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Q4 2010 RESULTS – Songa Offshore

Songa Offshore · Feb 14, 2011 · 18 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q4 2010 RESULTS – Songa Offshore – slide 1
    Results for Q4 2010
  2. Q4 2010 RESULTS – Songa Offshore – slide 2
    Highlights Q4/Q1 Finalized sale of Saturn for USD 260 mill Finalized the USD 532 million loan facility 3 year Contract on Songa Dee at gross value of USD 378 million. Mercur BOP incident Increased ownership in DWD to 51.9%
  3. Q4 2010 RESULTS – Songa Offshore – slide 3
    Fleet Update... Venus leaving Singapore
  4. Q4 2010 RESULTS – Songa Offshore – slide 4
    Mercur BOP Incident... January 16th the slipjoint parted causing the BOP to drop 20 m to the seabed BOP recovered February 1st Rig will be mobilized to Singapore for BOP repairs and re- certification Mercur scheduled to be back…
  5. Q4 2010 RESULTS – Songa Offshore – slide 5
    Songa Eclipse Scheduled delivery July/ August 2011
  6. Q4 2010 RESULTS – Songa Offshore – slide 6
    Songa Fleet average operational efficiency Songa Offshore SE Results for Q3 2010 Songa Fleet - quarterly utilization 100 97 97 97 97 97 96 97 95 95 95 91 92 90 91 87 November 90 5, 2010 80 72 70 60 50 40 30 20…
  7. Q4 2010 RESULTS – Songa Offshore – slide 7
    Contract Status 2010 2011 2012 2013 2014 Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec 7,500' F&G ExD, 15k psi BOP Under construction Outfitting & Commissioning Deck mating…
  8. Q4 2010 RESULTS – Songa Offshore – slide 8
    P & L Q4 2010 Songa Offshore Group Condensed consolidated statement of comprehensive income for the period ended 31 December 2010 Songa Offshore SE (IFRS una udited figures) Q4 Q3 Q4 Jan-De c Results for Q3 2010 Jan-Dec Amounts in USD…
  9. Q4 2010 RESULTS – Songa Offshore – slide 9
    Quarterly Revenues per rig Songa Offshore SE Results for Q3 2010 Q4 2010 Q3 2010 Q2 2010 Q1 2010 Q4 2009 Q3 2009 Q2 2009 Q1 2009 Q4 2008 Q3 2008 USD '000s November 5, 2010 Venus 25 185 25 106 12 567 11 026 38 609 38 298 37 808 31…
  10. Q4 2010 RESULTS – Songa Offshore – slide 10
    Split of Q4 Revenues and Quarterly day rates Songa Offshore SE Results for Q3 2010 Revenues Mobilisation Other Total Dayrate Dayrate Dayrate Dayrate Q4 2010 Q3 2010 Q2 2010 Q1 2010 Venus 24 126 600 459 25 185 273 745 November 272…
  11. Q4 2010 RESULTS – Songa Offshore – slide 11
    Operating expenses Songa Offshore SE Results for Q3 2010 USD '000s Venus Saturn Mercur Delta Trym Dee G&A Q4 2010 Rig op exp & reimb. G&A / onshore 8 524 2 061 122 130 8 312 (276) 18 769 254 26 118 476 November 5, 2010 18…
  12. Q4 2010 RESULTS – Songa Offshore – slide 12
    Balance Sheet Songa Offshore Group Condensed consolidated statement of financial position at 31 December 2010 (IFRS - unaudited figures) 31/12/2010 31/12/2009 (USD '000) ASSETS Non-current assets Rigs, machinery and equipment…
  13. Q4 2010 RESULTS – Songa Offshore – slide 13
    Balance Sheet Condensed consolidated statement of financial position at 31 December 2010 (IFRS - unaudited figures) Songa Offshore SE Results for Q3 2010 31/12/2010 31/12/2009 (USD '000) EQUITY AND LIABILITIES C apital and reserves…
  14. Q4 2010 RESULTS – Songa Offshore – slide 14
    Debt Songa Offshore SE Q4 2010 Results for Q3 2010 Principal IRR Weight Weighted IRR Bond 9.75% 500 10.34% 0.00 0.01 Bond loan floating + 12% margin 47,509 12.30% 0.11 November 1.40 5, 2010 Bank Libor + 3.25% margin. 218,120 3.55% 0.52…
  15. Q4 2010 RESULTS – Songa Offshore – slide 15
    Investments Songa Offshore SE Results for Q3 2010 Investments in rigs/drillship per Q4 2010 November 5, 2010 USD 1 000 Q4 Q3 Q2 Q1 YTD 2009 Songa Venus 1,844 849 7,129 7,515 17,337 3,023 Songa Saturn -191,286 2,708 -570 4,899…
  16. Q4 2010 RESULTS – Songa Offshore – slide 16
    Capital structure and Enterprise Value Songa Offshore SE Total capital structure and enterprise value in USD million Results for Q3 2010 Enterprise value: Market cap+external debt-cash 1,800 1,600 November 5, 2010 1,531 1,520…
  17. Q4 2010 RESULTS – Songa Offshore – slide 17
    Debt structure and Enterprise Value per rig Songa Offshore SE Results for Q3 2010 Total debt structure and enterprise value per rig in USD million Enterprise value: Market cap+ external debt-cash 1,400 November 5, 2010 1,200 47…
  18. Q4 2010 RESULTS – Songa Offshore – slide 18
    Q&A 18

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