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BNDES Financial Support for
Offshore Projects in Brazil
Dec, 2011 Rio de Janeiro
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Summary
BNDES and the Brazilian Oil and Gas Sector BNDES Shipbuilding Portfolio
BNDES Support for Brazilian Offshore Sector Offshore Vessels Shipyards FPSOs and Drilling Ships
BNDES and FMM Financial Conditions
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BNDES and the Brazilian Oil andGas Sector
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Oil & Gas Sector in Brazil
Brazilian Energy and Infrastructure Investments have so far notbeen affected by the international crisis.
Pre-salt discoveries - significant increase on the middle andlong term demand for equipments and services includingoffshore support vessels, oil tankers and rigs.
New legal framework key role of Petrobras, unique operatorfor pre-salt fields.
Petrobras investment plan huge amounts on upstream anddownstream activities.
Other companies investments in the post-salt fields e.g. OGX(48 production units).
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Principais Metas do BNDES no Setor Contribute to the development of the Oil & Gas Sectorincluding the Supply Chain.
Provide adequate funding and financial schemes to the Oil &
Gas projects. Support and coordinate institutional actions (PBM, PROMIMP,
etc).
Contribute to the increasing of the Brazilian local content inthe Oil & Gas projects.
BNDES Main Goals - Oil & Gas Sector
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BNDES Shipbuilding Portfolio and
Support for Brazilian Offshore Sector Offshore Vessels Shipyards FPSOs and Drilling Ships
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Fonte: IBGE. * BNDES (projeo).
Great development in the 70s, decay in 80s and 90s, recuperationin 00s. Now there are almost 90 vessels in construction in Brazil,much less than Asian producers.
Oil and gas sector main drive for the recent growth of theBrazilian shipbuilding offshore vessels (PROREFAM), oil tankers(PROMEF), drilling rigs (Petrobras bid).
Sustainable long term demand - offshore support vessels, oiltankers, oil platforms, tugs and barges.
Brazilian shipyards not sufficient to supply the demand investments needed on capacity increase - technology gaps
Brazilian marine supply chain not sufficient
necessity of newinvestments and development of this industry.
Brazilian shipbuilding competitiveness possible in the middleterm for some kind of projects.
Shipbuilding in Brazil
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BNDES Shipbuilding Portfolio
Portfolio 2006-2010 US$ 000 NumberProjectsNumberVessels
Oil Tankers Buyer s Credit 3,698,294 5 30
Oil Tankers Suppliers Credit 1,861,170 5 30
General Cargo 582,506 7 9Offshore Support Buyer s Credit 4,532,303 40 107
Offshore Support Suppliers Credit 939,818 7 12
Tugs 384,717 9 66
Shipyards 771,116 9 NA
Others 39,706 3 17
Total 12,809,633 85 271
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BNDES Annual ApprovalsOffshore Vessels
255,2364,03
203,73
370,74
575,35
184,79
657,31
2.818,96
0
1.000
2.000
2003 2004 2005 2006 2007 2008 2009 2010
Offshore Vessels 2003-2010(US$ million)
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Offshore VesselsRecent Financed Projects (2010)
19 PSVs (CBO Grupo Fischer)
15 PSVs and 4 AHTS (Bram - Edison Chouest)
8 PSVs and 5 AHTS (WSOffshore - Wilson Sons and Ultratug)
4 PSVs (Starnav - Detroit)
3 AHTSs (Dof Navegao - DOF)PSV (Platform Supply Vessel)
AHTS (Anchor Handling Tug Supply)
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OSCV e ROV VesselsFinanced Projects (2007-2010)
Skandi Salvador MPSV (Multipurpose Support Vessel) = ROV + AHTS + PSV)
Shipowner: Dof Subsea (DOF)
Skandi Vitria and Skandi Niteri OSCV (Offshore Subea ConstructionVessel) + Pipelayer Vessel
Shipowner: Dofcon (DOF+TECHNIP)
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BNDESApprovals for Transpetro/Atlntico Sul
Transpetro - Promef I (2007)23 Ships - 10 Suezmax; 5 Aframax;4 Panamax and 4 Product Ships.
Transpetro - Promef II (2010)7 Ships - 4 Suezmax and 3 Aframax.
Atlntico Sul Shipyard Processing capacity of 160,000 tons
per year of steel
Designed for the construction of large vessels, platforms, floatingstructures and conversions in the
offshore segment Located at the Industrial Complex of
Suape (Pernambuco)
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Gas Transmission andDistributionUrucu-Manaus, Gasene, CEGand Comgs .
E&P PlatformsMexilho e Manati
RefinaryRefap
Oil&GasFinanced Projects (2005-2010)
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Oil & Gas Sector Demand for Shipbuilding
Petrobras Investment Plan 2011-2015 shipbuilding demand(estimation)
Item New UnitsUntil 2015
New UnitsUntil 2020
Rigs (drillships and semisubs) 22 50
Platforms (FPSOs and semisubs) 17 50
Offshore vessels 192 281
PSV3000
PSV4500
OSRV AHTS15000
AHTS18000
AHTS21000
49 15 18 10 46 8
PROREFAM III: 146 new offshore vessels
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Platforms (FPSOs and SemiSubs)
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8 FPSOs will be necessary to support the oil and gas production in the
BM-S-9 (Petrobras, BG Group and Sinopec-Repsol) and BM-S-11
(Petrobras, BG Group and Galp Energia) blocks in Santos Basin.
The construction will be divided into 3 phases: the hulls, the top side
and the integration. The hulls are being built in Rio Grande Shipyard (RS) by Ecovix.
At least 70% of local content must be achieved in the construction of
these FPSOs. Considering the 3 phases of construction, 11,000 new jobs
must be generated. The total investment will be around US$ 14,1 billion.
FPSOs (Floating Production Storage and Offloading)
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Drilling Ships
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Petrobras will hire up to 28 new drilling ships, which must be
built in brazilian shipyards. The deliveries may occur between
2015-2020.
Atlantico Sul Shipyard (PE) has already won the bid and will
build the first 7 drillships. Sete Brazil is the owner of the
drillships.
LOCAL CONTENT INDEX 7 Drillships Package
System 1 e 2 3 e 4 5 a 7
Generation, Propulsion and DynamicPositioning System 40% 50% 60%
Drilling Package 20% 30% 50%
Local Content Index 55% 60% 65%
Drilling Ships
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BNDES and FMM Finance Conditions
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Total Interest Rate
=
Funding Cost
TJLP (Long Term Interest Rate) TJ-462 (TJLP + 1%) Currency Basket LIBOR IPCA
Financial Cost
Margin to cover operationalexpenses0.9 2.5% p.a.BNDES Basic Spread
+
+Credit Risk Rate
Margin to covernon-performing loans0.46 3.57% p.a.
BNDES Interest rate - Direct Operation
Oil & G d C i l G d
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Oil & Gas and Capital GoodsFinancing Conditions
Sector Financing Lines BasicSpread FinancialCost MaximumParticipation*
Oil & Gas
Oil Exploration 1.8% TJLP + 1% 60%
Oil Production and Refining 1.8% TJLP + 1% 60%
Gas Production 1.3% TJLP + 1% 60%
Gas Transportation andDistribution 1.3% TJLP + 1% 60%
Capital GoodsIndustry
Fixed investment, associatedworking capital and acquisitionof capital goods
0.9% TJLP 70%
* Over local content
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Shipbuilding Financing
Merchant Marine Fund (FMM) Treasury fund, managed by theMinistry of Transportation, which has accredited financialinstitutions (only Federal State-owned Banks).
Projects need to be eligible by the FMM Committee (CDFMM)before been analyzed by the accredited bank.
Supports vessel construction, jumborization and modernizationprojects, made on a brazilian shipyard.
Supports brazilian shipyard construction, enlarging andmodernization projects.
Holds for all eligible items, including imported equipments.
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Naval Construction Financing
Sector NationalContent
MaximumParticipation Financial
Cost
Total Spread (%)
NationalItems
ImportedItems
NationalItems
ImportedItems
Construction of OffshoreVessels
60%
90%
70%
TJLP or US$ 2 4,5
3 - 6
< 60% 60% 4 - 7
Construction of Cargo Vessels 65% 90% 3 - 6
< 65% 70% 4 - 7
Construction, Expansion andModernization of Shipyards
60% 75% 4 - 6
< 60% 60% 4 - 7
Merchant Marine Fund (FMM)
Period: up to 4 years of grace and 20 years of amortization
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Client: Special Purpose Company (SPC).
BNDES Maximum Participation: 75% of total assets.
Projected cash flow must support credit repayment on a
stand-alone basis. Debt Service Coverage Ratio (DSCR) greater or equal to 1.30
or DSCR greater or equal to 1.20, for projects with IRR greater
than 8% p.a.
Minimum equity: 20% of total investment budget.
Project Finance
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Collaterals and covenants usually requested operation phase Pledge of all future revenues to the lenders; Pledge of SPC shares;
Reserve Account; Financial covenants: debt service coverage ratio and indebtedness.
Collaterals and covenants usually requested
construction phase Completion Bond and Performance Bond; Parent Company Guarantee, Bank Guarantee and/or FGCN
FGCN is a Guarantee Fund for the construction risk from brazilianshipyards.
Project Finance (Collaterals)
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Special Projects drillships and FPSOs orders investiments of high unit value.
Special financial conditions, depending on the funding of eachoperation.
Possibility of support on a project finance basis
long termcontract is requested.
Possibility of using the FGCN as a guarantee (FGCN is aGuarantee Fund for the construction risk from Brazilian shipyards).
Co-financing usually requested
local content x importedcontent.
Cost: LIBOR + basic spread + risk spread
Support to Special Projects
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THANK YOU
Vinicius S. [email protected]
www.bndes.gov.br/english