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Q4 2014 RESULTS – Songa Offshore

Songa Offshore · Feb 20, 2015 · 23 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 2014 RESULTS – Songa Offshore – slide 1
    Songa Offshore SE 4Q 2014 Presentation 20 February 2015 26 August 2013
  2. Q4 2014 RESULTS – Songa Offshore – slide 2
    Financial Performance and Highlights Quarterly EBITDA EBITDA of 29 million reflecting 99% NCS fleet earnings efficiency and the Songa Dee SPS Songa Dee SPS out of service period lasted 124 days vs. 65 days planned. Actual yard…
  3. Q4 2014 RESULTS – Songa Offshore – slide 3
    Fleet and Operations
  4. Q4 2014 RESULTS – Songa Offshore – slide 4
    Solid Operations Operating and Earnings Efficiency % Operating and Earnings Efficiency of 100% and 99% respectively for the fleet during the operational part of the quarter Songa Dee back in operation on 26 December following…
  5. Q4 2014 RESULTS – Songa Offshore – slide 5
    Rig Operating Expenses Rig Opex 000 /day Rig opex primarily denominated in NOK Lower Q4 rig opex primarily reflecting stronger USD vs. NOK USD/NOK avg. 6.86 during Q4 compared to current level of 7.60 - Continued strong USD will…
  6. Q4 2014 RESULTS – Songa Offshore – slide 6
    Contract Status 31 December 2014 2015 2016 2017 2018 2019 Unit Customer Current Option Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Day rate Day rate Norwegian Continental Shelf Songa Dee Statoil 357 Rate end of firm…
  7. Q4 2014 RESULTS – Songa Offshore – slide 7
    Strong Backlog Firm backlog of 6.1bn and further 8.3bn in options 8
  8. Q4 2014 RESULTS – Songa Offshore – slide 8
    Cat D Project
  9. Q4 2014 RESULTS – Songa Offshore – slide 9
    Cat D Project Equinox Endurance Encourage Enabler Construction progress JAN15 91% 88% 77% 69% Construction progress OCT14 83% 80% 73% 62% Good construction progress in Q4 and further improvement into Q1 Korea based Cat D Project…
  10. Q4 2014 RESULTS – Songa Offshore – slide 10
    Cat D Project Estimated average ready-to-drill cost at 685m Plan to mobilize the rigs to Norway in a tow assist mode - additional costs related to tugs expected to be more than offset by earlier cash-flow and net fuel savings…
  11. Q4 2014 RESULTS – Songa Offshore – slide 11
    Songa Dee Special Periodic Survey
  12. Q4 2014 RESULTS – Songa Offshore – slide 12
    Songa Dee Special Periodic Survey The SPS commenced on 24 august and the rig left the yard 16 November to perform inclination and acceptance testing Songa Dee back on dayrate 26 December Out of service period of 124 days vs. 65 days…
  13. Q4 2014 RESULTS – Songa Offshore – slide 13
    Market Update
  14. Q4 2014 RESULTS – Songa Offshore – slide 14
    NCS Floater Market 2015 2016 2017 Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 Transocean Spitsbergen Weak floater demand on NCS in 2 West Venture 3 Transocean Searcher 2014 and 2015 4 Deepsea Atlantic 5 Bredford Dolphin 6…
  15. Q4 2014 RESULTS – Songa Offshore – slide 15
    Financial Review
  16. Q4 2014 RESULTS – Songa Offshore – slide 16
    Debt Maturity Profile Note: Profile does not includes pre-delivery tranches under the 1.1m financing of Cat D 3&4, as assumed drawn and repaid during 2015 17
  17. Q4 2014 RESULTS – Songa Offshore – slide 17
    Profit & Loss million 4Q 2014 3Q 2014 2Q 2014 1Q 2014 Operating revenue 65 91 127 136 Reimbursables 3 8 15 11 Other revenue 11 11 9 7 Total revenues 79 110 151 155 Rig operating expenses 37 49 65 67 Reimbursables 3 7 14 9 General…
  18. Q4 2014 RESULTS – Songa Offshore – slide 18
    Profit & Loss million 4Q 2014 3Q 2014 2Q 2014 1Q 2014 EBITDA 29 41 61 65 Depreciation (28) (28) (29) (30) Impairment - Mercur & Venus (5) - (31) (25) Impairment - Scrapped equipment (3) (1) EBIT (7) 12 0 11 Finance income 1 2 - -…
  19. Q4 2014 RESULTS – Songa Offshore – slide 19
    Balance Sheet million Dec 31 Sept 30 June 30 March 31 2014 2014 2014 2014 Rigs, machinery and equipment 1,063 1,025 991 1,007 Newbuilds 731 676 635 607 Other long term receivables 54 60 - - Deferred tax assets 65 53 55 55 Derivative…
  20. Q4 2014 RESULTS – Songa Offshore – slide 20
    Balance Sheet million Dec 31 Sept 30 June 30 March 31 2014 2014 2014 2013 Total shareholders equity 1,048 1,094 1,099 1,111 Bank loans and other facilities 271 296 323 248 Bond loans 276 321 339 345 Convertible bond 104 104 104 104…
  21. Q4 2014 RESULTS – Songa Offshore – slide 21
    Capital Expenditures Operating fleet Cat D project 60 50 40 38 million 30 25 20 20 15 10 16 11 12 10 0 Q1' 14 Q2' 14 Q3' 14 Q4' 14 Capitalized Interest Capital Expenditure 22
  22. Q4 2014 RESULTS – Songa Offshore – slide 22
    Q4 Summary Songa Dee SPS completed. Technical project team will be strengthened going forward COO located in Korea heading the Cat D project Firmed up the delivery times of the Cat Ds. No significant change in Cat D delivery…
  23. Q4 2014 RESULTS – Songa Offshore – slide 23
    Setting the new standard on the NCS Q&A

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