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Agenda Overview

Day One: Thursday, March 23, 2017

8:00AM Registration and morning refreshments
8:45AM Chairperson's opening remarks
9:00AM The bigger picture: Assessing oil’s long-term future as the global energy matrix evolves

Lucia van Geuns gives her perspective on the continued importance of oil compared to its alternatives, as the push for a more sustainable planet is offset by continued global population growth

Lucia van Geuns, Senior Research Fellow, Petroleum Geosciences, TNO
9:30AM Industry leaders’ session: Increasing operational efficiency and preserving cash in offshore

Industry leaders discuss the measures required to stay alive, and even flourish, in the current offshore environment.

  • To what extent will leaner, more efficient business models be retained into the upturn?
  • How is inter-contractor cooperation being utlised to drive costs down?
  • What is expected of creditors to make continued operation viable?
Frans den Houter, Chief Financial Officer, Heerema Marine Contractors
Knut Sæthre, Chief Financial Officer, BW Offshore
Douglas Wood, Chief Financial Officer, SBM Offshore NV
10:15AM Timing the offshore sector’s recovery: How close are we to the industry kick-starting back into life?

Jarand Rystad forecasts oil supply/demand and the knock-on effect on the oilfield services industry in the short and long term

Jarand Rystad, Managing Partner, Rystad Energy
10:45AM Morning refreshments and networking break
11:30AM Global Heads of Offshore: Scrutinising capital available for the upturn: Where do banks stand in relation to the offshore sector and how have operations changed?
  • To what extent are banks looking to reduce their exposure to the oil & gas industry, and what support can offshore companies expect when the project pipeline picks up again?
  • What conditions will banks place on their debt going forward? Will risk be priced differently?
  • How much importance can be placed on a potential debtor’s contracts, given their apparent flimsiness in times of difficulty?
Moderator: Koos Frowein, Chief Financial Officer, Bluewater
Erwin Nederkoorn, Global Head Oil and Gas Offshore Services, ING Commercial Banking
Peter Boogers, Global Head of Energy Clients, ABN AMRO
Mark Westley, Managing Director, Head of LNG Shipping & Offshore, Societe Generale
12:15PM An alternative financier’s point of view: Finding eligible investment opportunities and structuring sustainable financing solutions for the oil and gas related offshore asset markets

Torkell Vold explains Offshore Merchant Partners’ thoughts around the prospects of recovery across the various sub-segments of the offshore oil and gas value chain, financing solutions OMP can offer, and the rationale behind their final investment decisions

Torkell Vold, Managing Director, Offshore Merchant Partners
12:45PM Lunch
2:00PM Outlining the drivers behind, and details of, two recently completed financial restructurings in the offshore space

Leading into the 14.30 panel discussion, senior representatives from Songa Offshore and Prosafe set the scene on their recent financial restructurings via two fifteen minute presentations

Jan Rune Steinsland, Chief Financial Officer, Songa Offshore
Stig H. Christiansen, Deputy Chief Executive Officer and Chief Financial Officer, Prosafe
2:30PM As restructuring becomes de rigeur, what lessons have been learnt across the deal chain?

A range of stakeholders explore the difficulties faced in often highly complex restructurings

  • What measures can be taken by corporates in distress to ensure as painless a restructuring as possible?
  • How are lenders easing debt obligations? And what do they expect in return?
  • In “no man’s land” between senior creditors and issuers, how can bondholder input be better facilitated in the restructuring process?
  • Managing inter-creditor relations: How are split interests within a lending syndicate dealt with?
Moderator: Tristan Lapoutre, Director, Oil and Gas Offshore Services, ING Offshore
Stig H. Christiansen, Deputy Chief Executive Officer and Chief Financial Officer, Prosafe
Tom Hestnes, Senior Portfolio Manager, Alfred Berg Kapitalforvaltning
Solveig Froland, Director Shipping, Yards, and Offshore Projects, GIEK
Hugo Diogo, Financial Restructuring, ABN AMRO
Jan Rune Steinsland, Chief Financial Officer, Songa Offshore
3:30PM Afternoon coffee and networking break
4:00PM E&P independents weathering the downturn: Assessing financing options on offer and evolving contractor relationships
  • How are independents dealing with a dearth of available capital?
  • Identifying sustainable methods of cost reduction and increased efficiency to minimise hurdle rates and reach the upturn in good shape
  • Examining the possibility of partnering with cash-rich contractors to finance the different parts of a new project
  • How does smaller size equate to greater adaptability for independents when dealing with struggling contractors?
  • What do independent E&P players expect from their contractor partners to facilitate continued operation throughout the crash?
Moderator: Ignacio de Calonje, Chief Investment Officer, Oil, Gas & Mining, IFC
Kingsuk Sen, Chief Commercial Officer & Vice President Europe, Petrogas
Gido van Graas, Director, Oil & Gas, ING Bank
Chris de Ruyter, Chief Financial Officer, Oranje-Nassau Energie b.v.
Martin Bell, Chief Financial Officer, Tulip Oil Holding Bv
4:45PM A rare bright spot in offshore: Is the decommissioning sector starting to take off?
  • To what extent are contractors with decommissioning capability flourishing amongst an otherwise struggling industry?
  • Decommissioning as a catalyst for rig-scrapping in over-supplied offshore subsectors
  • Analysing the costs associated with decommissioning and scrapping vessels and rigs from the different offshore sub-sectors
  • Examining the legal requirements of the decommissioning process across different jurisdictions
Moderator: Ronald Quik, Executive Director, Sector Origination, ABN AMRO
Dick Lagerweij, General Manager, Decommissioning, Boskalis
Peter de Bree, Chief Operating Officer, Seaway Heavy Lifting
Erwin Lammertink, Vice President Commercial, AF Offshore Decom
5:30PM Chairperson’s closing remarks followed by cocktail reception

Day Two: Friday, March 24, 2017

8:15AM Morning refreshments
8:45AM Chairperson's opening remarks
9:00AM Specialisation vs. standardisation: Exploring the trade-off between made-to-fit FPSO solutions versus the cost-benefit of vessel uniformity
  • Scrutinising the financial pros and cons of standardisation for contractors and their upstream clients in turn
  • How does E&P company strategy influence their appetite for bespoke offshore solutions – do the majors remain resistant to standardised FPSOs?
  • Decisions when decommissioning: Weighing up the costs of redesigning the most bespoke rigs versus building a new FPSO altogether
Moderator: Pierre Carassus, Director, LNG Shipping and Offshore, SGCIB
Maarten van Aller, COO Floating Production, Petrofac
David Boggs, Founder & Managing Director, Energy Maritime Associates Pte Ltd
Noortje Magis, Group Corporate & Finance Director, SBM Offshore
Reese McNeel, Chief Financial Officer, Sevan Marine
9:45AM Contractor diversification: Finding alternative income streams during the oil price crash
  • To what extent are offshore companies utilising dual-capability to increase cash flow in the current oil and gas climate?
  • Which areas provide realistic opportunity for diversification for different offshore sub-sectors?
  • Spotlight on offshore wind: The financial reality of converting different types of offshore vessel to windfarm functionality
  • How does the financing of offshore wind projects compare with oil & gas? How does the risk profile differ?
Arjan van der Laan, Chief Financial Officer, Seaway Heavy Lifting
10:15AM ECA evolution: The increasing role of export credit in a market hostile to new project development
  • To what extent are ECAs providing alternative senior debt to finance assets and corporate operation in times of bank hesitancy?
  • Is the capacity for credit issuance in offshore greater amongst ECAs than commercial banks in the current climate?
  • How has the relationship between ECAs and banks evolved? To what extent can banks act as arrangers for ECA loans?
  • Examining the increased importance of ECA-provided guarantees amongst current market volatility
  • How do ECAs deal with a restructuring scenario?
Moderator: Carmen Jessurun, Head of Export Finance, ABN Amro Bank
Ron Hansen, Head of Structured Export Finance, ING Bank
Klaus Schmidberger, Vice President, KfW IPEX-Bank GmbH
Kristian Flaten, Senior Vice President, Head of Oil & Gas, Eksportkredit Norge AS
Solveig Froland, Director Shipping, Yards, and Offshore Projects, GIEK
11:00AM Morning refreshments and networking break
11:30AM LNG market update: Charting the continued growth of demand for gas and the development of the FSRU industry
  • Predicted rates of industry expansion in the mid-term – are there enough FSRUs to meet growing demand for LNG?
  • Examining the continuing trend of LNG shippers switching to upstream functionality – how are companies financing the change?
  • To what extent is the glut of FSRU projects providing an out for oil and gas financiers looking for somewhere to lend?
David Boggs, Founder & Managing Director, Energy Maritime Associates Pte Ltd
12:00PM Private equity players in the current offshore market: When will the trigger be pulled?
  • How are brokers and private equity firms addressing difficulties in asset valuation?
  • Identifying the hurdle oil rates required before private equity market entry becomes viable
  • What determines whether private equity players enter in an upstream or contractor capacity?
  • Scrutinising opportunities provided to investors by bank and bond offshore-related debt being sold on the secondary market
Neil Hartley, Managing Director, First Reserve International
12:45PM Chairperson’s closing remarks followed by lunch and close of conference