2011 Operational Highlights
2. Financial Highlights
3. Strategy and Outlook
4. Annex
First Quarter 2011 Results3
1. First Quarter 2011 Operational Highlights
3
First Quarter 2011 Results44
First Quarter Subsea Operational Highlights
Projects completedJubilee (Ghana) West Delta Phase 7 (Egypt)
Offshore operations in progressBlock 31 (main operations completed in Angola)Pazflor (Angola)Marulk (North Sea)CWLH (Australia)
Asset activityVessel utilization rate: 65% (dry docks)First flexible pipes delivered for pre-salt Tupi Pilot (Brazil)Ramp-up continued on Asiaflex (Malaysia)
Deep Pioneer offshore Angola (Pazflor)
Apache II on Evanton spoolbase, UK
First Quarter 2011 Results55
Projects completedOffshore Associated Gas (OAG) project (UAE)FEED for Wheatstone platform (Australia)
Commissioning & start up in progressNeste Oil biodiesel plant (Netherlands)Offshore P-56 semi-submersible (Brazil)
Work in progressBlock 1 Gas development (Turkmenistan)Jubail Refinery (Saudi Arabia)PMP (Qatar) Asab 3 (UAE)Shell & Petronas FLNG FEEDs (Australia & Malaysia)
First Quarter Onshore/Offshore Operational Highlights
OAG, UAE
P-56 Semi-Submersible, Brazil
First Quarter 2011 Results6
Subsea order intakeEPIC & diving support (North Sea & Canada)Marine Well Containment System (Gulf of Mexico)Flexible pipe supply (Brazil & Malaysia)
Onshore/Offshore order intakeCubatão refinery (Brazil)Ethylene XXI FEED (Mexico)Offshore facilities services contracts (UAE, Indonesia & Australia)
€ million
First Quarter Order Intake & Backlog Highlights
1Q10 1Q114Q10 1Q10 1Q114Q10
3,2993,1112,893
736
440
698
1Q10 1Q114Q10 1Q10 1Q114Q10
5,7826,1175,233
557897
1,774
Order intake Backlog
Order intake Backlog
First Quarter 2011 Results7
2. Financial Highlights
7
First Quarter 2011 Results8
Group Financial Highlights
(1) calculated as operating income from recurring activities before depreciation and amortization(2) from recurring activities
0.920.88Diluted EPS (€)
--Other Operating Income
0.80.7Minority Interests
-1.0Income of Equity Affiliates
143.2137.0Profit Before Tax
(1.6)(3.2)Financial Result
104.395.9Net Income
10.1%10.6%Operating margin (2)
12.5%13.2%EBITDA margin
(39.7)(41.8)Income Tax
144.8139.2Operating Income (2)
179.0174.5EBITDA (1)
1,436.21,318.4Revenue
1Q 10€ million 1Q 11
First Quarter 2011 Results9
Segment Financial Performance
(6)%
1Q 10
594632
1Q 11
Subsea Onshore/Offshore
+23%
842687
+61%
62
39 +177bp
7.4%5.6%
(8)%
100108
(28)bp
16.8%17.1%
1Q 10 1Q 11 1Q 10 1Q 11
1Q 10 1Q 11
1Q 10 1Q 11 1Q 10 1Q 11
€ millions (not audited)
Revenue
Operating Income(1)
Revenue
Operating Income(1)
(1) from recurring activities
First Quarter 2011 Results10
3 months
Net Cash as of December 31, 2010 1,332.3
Operating Cash Flow 165.1
Change in Working Capital (145.8)
Capex (47.5)
Share Divestment / Acquisitions, Dividend Payment and Other (3.7)
Net Cash as of March 31, 2011 1,300.4
Increase / Decrease in Gross Debt (27.1)Increase / Decrease in Gross Cash (59.1)
€ million
Maintenance capex & initial payments on new Asian vessel
Cash Flow and Balance Sheet
Mainly evolution of net construction contract balance
First Quarter 2011 Results11
3. Strategy and Outlook
11
First Quarter 2011 Results12
R&D center
Flexible plant
Logistic bases
Flexlay vessels 4x (Skandi Niteroi under construction)
Rigid spoolbases 2x
Umbilical plant
Logistic bases
Diving support vessels 4x
Rigid spoolbase
Umbilical plantFlexible & umbilicalplant
Logistic base
Construction / flexlay vessel 1x
Diving supportvessels 4x
Worldwide support
Additional flexible plant under construction in Angra Porto, Brazil
Gulf of Mexico
BrazilWest Africa
ME / Asia Pacific
North Sea & Canada
Rigid spoolbase
Umbilical plant
Tender for new flexlay vessels in Brazil
Umbilical plant enhancement
Additional flexlay vessel under construction for Asia
Subsea: Continuous Investment Programto Drive Profitable Growth
Investments year-to-date
Potential investments
Upstream field development and project engineering
R&D centers
Manufacturing plant
6 Global Vessels (Deep Energy under construction)
1
2
3
?
First Quarter 2011 Results13
CNRL
Algiers Refinery
Cubatão
Ethylene XXIMariscal Sucre
Upper Zakum 750+
Macedon
Gendalo-Gehem
Wheatstone
Badra
Diversified / Medium-sized contract
Strategic / FEEDFlagship / Large contract
Petronas FLNG
GonfrevilleBurgas
Kharir
Flare Gas Recovery AdistarMWCS Jack & St Malo
BC-10 Ph.2
IPB Papa-Terra
Clov Umbilicals
Jubilee Export
GygridGjøa
Clipper South
Well Diversified Portfolio of New Contracts Since October 2010
Flexlay Charter
Berantai & Sepat
West Qurna
Hibernia Ph.2
Flexible Supply
Underlined projects are part of 1st quarter order intake
First Quarter 2011 Results14
Subsea Offshore Onshore Group
2011 (9 months) 1,823.0 462.2 2,169.0 4,454.2
2012 962.2 499.5 1,962.0 3,423.7
2013+ 513.6 128.1 561.6 1,203.3
Total 3,298.8 1,089.8 4,692.6 9,081.2
Solid, Profitable Backlog with Good Visibility
€ million (not audited)
First Quarter 2011 Results1515
Business Environment
Political uncertainty in North Africa pushing back awardsContinued tendering across the Gulf of Guinea
Strong momentum in gas-related projectsInvestment in refining, petrochemicals and fertilizerPromising market for flexible pipe & umbilical solutions
First major pre-salt tenders High level of tendering for projects, assets and flexible pipeNon pre-salt work very activeContinuous focus on logistics & local contentExpanding onshore opportunities
Brazil
Africa
First drilling permits grantedSlow but steady momentum
Gulf of Mexico
Some activity in Canadian oil sandsLimited opportunities in US onshore
North AmericaPositive trend continuesTendering turning to awards
North Sea
Onshore very slowIncreasing focus on renewable energies
Europe
Downstream & offshore strategic investments continue across the region
Middle East
Asia PacificSeveral onshore/offshoreprojects moving forward
Latin America
First Quarter 2011 Results16
2011 Full Year Outlook* Confirmed
Group revenue around €6.5 - 6.7 billion
Subsea revenue around €2.6 - 2.7 billion
Subsea operating margin above 15%
Onshore/Offshore combined operating margin between 6.0% and 6.5%
*at current exchange rates
First Quarter 2011 Results17
Technip
ISIN: FR0000131708Bloomberg: TEC FP Reuters: TECF.PA SEDOL: 4874160
OTC ADR ISIN: US8785462099ADR: TKPPK
First Quarter 2011 Results18
Bloomberg ticker: TKPPYCUSIP: 878546209
Depositary bank: Deutsche Bank Trust Company Americas
Depositary bank contacts:
ADR broker helpline: +1 212 250 9100 (New York) +44 207 547 6500 (London)
e-mail: [email protected] website: www.adr.db.comDepositary bank’s local custodian: Deutsche Bank Amsterdam
Technip has a sponsored Level 1 ADR
First Quarter 2011 Results19
Safe Harbor
his presentation contains both historical and forward-looking statements. These forward-looking statements are not based on historical facts, but rather reflect our current expectations concerning future results and events and generally may be identified by the use of forward-looking words such as “believe”, “aim”, “expect”, “anticipate”, “intend”, “foresee”, “likely”, “should”, “planned”, “may”, “estimates”, “potential” or other similar words. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by these forward-looking statements. Risks that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among other things: our ability to successfully continue to originate and execute large services contracts, and construction and project risks generally; the level of production-related capital expenditure in the oil and gas industry as well as other industries; currency fluctuations; interest rate fluctuations; raw material (especially steel) as well as maritime freight price fluctuations; the timing of development of energy resources; armed conflict or political instability in the Arabian-Persian Gulf, Africa or other regions; the strength of competition; control of costs and expenses; the reduced availability of government-sponsored export financing; losses in one or more of our large contracts; U.S. legislation relating to investments in Iran or elsewhere where we seek to do business; changes in tax legislation, rules, regulation or enforcement; intensified price pressure by our competitors; severe weather conditions; our ability to successfully keep pace with technology changes; our ability to attract and retain qualified personnel; the evolution, interpretation and uniform application and enforcement of International Financial Reporting Standards (IFRS), according to which we prepare our financial statements as of January 1, 2005; political and social stability in developing countries; competition; supply chain bottlenecks; the ability of our subcontractors to attract skilled labor; the fact that our operations may cause the discharge of hazardous substances, leading to significant environmental remediation costs; our ability to manage and mitigate logistical challenges due to underdeveloped infrastructure in some countries where we are performing projects. Some of these risk factors are set forth and discussed in more detail in our Annual Report. Should one of these known or unknown risks materialize, or should our underlying assumptions prove incorrect, our future results could be adversely affected, causing these results to differ materially from those expressed in our forward-looking statements. These factors are not necessarily all of the important factors that could cause our actual results to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors also could have material adverse effects on our future results. The forward-looking statements included in this release are made only as of the date of this release. We cannot assure you that projected results or events will be achieved. We do not intend, and do not assume any obligation to update any industry information or forward looking information set forth in this release to reflect subsequent events or circumstances.
****
This presentation does not constitute an offer or invitation to purchase any securities of Technip in the United States or any other jurisdiction. Securities may not be offered or sold in the United States absent registration or an exemption from registration. The information contained in this presentation may not be relied upon in deciding whether or not to acquire Technip securities. This presentation is being furnished to you solely for your information, and it may not be reproduced, redistributed or published, directly or indirectly, in whole or in part, to any other person. Non-compliance with these restrictions may result in the violation of legal restrictions of the United States or of other jurisdictions.
T
First Quarter 2011 Results20
4. Annex
20
First Quarter 2011 Results2121
First Quarter 2011
First Quarter 2011 Results22
Group 1Q 2011 Balance Sheet
€ million Dec. 31, 2010 Mar. 31, 2011Fixed Assets 4,146.0 4,167.5Construction Contracts 378.6 447.1Other Assets 2,591.7 2,260.7Cash & Cash Equivalents 3,105.7 3,046.7Total Assets 10,222.0 9,922.0
Shareholders' Equity (including minority interests) 3,202.1 3,347.2
Construction Contracts 694.9 655.9Financial Debt 1,773.4 1,746.3Other Liabilities 4,551.6 4,172.6Total Shareholders' Equity and Liabilities 10,222.0 9,922.0
First Quarter 2011 Results23
Backlog above €9 billion
Subsea
Offshore
Onshore
2008 20092007
37%
6%
57%
49%
6%
45%
38%
6%
54%
9,390
7,208
8,018
34%
12%
9,228
2010
56%
9,082 million
1Q2011
9,082
52%
12%
36%
2009 31%
201048%
201113%
20084%
< 20084%
Backlog across segments Backlog by award date as of March 31, 2011
€ million
First Quarter 2011 Results24
21%6%
35%
9%
27%
16%
30%
7%
29% 18%
Technip’s backlog by geography and activity as of March 31, 2011
Market SplitBy Geography
Europe / Russia Central Asia
AfricaAsia
Pacific
Americas
Middle East
Deepwater>1,000 meters
PetrochemsOther 2%
Gas / LNG
Refining /Heavy Oil
Shallow Water
Current business is diversified across key growth markets
First Quarter 2011 Results25
Onshore and Offshore 1Q 2011 Figures
+17%
1Q 10
638545
1Q 11
Onshore Offshore
+44%
204142
(8)%
1011
(280)bp4.9%
7.7%
+89%
52
28+311bp
8.2%5.1%
1Q 10 1Q 11 1Q 10 1Q 11
1Q 10 1Q 11
1Q 10 1Q 11 1Q 10 1Q 11
€ million (not audited)
Revenue
Operating Income(1)Operating Income(1)
Revenue
(1) from recurring activities
First Quarter 2011 Results2626
Full Year 2010
First Quarter 2011 Results2727
Full Year 2010 Financial Performance
(5) %
2009
2,7322,866
2010
Subsea Onshore/Offshore
(7) %
3,3503,590
+8 %
207191
+85 bp
6 %5 %
(14) %
457533
(187) bp17 %19 %
2009 2010 2009 2010
2009 2010
2009 2010 2009 2010
Revenue Revenue
Operating income(1)Operating income(1)
(1) from recurring activities
€ million (not audited)
First Quarter 2011 Results28
Full Year 2010 Financial Highlights
(1) calculated as operating income from recurring activities before depreciation and amortization(2) from recurring activities
(3) 2009 included €245m exceptional provision for TSKJ matter
3.811.59Diluted EPS (€)
1.451.35Dividend per share (€)
(5.6)(247.5)Other Operating Income (3)
2.4(8.1)Minority Interests
-4.7Income of Equity Affiliates
594.6373.2Profit Before Tax
(20.1)(60.7)Financial Result
417.6170.4Net Income
10.2%10.5%Operating margin (2)
12.8%14.0%EBITDA margin
(179.4)(194.7)Income Tax
620.3676.7Operating Income (2)
777.3900.8EBITDA (1)
6,081.96,456.0Revenue FY 09€ million
30.2% effective tax rate
Lower IFRS impacts
+ €0.10
Operating Profitability above 10% for the second year running
FY 10
Lower one-off charges
First Quarter 2011 Results29
12 months
Net Cash as of December 31, 2009 1,783.6
Operating Cash Flow 539.2
Change in Working Capital (500.9)
Capex (388.9)
Share Acquisitions (114.7)
Dividend Payment (143.6)
Others 157.6
Net Cash as of December 31, 2010 1,332.3
Increase in Gross Debt 901.8Increase in Gross Cash 450.5
€ million
MHB investment
Includes €174 million TSKJ payments
Full Year 2010 Cash Flow Statement
Short-term debt was refinanced to 5 & 10 year maturities
2009 dividend per share: €1.35
First Quarter 2011 Results3030
Strategic Investments
First Quarter 2011 Results3131
Continued Strategic Investments
2007 2008 2009 2010
544542
57
2007 2008 2009 2010
262
401 424504
Brazilian built flexlay vessel: Skandi Niteroi
MHB
**IPB: Integrated Production Bundles, proprietary technology
2010 key achievementsNet R&D expenditure*
Capex & Investments
1st Reeled heated pipe-in-pipe:Islay
1st IPB** flexible in Brazil:Papa-Terra
Malaysian yard: MHB (Petronas)
*R&D costs supported by Technip, excluding project related R&D costs
€ million
First Quarter 2011 Results32
Strategic Priorities
Balanced, profitable backlog
Key differentiating assets
Local content
Technology
Vertical integration
Execution capability
2011 YTD Key Initiatives
Capitalize on worldwide footprint
Investment in wind turbine technology
Reinforcing steel tubes umbilicals capability
Dedicated flexlay vessel forAsian market
New high-end flexible
manufacturing plant in Brazil
2011: Focus on Sustainable & Profitable Growth
First Quarter 2011 Results33
1. Expansion of steel tube umbilicals capability
2. Dedicated newbuild flexlay vessel for Asian market
3. High-end flexible manufacturing in Brazil
4. Strategic foothold in offshore wind market
1. Technip’s Umbilicals capacity
Houston(GoM) Lobito
(West Africa) Asiaflex (Asia Pacific)
Newcastle (North Sea)
2. Newbuild vessel for Asian market
Four New Growth Initiatives for 2011
First Quarter 2011 Results34 34
34
Risers
Export lines
Buoyancy can – FSHR(2), Technip's hybrid system
(1) Integrated Production Bundle(2) Free Standing Hybrid Riser
Flexible riser & jumper
Rigid riser/flowline/export
IPB flexible pipeFlexible flowline
IPB(1)
Infield flowlines
Jumpers
3. Expansion of Brazil Manufacturing Footprint
First Quarter 2011 Results3535
4. Strategic Foothold in Offshore Wind
Hywind project: 2009
World's first full-scale floating wind turbine
Subocean acquisition: 2011
• UK-based subsea wind cable-installation company
Vertiwind project: 2011
R&D program on vertical-axis floating wind turbine
Leverage Technip's engineering, project management expertise and installation know-howDevelop skills & assets, plus relevant partnershipsInitial focus on European market
Technip’s priorities
First Quarter 2011 Result36 First Quarter 2011 Results36
Technip Today
First Quarter 2011 Results37
Bringing Innovative Solutions to Clients in 3 Segments
Strong reputation with customers & business partners
Project execution expertise
High added-value processknow-how
OnshoreSubsea
Worldwide leadershipUnique vertical integration
Design & Project ManagementManufacturing & SpoolingInstallationR&D
First class assets and technologies
Manufacturing plantsHigh performing vesselsAdvanced rigid & flexible pipes
TPG 500 Unideck Semi-submersible Spar EDP FPSO/FLNG
Offshore
Innovative engineering capabilities
Proprietary platform design
Proven track record in engineering & construction
First Quarter 2011 Results38
Two Complementary Business Models Driving Financial Structure and Performance
* from recurring activities
FY 09
533457
FY 10
€ million
18.6%
FY 09 FY 10
16.7%
FY 09
191 207
FY 10
€ million
FY 09 FY 10
Negative working capital
5.3%6.2%
Subsea Offshore Onshore
Operating Income* Operating Margin* Combined Operating Income*
Combined Operating Margin*
Capital intensive: fleet and manufacturing unitsVertical integration from engineering to manufacturing & construction
Negative capital employed: low fixed assetsHigh degree of outsourcing & sub-contracting
First Quarter 2011 Results39
Aberdeen
ParisSt. John’s
Luanda
Rio de Janeiro
Houston
Mumbai
Kuala Lumpur
Perth
Lagos
Vitória
Los Angeles
Caracas
Dande
Lobito
Port Harcourt
BarcelonaLyon
RomeAthens
The HagueDüsseldorf
St. PetersburgEvanton
LondonNewcastle
Abu DhabiDoha
Chennai Bangkok
Singapore
JakartaBalikpapan
Shanghai
Pori
Le Trait
Bogota
New Delhi
Regional Headquarters / Operating centers
Spoolbases
Manufacturing plants (flexible pipelines)Manufacturing plants (umbilicals)Construction yard
Tanjung Langsat
Calgary
Monterrey
Oslo
Orkanger
Stavanger
Services base
Baku
Angra Porto
Seven Empowered RegionsTechnip’s Worldwide Presence
Accra
First Quarter 2011 Results40
National Oil Companies International Oil Companies
Large Diversified & Balanced Customer Base
First Quarter 2011 Results41
Assets on all continents
Flexible plants:Brazil, France, Malaysia
Rigid spoolbases:Angola, Norway, UK, USA
Logistic bases:Brazil, France, Malaysia
Umbilical plants:Angola, Malaysia, UK, USA
State-of-the-art fleet designed to:
Install pipes
Heavy construction
Diving support
Close to production sites
Proprietary technology
Dedicated engineering teams around the world
Strategic locationsAberdeenHoustonKuala LumpurOsloParisPerthRio de Janeiro
World-classR&D facilities
Aberdeen (UK)Le Trait (France)Newcastle (UK)Rio & Vitoria (Brazil)
Seamless Execution Subsea: a Unique Vertically Integrated Business Model
Manufacturing & Spooling 3
R&D 1
Installation
Design & Project Management 2
4
First Quarter 2011 Results41
First Quarter 2011 Results42
High Performing Fleet
Venturer Seamec 3 Wellservicer AllianceSkandi Achiever
Seamec 2 Seamec 1 Orelia Seamec PrincessSkandi ArcticDiving support vessels (DSV)
10 units
Rigid and flexible pipelay vessels
6 units
Sunrise 2000
Deep Blue Apache II
Skandi Vitoria
Subsea construction vessels
(flexlay capability)3 units Deep ConstructorDeep Pioneer
Deep Energy
Newbuild vessel for Asian Market
*Vessels under construction
Skandi Niteroi
First Quarter 2011 Results43
VesselsSkandi VitoriaSunrise 2000Normand ProgressSkandi Niteroi 1)
Flexible pipe#1 local supplier1st IPB* in Brazil (Papa-Terra)Flexible pipe for pre-salt (Tupi Pilot)
Rigid pipe1st Free Standing Hybrid Riser (PDET)1st Reeled Pipe-in-Pipe (Canapu)Tupi pre-salt 216km export line
OffshoreOffshore platforms P51/P52 & P56 / P58 / P62Brazilian FLNG Feed
ResourcesOperating & Engineering centerSubsea R&D complex
Operating Center (Rio)
Flexible plant (Vitoria)
*Integrated Production Bundle1) under construction
Logistic Base & Flexible plant under construction (Angra)
1)
Technip in Brazil Operations
Technip: Long-Standing Presence in Brazil
1977: 20 EngineersGaroupa field development- Platform design- 1st flexible pipe installed in Brazil- 100 meters water depth
1985: 1st flexible plant in Vitoria2007: over 2,000 employees
Roncador field development - P-52 Platform - Subsea works- 1,800 meters water depth
2009: Angra Porto logistic base2010: 1st Brazilian flagged flexlay
vessel2011:
Initial plan for new high-end flexible plant2nd Brazilian flagged flexlay vessel to be delivered
Technip in Brazil: 2,800 employees
First Quarter 2011 Results44
Technip’s Asia Pacific Regional Hub
Technip’s priorities
Perth
Bangkok
Shanghai
Singapore
Jakarta
Balikpapan
Kuala Lumpur
Technip’s Operating Centers
Flexible/Umbilical manufacturing plant
MHB’s yard
1st and only Asian flexible/umbilical manufacturing plantOffshore logistic baseDedicated local installation capacity
Asiaflex
Major fabrication yard in South East AsiaCentrally locatedStrong platform fabrication track recordSupport from MISC / PETRONASCollaboration agreement to provide EPCI capability and
technology to PETRONAS
Investment in MHB
3,600 peopleFounded in 1982
Technip in Asia Pacific
Enhance local content and client proximity Provide proven technology, world class engineering and executionReinforce regional capability: Onshore/Offshore/Subsea
Newbuild vessel for Asian Market
First Quarter 2011 Results4545
The first offshore field in Ghana
Engineering, Fabrication and Installation projects involving Technip’s centers in Paris, Houston and Angola
Fabrication of flexible pipes in Le Trait, France
Mobilization of Deep Blue and Deep Pioneer for offshore campaign
Jubilee, an Example of a Seamless Project Execution
Houston
Jubilee
Paris
Fabrication of the flexible pipes
Coordinated Engineering
teams from the Subsea Division
Multi vessel installation (Including Deep Blue & Deep Pioneer)
Le Trait
First Quarter 2011 Results4646
Ethylene IncreasedEfficiency
Cryogenic Rigid Pipe-in-PipeFlow-AssuranceUltra Deepwater
State-of-the-Art Technology in all Business Segments
Unrivalled high technological assets Numerous proprietary technologies and partnerships with licensors
LNG unloading/ long distance applications
Heated and monitoredFlexible Pipes
3,000m (7”- 11”)Flexible Pipes
Heated Rigid Pipe-in-Pipe
Design, manufacture & qualify flexible pipes for 3,000 m water depth
Integration of gas lift tubes, electrical cables or optic fibers in the production riser (Schlumberger cooperation)
New Electrical Trace Heating technology qualified by major clients
Increasing ethylene and refining efficiency
Subsea Offshore Onshore
First Quarter 2011 Results47
Reeled Heated Pipe-in-Pipe
Flow assurance: heated pipe-in-pipeFibre optic temperature monitoring Fast installation: reeled pipe-in-pipeBuilt-in directly onshore, at our spoolbasesHigher insulation efficiency: lower power requirements
6 km tie-back in 122 meters of waterMajor challenge: hydrates formationEPCI project, valued in excess of £60 millionOffshore deployment in mid-2011 with Technip’s fleet
*ETH: Electrical Trace Heating
Technip’s ETH* technology Islay Project, UK North Sea
First Quarter 2011 Results48
FLNG1, an Innovative Solution for our Customers
FLNG is a commercially attractive and environmentally sensitive approach for offshore gas fields in remote locations
Technip’s unique combination of skills and technology:
LNG processOffshore facilitiesSubsea infrastructures
Shell: 15 year master agreement
Petrobras FEED delivered end 2010
Petronas FEED awarded beginning 2011
1: Floating Liquefied Natural Gas
1,476 x 230 feet, (450 x 75 meters), 3.5 mtpa LNG capacity
Synergies of Technip’s broad ranging strengths in all three business segments
First Quarter 2011 Results49
Riser system
Buoyancy canTop side jumpers
Very deep water umbilical (3,000m)
Very deep water jumpers (3,000m)
World Class Engineering & Technology to Develop Marine Well Containment System
Fast track projectStrong requirements
Very deep water 10,000 feet - 3,000 meters)High pressure (10,000 psi - 690 bar)Holding capacity100,000 barrels per day
First Quarter 2011 Results50
Shareholding structure, December 2010
Listed on NYSE Euronext ParisSource: Ipreo June 2010
FSI5.4%
North America 24.8%
Treasury Shares 2.7%Employees 2.2%
IFP Energies Nouvelles 2.7%
Rest of World18.9%
French Institutional Investors20.3%
Individual Shareholders 6.1%
Others 4.6%
UK & Ireland12.3%
Institutional Investors81.7%