LNG as Fuel for Ships: Why It s Happening in America

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1 LNG as Fuel for Ships: Why It s Happening in America Marine Money The Pierre Hotel NY, NY 18 June 2013 John Hatley PE LNG Initiatives Americas VP Ship Power Wartsila North America Cell john.hatley@wartsila.com

2 Agenda What? Why? LNG Offshore Service Vessels Gas: Safe, Clean, Affordable Proven Performance 5 Drivers set Investment Clock Compelling Savings How? Integrated Gas Solutions LNG Availability Marine Lifecycle Risk Reduction Conclusions Recent Market Signals The Future Decade for Gas

3 Agenda What? Why? LNG Offshore Service Vessels Gas: Safe, Clean, Affordable Proven Performance 5 Drivers set Investment Clock Compelling Savings How? Integrated Gas Solutions LNG Availability Marine Lifecycle Risk Reduction Conclusions Recent Market Signals The Future Decade for Gas

4 Show me the Obvious Money It s not the offshore vessel day rate rather it s the far higher drill rig cost BAT with clean gas enables exploration activity continuity inside emissions sensitive areas! 4 Wärtsilä 19 June 2013

5 Why Clean LNG for Offshore? Source: Source CFR Title 40 Protection of the Environment, Part 55 Outer Continental Shelf Air Regulations. Section 55.2 Definitions title40-vol5/pdf/CFR-2011-title40-vol5.pdf Service vessels within 25 miles proximity of drill rig aggregate against Federal OCS Lease emissions cap clean LNG expands high dollar drilling window and promotes exploration continuity 5 Wärtsilä 19/06/2013 Ship Power: Strategy and Directions

6 3 Pillars LNG Fuel Vessels ENVIRONMENT SUSTAINABILITY ECONOMICS SAFE & RELIABLE EXPERIENCE INTEGRATION TRAINING Proven LNG systems... reduce risk for yard, owner, & banker... extends LNG value proposition to end customer 6 Wärtsilä 19 June 2013

7 Pillar... Environmental Sustainability Natural gas a mixture of hydrocarbon gases associated with petroleum deposits, principally methane. Methane has the highest hydrogen to carbon ratio = lowest CO2. Methane [CH 4 ] Ethane [C 2 H 6 ] Propane [C 3 H 8 ] Butane [C 4 H 10 ] 4:1 (400%) 6:2 (300%) 8:3 (267%) 10:4 (250%) Natural gas lowest MGO carbon 1.86:1 (186%) = cleanest burning fuel

8 How clean? LNG provides significant emission reductions compared to traditional diesel engines -25% -85% Emission values [%] CO 2 NO x -99% 20 SO x -99% Particulates DF Natural Gas Engine Diesel Engine 0

9 Pillar Logic Economics... it! makes money! LNG provides compelling savings Business Cases demonstrate Payback screen short term <5 years... Strong cash flows Higher ROA, ROE, ROIC 19/06/2013

10 Fuel Prices on Energy Basis $ / mmbtu cst HFO 1% MGO 0.1% diesel LNG Japan LNG Europe LNG USA Fuel price dominates OPEX gas is cheapest & cleanest 10 Wärtsilä 19 June 2013 Peter H Jantzen

11 How much does LNG cost? Source: Zeus LNG Fuel Seminar, August 31, 2011 Houston; Fleet Operators Perspective: Issues the LNG Industry Must Address, David Moseley, Assist Secretary Washington State DOT The Math LNG x 1.7 = Diesel Gallon Equivalent = $1.32 x 1.7 = $ 2.24 gallon diesel equivalent = savings ( $ $2.24 ) = $ 1.23 per gallon LNG captures compelling fuel savings nearly half cost

12 Pillar Safe & Reliable Viking Energy 2003 Stril Pioner 2004 Europe s decade LNG experience with offshore North Sea vessels proven path for technology transfer to US GOM

13 Wartsila LNG OSV s A decade of experience Globally more coming soon 13 Wärtsilä

14 LNGPac Integrated LNGPac A. Storage tanks B. Evaporators F C. Dual-Fuel Main engine D. Dual-Fuel Aux engines E. Bunkering station(s) E F. Integrated control system D A C B Wartsila single source complete engineered package kit solutions minimize installation and operational risk for assured performance Go For Gas - G. Tirelli, 14 Wärtsilä

15 LNG Training Target group: LNG as Marine Fuel Gas safety training Engine training LNGPac training New LNG training course New Gas safety training course Engine training course as with normal Ship power project New LNGPac course Wartsila LNG fuel training for officers, crew, & executive decision Fort Lauderdale Campus Shipping company Ship 1 management of 10 Wartsila management world wide Engine training centers Deck crew crew LNG_related_traini Ship crew

16 3 Pillars LNG Fuel Vessels ENVIRONMENT SUSTAINABILITY ECONOMICS SAFE & RELIABLE EXPERIENCE INTEGRATION TRAINING Proven LNG systems... reduce risk for yard, owner, & banker... extends LNG value proposition to end customer 16 Wärtsilä 19 June 2013

17 Harvey Gulf 6 US Flag LNG Powered Vessels Source: STX US Marine Design Source: STX US Marine Design World s first LNG boats for US GOM based on European proven decade of experience Wartsila LNGpac kit reduces risk 19/06/2013

18 Agenda What? Why? LNG Offshore Service Vessels Gas: Safe, Clean, Affordable Proven Performance 5 Drivers set Investment Clock Compelling Savings How? Integrated Gas Solutions LNG Availability Marine Lifecycle Risk Reduction Conclusions Recent Market Signals The Future Decade for Gas

19 Natural Gas Preference: 5 Drivers 2 Shale Gas Phenomena: Availability + Affordability 3 US EPA Mandates: Fuel Sulfur content reductions + Geographic bubble Emissions Control Area + Stringent Engine emissions Tier 2,3,4 19 Wärtsilä

20 Shale Gas Plays Shale. huge reserves natural gas nearly century supply 20 Wärtsilä

21 Abundant Gas Supply Paradigm shift to shale gas now 25% of supply... half 21 Wärtsilä

22 Annual Shale Gas Production 48% CAGR 17% CAGR Shale production surge 2005 strong 2010 frantic 22 Wärtsilä

23 Natural Gas Henry Price Forecasts EIA forecasts prices recede = gas bargain 23 Wärtsilä

24 Emissions, Environment, & Health CO 2 Carbon Dioxide NO x Nitrogen Oxide SO x Sulfur Oxide PM Particulate Matter Greenhouse Gas Ozone Respiratory Carcinogen EPA regulatory goal healthy environmental restoration / preservation

25 Emission Control Area ECA US & Canada Puerto Rico US Virgin Islands 2014 ECA bubble encapsulates any flag ships nautical miles low sulfur fuel (equivalence) enforceable August June 2013 Source: US EPA, Designation of North American Emission Control Area to Reduce Emissions from Ships

26 5 US Game Changers EPA Engine Emissions US centuries shale gas supply Emissions Control Area 2012 Natural Gas bargain EPA Fuel Standards 5 gas drivers shale supply + bargain prices + 3 EPA mandates = set Investment Clock Source: EIA March 2010 Shale Gas Plays Lower 48 States LR Fairplay

27 Agenda What? Why? LNG Offshore Service Vessels Gas: Safe, Clean, Affordable Proven Performance 5 Drivers set Investment Clock Compelling Savings How? Integrated Gas Solutions LNG Availability Marine Lifecycle Risk Reduction Conclusions Recent Market Signals The Future Decade for Gas

28 Packaged Gas Solution 1. Fueling Station 2. Gas Storage 1 3. Evaporators 4 4. Gas valve unit enclosure Dual-Fuel Main engine 6. Dual-Fuel Aux engines 5 3 Wartsila designed complete package solutions minimize installation or operational risk = assured performance 28 Wärtsilä 19 June 2013

29 Today s Land Gas Supply Chain weekly delivery truck dockside fuels vessel simple fast logistic supply chain

30 20 Years Experience Wärtsilä gas engines GD = Gas Diesel engine SG = Spark Ignited Gas engine W20V34SG W20DF W34DF DF = Dual Fuel engine W50DF W180SG W220SG W32DF W28SG W34SG W46GD W25SG W32GD Gas engines time tested, real, & here now

31 Dual-Fuel Natural Gas Engines 20DF 6L20DF 1.0 MW 8L20DF 9L20DF 34DF 6L34DF 50DF 9L34DF 12V34DF 16V34DF 20V34DF 6L50DF 8L50DF 9L50DF 12V50DF 16V50DF Father & grandson power range target emissions sensitive ECA coast and port area vessels 18V50DF MW

32 5 March 2013 Supply security and price stability = certainty certainty breeds investment Source: 19/06/2013

33 Geismar LNG Small Scale Facility Geismar Online K tons/yr 33 Wärtsilä 19 June 2013

34 Sarnia LNG Small Scale Facility Sarnia Online K tons/yr 34 Wärtsilä 19 June 2013

35 Calgary LNG Small Scale Facility Jumping Pound Online K tons/yr 35 Wärtsilä 19 June 2013

36 Lifecycle Cost Value Proposition Finance Performance Guarantee Equity Emission Compliance Project Management Business Service Solution Technical Solution Product Service Agreement Online monitoring Marine Lifecycle Solutions MLS Risk Mitigation = Added Value Risk mitigation 36 Wärtsilä 19 June 2013 Peter H Jantzen

37 LNG Fueled Offshore Support Vessels Low Risk Conventional OSV Revenue (drilling continuity) LNG OSV MLS Approach Lower Downtime Performance guarantee LNG OSV High Low ROI High LNG fuel best available technology minimal emissions boosts drilling continuity lifecycle solutions enhances investment return 37 Wärtsilä 19/06/2013 Marine Lifecycle Solutions

38 Agenda What? Why? LNG Offshore Service Vessels Gas: Safe, Clean, Affordable Proven Performance 5 Drivers set Investment Clock Compelling Savings How? Integrated Gas Solutions LNG Availability Marine Lifecycle Risk Reduction Conclusions Recent Market Signals The Future Decade for Gas

39 5 August 2012 TOTE Promises LNG Adoption First mover TOTE: 2 US Flag Jones Act RORO vessels to retrofit LNG fuel technology 39 Wärtsilä 19 June 2013 Total solution provider for the offshore industry

40 12 November Year Milestone with 2,000 gas Engines Millions Operating Hours Tens Millions Horsepower = proven gas technology & LNG system

41 3 December 2012 Americas early adapter CAPEX $180 Million + 2 options First LNG fuel ferry for Americas 41 19/06/2013

42 4 December 2012 Americas early adopter CAPEX $380 Million + 3 Options 42 19/06/2013

43 6 December Harvey Gulf were 4 LNG fueled supply boats now 5 CAPEX $290 Million + options 43 19/06/2013

44 Keeping Count? THE NUMBERS Over $ 1 Billion CAPEX 1 st Week December + prior during 2012 Americas marine segment committed to LNG fuel the early adopters initiated a new gas ERA 44 Wärtsilä

45 16 May 2013 STQ orders 2 Dual Fuel LNG ferries at Davies... Joins earlier larger DF ferry ordered at Fincantierri September Wärtsilä 19 June 2013

46 24 May 2013 Confirmation... poised for early transition to LNG fuel... availability supply meets owner demand 46 Wärtsilä 19 June 2013

47 28 May 2013 Wartsila introduced LNG early adopters as interested guests for pre-launch...largest SIGTTO meeting ever! 47 Wärtsilä 19 June 2013

48 10 June 2013 Fueling facility underway + 6 th LNG Fuel PSV Ordered 48 Wärtsilä 19 June 2013

49 10 June 2013 CAPEX Additions Harvey Gulf now 6 LNG fueled supply boats CAPEX $350 Million + options & port fueling facility 49 19/06/2013

50 Gas Engine References Power Plants Merchant Offshore Cruise and Ferry Navy 52 sites 155+ engines Began 1997 LNGC 92 Vessels 370+ engines Conversion s PSVs/FPSOs 19 vessels 93+ engines Began 1994 LNG ferries 1+1 vessels 8 engines Began 2013 Coastal Patrol Coming Land & Sea segments hundreds installations CAPEX >$30 Billion it s real & proven gas technology

51 Drivers = Decade Shift to Gas Mandated Emissions & Fuel Restrictions Geographic emissions bubble encapsulates US/Canada Tight sulfur limits stress supply After treatment burdens diesels Source: US EPA web sites, Hatley capture various sources Paradigm shift to gas 1 st on economics 2 nd on emissions Early adopters moving ahead soon early followers! Mid decade market tipping point 19 June 2013

52 3 Pillars LNG Fuel Vessels ENVIRONMENT SUSTAINABILITY ECONOMICS SAFE & RELIABLE EXPERIENCE INTEGRATION TRAINING Proven LNG systems... reduce risk for yard, owner, & banker... extends LNG value proposition to end customer 52 Wärtsilä 19 June 2013

53 Agenda What? Why? LNG Offshore Service Vessels Gas: Safe, Clean, Affordable Proven Performance 5 Drivers set Investment Clock Compelling Savings How? Integrated Gas Solutions LNG Availability Marine Lifecycle Risk Reduction Conclusions Recent Market Signals The Future Decade for Gas

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