MODEC : 2022 Full-Year Financial Results Analysts Presentation

MODEC, Inc.

2022 Financial Results

Analysts Presentation

February 15, 2023

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Highlight

Market View & Outlook

Medium- to long-term initiatives

Financial Results

(Note)

From the end of FY2021, the Company's consolidated financial results have applied International Financial Reporting Standards (IFRS) instead of the conventional Japanese GAAP. In addition, the currency unit has been changed to the US dollar instead of the conventional Japanese yen.

As a result, the figures for previous years in this document are handled as below.

• 2020: Compliant with IFRS (US $)
• Before FY2019: Japanese standard (Japanese yen) figures are

converted to US dollars at the midpoint of the market price of telegraph spots for customers at the end of each year.

2018: 1 US dollar = 111.02 yen

2019: 1 US dollar = 109.54 yen

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FY2022 : Highlights
(UNIT:US$M)	197
100
50					37
0
(50)
(100)
(150)			(131)
		(166)
(200)
(250)				(363)
2018	2019	2020	2021	2022

Secured profitability for the first time in four years

• Progress of construction projects of Woodside Sangomar and Equinor Bacalhau as well as some change orders are recorded.
• Charter of MV31 FPSO Guanabara commenced
• MV34 FPSO MIAMTE commenced recognition of charter income.

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FY2022：EPC(I) (as of December 2022)

	FPSO	FPSO	FPSO	FPSO
	Almirante Barroso MV32	Anita Garibaldi MV33	Sangomar	Bacalhau
Client	Petrobras	Petrobras	Woodside	Equinor
Contract	EPCI + Time Charter	EPCI + Time Charter	Purchase Contract	EPCI + Short term O&M
	( 21 yrs )	( 25 yrs)	+ O&M
			(10 yrs+10 one-year
			extension options)
Delivery	2023	2023	2023	2024
(Planned)
Field	Búzios	Marlim	Sangomar	Bacalhau
Location	Brazil	Brazil	Senegal	Brazil
Water Depth	1,900 m	670 m	780 m	2,027 m
Storage/	1,400,000 bbls	1,000,000 bbls	1,300,000 bbls	2,000,000 bbls
Production	150,000 bopd	80,000 bopd	100,000 bopd	220,000 bopd
	212 mmscfd	248 mmscfd	130 mmscfd	500 mmscfd

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EPC(I) / Charter / O&M Period

As of January 2023

• EPC(I) period
• Time Charter fixed period
• Time Charter option period
• O&M period

	(*)
1		FPSO Bacalhau	Equinor
2		FPSO Sangomar	Woodside
3	32.5	FPSO Anita Garibaldi MV33	Petrobras
4	35.0	FPSO Almirante Barroso MV32	Petrobras
1	35.0	FPSO MIAMTE MV34	Eni
2	29.4	FPSO Guanabara MV31	Petrobras
3	29.4	FPSO Carioca MV30	Petrobras
4	29.4	FPSO Cidade de Campos dos Goytacazes	Petrobras
MV29
5	25.0	FPSO Prof. John Evans Atta Mills	Tullow
6	29.4	FPSO Cidade de Caraguatatuba MV27	Total
7	29.4	FPSO Cidade de Itaguai MV26	Petrobras
8	29.4	FPSO Cidade de Mangaratiba MV24	Petrobras
9	34.0	FPSO Cidade de Sao Paulo MV23	Petrobras
10	42.5	FPSO Cidade de Angra dos Reis MV22	Petrobras
11	50.0	FPSO Cidade de Santos MV20	Petrobras
12	45.0	FPSO Cidade de Niteroi MV18	Petrobras
13	65.0	FSO Rang Dong MV17	JVPC
14	40.6	FSO Cidade de Macae MV15	Petrobras
15	42.0	FSO Rong Doi MV12	KNOC
16	50.0	FPSO Baobab Ivoirien MV10	CNR
1		FPSO Raroa	OMV
2		FPSO Pyrenees Venture	BHPB
3		FPSO Fluminense	Shell

1. Owned by MODEC group companies (%) Affiliates accounted for by the equity method Consolidated subsidiary

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

2024

2026

2028

2030

MV34				10y
Recognition of Charter			25y
income commenced			21y
		15y
MV31			22y
	21y
Charter commenced	20y
	10y
	20y
	20y
	20y
	20y
	15y
	15y
9y		6y
9y		7.5y
20y				8y
7y	8y
10y	5y
	1y

15y

15y

20.3y

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