The New Challenges in Offshore Oil & Gas - Marine Money IPEX... · The New Challenges in Offshore...
Transcript of The New Challenges in Offshore Oil & Gas - Marine Money IPEX... · The New Challenges in Offshore...
Bank aus Verantwortung
Marine Money Norway Ship & Offshore Finance Forum, June 4th 2015, Oslo
Thomas Ankele (VP Maritime Industries)
The New Challenges in Offshore Oil & Gas
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Maritime IndustriesPortfolio composition by subsector as of December 31, 2014
gesamt25,2%
Containerschiffe
Offshore Container
TankerBulker
Passenger
USD 18bn
Container
16.5%
Product/Chemical/Crude OilTankers
4.6%
LNG/LPGTankers
6,2%
BulkCarriers
1.5%
Misc.
2.7%
Ferries
7.5%
Tourism
44.1%
MaritimeEnergy
11,1%
Sovereigns
1.8%
Shipyards
4.0%
Maritime IndustriesOil & gas offshore portfolio as of December 31, 2014
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Anchor Handling Tug13%
Construction Vessel4%
Drillship16%
FPSO13%
Jack-up Rig4%
Platform SupplyVessel
6%
Semi-SubmersibleRig
13%
Shuttle Tanker3%
Wind FarmInstallation Vessel
10%
Pipelaying Vessel10%
Semi-SubmersibleAccomodation Rig
8%
TOTALUSD 2,0 bn
Major Lenders in the Maritime IndustryIPEX-Bank among the Top 10 in Maritime Finance
Source: Marine Money International, May 2014
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Offshore Exploration Cycle: Financing considerations
Vessel ClusterOCVs
Offshore Construction Vessels
OSVsOffshore Service
VesselsFloating Production Vessels
Production
- Seismic- Drilling (Ship, Semisub), Construction, Pipelay- Diving Support- Well Intervention- Well Testing
Vessel Type- AHTS- PSV- Accommodation
- Small-/Medium Scale- Large Scale
Field Exploration & Development
• Moderate financing amounts per asset• EPC competition• Relevance of vessel mortgage as collateral• Charter concentration risk (e.g. Petrobras in Brazil)• Short/medium term employment –market risks-
• Large financing amounts• EPC oligopoly• Low Asset Fungibility• Charter diversity• Long term employment
FinancingConsiderations
Sovereign risk
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Sovereign/Country risk: Why relevant?
› State-owned companies
control most ( ̴90%) of the
world's oil reserves today
(1970: ̴10%).
› Exploration & Production is
more complex, capital
intensive and remote today
than in the past.
› Oil price drop is putting
pressure on state budgets.
- Norway (S&P: FC AAA)
- UK (S&P FC: AAA)
- US (S&P: AA+)
- Canada (S&P FC: AAA)
- Australia (S&P: AAA)
Traditional offshore nations
- Nigeria (S&P FC: B+)
- Angola (S&P FC: B+)
- Mozambique (S&P FC: B)
- Brazil (S&P FC: BBB+)
- Mexico (S&P FC: BBB+)
- Vietnam: (S&P FC: BB-)
New offshore nations
Jack Up Rig (shallow water) versus FPSO (low fungibility) versus PSV (high fungibility)
Mortgage/Registry Flag, Country of Registration, Jurisdiction of Employment
Pure offshore account structures versus partial local currency obligationsCash flows
Legal reliability & judicial efficiency of relevant authoritiesTax, Fees, Maritime
Liens etc.
NOCs versus IOCs versus Independents versus Oilfield Service ProvidersCharterer
Place of Employment Territorial Waters versus Exclusive Economic Zone/International Waters
Financing type Corporate Financing versus Asset Based Financing/Project Financing
Local Content Weakening or strengthening local content requirements may threat profitability
Sovereign/Country Risks: Which are relevant for financiers?
Asset Type
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Field owner/operator,vessel owner
International versus Local Corporates
+++Risk Profile+++
Involvement of local banks to fully/partially cover repayment risks of local owners
Secure Capex Cashflow through involvement of IOCs/International Corporates:OPEX Guarantees
Residual Value GuaranteesCharter Payment Guarantees
Mitigation of sovereign/country risk
Diversify Financing Risks among ECAs of most relevant supplier nations
Financing among banks with local presence and expertise
Financing of Maritime Assets for Oil & Gas OffshoreGerman Suppliers & Shipyards
VDMA - German Engineering Federation VDMA Supplier Directoryhttp://www.vdma.org http://www.shipandoffshore.net/fileadmin/user_upload/pdf/GOED2013k.pdf
VSM - German Shipbuilding and Ocean Industries Associationhttp://www.vsm.de
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Financing of Maritime Assets for Oil & Gas OffshoreEuropean Suppliers & Shipyards
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Your Team for Maritime Industries at KfW IPEX-Bank GmbH
Dr. Carsten WiebersGlobal Head Maritime Industries
Phone: +49 69-7431-3644E-mail: [email protected]
Thomas AnkeleVP Maritime IndustriesPhone: +49 69-7431-8458E-mail: [email protected]
KfW IPEX-Bank GmbH
Palmengartenstrasse 5 - 9
60325 Frankfurt am Main / Germany
Visitor address:
Zeppelinallee 8
60325 Frankfurt am Main / Germany
Tel: +49 69 7431–3300
Fax: +49 69 7431-2944
www.kfw-ipex-bank.de