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Q3 2014 CONFERENCE CALL – Songa Offshore

Songa Offshore · Nov 10, 2014 · 25 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. Q3 2014 CONFERENCE CALL – Songa Offshore – slide 1
    Songa Offshore SE 3Q 2014 Presentation 10 November 2014 26 August 2013
  2. Q3 2014 CONFERENCE CALL – Songa Offshore – slide 2
    Financial Performance and Highlights Quarterly EBITDA 70 65 EBITDA of 41 million reflecting 98.7% NCS 61 fleet earnings efficiency and the absence of 60 60 Songa Mercur and Songa Venus and Songa Dee partly at yard 52 50 51 50…
  3. Q3 2014 CONFERENCE CALL – Songa Offshore – slide 3
    Fleet and Operations
  4. Q3 2014 CONFERENCE CALL – Songa Offshore – slide 4
    Solid Operations Operating Efficiency % 100% 100% 100% 100% 99% 98% 97% 95% 93% Continued solid operations 90% 85% Operating Efficiency of 100% for the Norwegian fleet in the third quarter 80% 75% Earnings Efficiency of 99%…
  5. Q3 2014 CONFERENCE CALL – Songa Offshore – slide 5
    Rig Operating Expenses Rig Opex 000 /day 200 195 190 000 /Day Q4 13 Q1 14 Q2 14 Q3 14 185 180 Songa Delta 184 182 172 185 175 Songa Dee 184 180 187 1741 170 Songa Trym 209 190 188 184 165 160 Average 192 184 182 181 155 1 Dee…
  6. Q3 2014 CONFERENCE CALL – Songa Offshore – slide 6
    Contract Status 30 September 2014 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 Q1 Q2 Q3 Q4 Day rate Day rate Norwegian Continental Shelf Songa Dee Statoil 357…
  7. Q3 2014 CONFERENCE CALL – Songa Offshore – slide 7
    Contract Backlog 1 200 1 000 173 339 800 23 million 30 600 400 830 566 696 689 682 677 668 661 591 618 200 102 92 0 Q4 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Firm Contracts Options…
  8. Q3 2014 CONFERENCE CALL – Songa Offshore – slide 8
    Market update
  9. Q3 2014 CONFERENCE CALL – Songa Offshore – slide 9
    NCS Floater Market 2014 2015 2016 2017 Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 Transocean Searcher Weak floater demand on NCS in 2014 and 2 Transocean Spitsbergen 3 West Venture 2015 4 Deepsea Atlantic 5 Transocean…
  10. Q3 2014 CONFERENCE CALL – Songa Offshore – slide 10
    Cat D Naming Ceremony
  11. Q3 2014 CONFERENCE CALL – Songa Offshore – slide 11
    Cat D Newbuild Cost and Schedule Continued slow construction progress in Q3, but significantly improved the last month Songa Equinox expected to be delivered from yard early Q2 2015 No change to delivery schedule of the other…
  12. Q3 2014 CONFERENCE CALL – Songa Offshore – slide 12
    Songa Dee Special Periodic Survey Songa Dee is expected to leave the yard the week starting 10 November 2014 Expected to be on operating dayrate 4-5 days after leaving the yard Current yard stay forecast in line with budget…
  13. Q3 2014 CONFERENCE CALL – Songa Offshore – slide 13
    Financial Review
  14. Q3 2014 CONFERENCE CALL – Songa Offshore – slide 14
    Cat D 3 & 4 1.1bn senior secured credit facility Loan agreements signed on 30 October 2014 Pre-delivery credit facility 90m per rig Interest LIBOR + 300bps Entire facility revolving without reductions Post-delivery credit…
  15. Q3 2014 CONFERENCE CALL – Songa Offshore – slide 15
    Debt Maturity Profile - 800 700 600 - million 500 - 728 259 400 - 84 300 97 150 125 497 - 200 - - - 30 96 96 96 100 111 221 97 97 97 97 57 - - 14 - - - - - 4Q14 2015 2016 2017 2018 2019 2020 2021 Main…
  16. Q3 2014 CONFERENCE CALL – Songa Offshore – slide 16
    Q3 vs. Q2 Revenue 160 151,0 ( 23,7 ) 140 ( 13,2 ) 120 ( 7,7 ) 3,2 109,6 100 millions 80 60 40 20 0 Q2 Mercur & Dee SPS Reimbursable Other Q3 Venus 17
  17. Q3 2014 CONFERENCE CALL – Songa Offshore – slide 17
    Q3 vs. Q2 Operating Expense 90,5 ( 10,6 ) 90 ( 5,4 ) 80 ( 6,4 ) 1,0 69,1 70 60 millions 50 40 30 20 10 0 Q2 Mercur & Dee SPS Reimbursable G&A Other Q3 Venus 18
  18. Q3 2014 CONFERENCE CALL – Songa Offshore – slide 18
    Q3 vs. Q2 EBITDA 70 60,5 ( 13,2 ) 60 50 ( 7,8 ) 1,1 40,6 40 millions 30 20 10 0 Q2 Mercur & Dee SPS Other Q3 Venus 19
  19. Q3 2014 CONFERENCE CALL – Songa Offshore – slide 19
    Capital Expenditures Operating fleet Cat D project 60 60 50 50 40 40 53 million 30 30 million 25 20 20 20 9 15 10 10 6 12 11 12 10 3 3 6 6 0 1 2 0 Q4' 13 Q1' 14 Q2' 14 Q3' 14 Q4' 13 Q1' 14 Q2' 14 Q3'…
  20. Q3 2014 CONFERENCE CALL – Songa Offshore – slide 20
    Profit & Loss million 3Q 2014 2Q 2014 1Q 2014 4Q 2013 Operating revenue 91 127 136 140 Reimbursables 8 15 11 4 Other revenue 11 9 7 10 Total revenues 110 151 155 154 Rig operating expenses 49 65 67 72 Reimbursables 7 14 9 3 General…
  21. Q3 2014 CONFERENCE CALL – Songa Offshore – slide 21
    Profit & Loss million 3Q 2014 2Q 2014 1Q 2014 4Q 2013 EBITDA 41 61 65 60 Depreciation and amortisation (28) (29) (30) (37) Impairment (1) (31) (25) (92) EBIT 12 0 11 (69) Net financial items (9) (8) (7) (56) Profit (loss) before…
  22. Q3 2014 CONFERENCE CALL – Songa Offshore – slide 22
    Balance Sheet million Sept 30 June 30 March 31 Dec 31 2014 2014 2014 2013 Rigs, machinery and equipment 1,025 991 1,007 1,028 Newbuilds 676 635 607 583 Other long term receivables 44 - - - Investments in Joint Venture 16 - - - Deferred…
  23. Q3 2014 CONFERENCE CALL – Songa Offshore – slide 23
    Balance Sheet million Sept 30 June 30 March 31 Dec 31 2014 2014 2013 2013 Total shareholders equity 1,094 1,099 1,111 1,081 Bank loans and other facilities 296 323 248 266 Bond loans 321 339 345 337 Convertible bond 104 104 104 104…
  24. Q3 2014 CONFERENCE CALL – Songa Offshore – slide 24
    Songa Offshore Turnaround Cat D Successful execution of Deliveries and Mobilization Songa Dee SPS Financing of Cat D 3 & 4 with Sale of Songa Mercur and Pre-delivery facility Songa Venus Financing of Cat D 1 & 2 with 25m in…
  25. Q3 2014 CONFERENCE CALL – Songa Offshore – slide 25
    Setting the new standard on the NCS Q&A

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