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Q3 2011 RESULTS – Songa Offshore

Songa Offshore · Nov 7, 2011 · 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. Q3 2011 RESULTS – Songa Offshore – slide 1
    Third Quarter 2011 Results November 7, 2011
  2. Q3 2011 RESULTS – Songa Offshore – slide 2
    Highlights Q3/Q4 2011 Songa Offshore SE Events: Results for Q3 2010 Cat D Statoil. 2 Newbuilds with contract value of 2.5Bn. 8 year firm contracts plus 4x3 year options. November 5, 2010 Songa Venus. 1 year option 1 year contract…
  3. Q3 2011 RESULTS – Songa Offshore – slide 3
    Fleet Update Trym continue on the Troll field with excellent performance Dee commenced operation on the new 5 year contract with Statoil September 6th following 48 hours client acceptance process Delta arrived CCB in Bergen on…
  4. Q3 2011 RESULTS – Songa Offshore – slide 4
    Songa Delta Update Engineering & AOC Proposal Songa Management implementation Take-over DNO/Total Total/Wintershall/PetroCanada Statoil Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412 Overhull guide system Guide tracks for CMC New Iron…
  5. Q3 2011 RESULTS – Songa Offshore – slide 5
    Songa Dee Update Start of contract Upgrade at CCB Gullfaks (5 years) Marathon Statoil Statoil Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412 Derrick Wind Walls: DSC Renew and extend Living quarter: Upgrade Anchor winches: Upgrade…
  6. Q3 2011 RESULTS – Songa Offshore – slide 6
    Songa Trym Update SPS Yard Team SPS Yard Team Procurement AOC 5-year SPS Pre-Engineering & Engineering Statoil Statoil Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412 AHC 5 yearly SPS DW brake system Living Quarter Upgrade…
  7. Q3 2011 RESULTS – Songa Offshore – slide 7
    Cat D Superior Harsh Midwater Concept Design and specifications Purpose-built rig and equipment implemented into the Yard building specification Designed in collaboration with the industry Proven technology Offline Completion and…
  8. Q3 2011 RESULTS – Songa Offshore – slide 8
    Cat D Flexibility Blisters on Sponsons on columns pontoons Deep water mode Arctic winterization mode HPHT operations Increase variable deck load Upgrade heating, ventilation and air Change to 15K BOP condition system and…
  9. Q3 2011 RESULTS – Songa Offshore – slide 9
    Cat D Project - Minimal execution risk Cat Ds within a low-risk stage of a construction cycle All aspects have been recently proven Shipyard guarantees on critical operating criteria's Design and equipment Low risk zone…
  10. Q3 2011 RESULTS – Songa Offshore – slide 10
    Songa Fleet operational efficiency
  11. Q3 2011 RESULTS – Songa Offshore – slide 11
    Current global presence Strong position in NNS Songa Venus and Mercur Malaysia Songa Eclipse Angola
  12. Q3 2011 RESULTS – Songa Offshore – slide 12
    Contract Status 2011 2012 2013 2014 2015 2016 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 Contract prep & Mob LOA in Angola (18…
  13. Q3 2011 RESULTS – Songa Offshore – slide 13
    Contract backlog Options: USDbn 3.9 Contract Backlog ( Million) TOTAL CONTRACT BACKLOG = 4.45B FIRM (Options = USbn 4.7B) 1737 271 165 325 76 681 604 467 486 384 96 2011 2012 2013 2014 2015 2016 +2016 Firm Option…
  14. Q3 2011 RESULTS – Songa Offshore – slide 14
    SEA and India mid-water Fleet Water Current Depth or Next Rig Name Year Built Manager (ft) Free Date Country Day Rate Rig Status C. Kirk Rhein, Jr. 1976 Transocean 2750 Mar-09 Malaysia Cold stacked Sedco 703 1974 Transocean 2000…
  15. Q3 2011 RESULTS – Songa Offshore – slide 15
    P & L Q3 2011 Songa Offshore Group Songa Offshore SE Condensed consolidated statement of comprehensive income for the period ended 30 September 2011 Results for Q3 2010 (IFRS unaudited figures) Q3 Q2 Q3 Jan-Sep Jan-Sep Jan-Dec…
  16. Q3 2011 RESULTS – Songa Offshore – slide 16
    Revenues and quarterly day rates Q3 USD '000 Songa Offshore SE Operating revenue Venus - Mercur 24,074 Delta 41,609 Dee 35,753 Trym 35,281 Results Mgmt - for Q3 2010 Group 136,717 Mobilisation - 6,753 - - 895 - 7,648…
  17. Q3 2011 RESULTS – Songa Offshore – slide 17
    Operating expenses Opex in Q3 2011 Songa Offshore SE USD '000 VENUS MERCUR ECLIPSE DELTA DEE TRYMResults MGMT TOTALfor Q3 2010 Rig OPEX offhore 7,793 11,038 15 17,526 16,084 17,849 - 70,305 Management Fee Odfjell - - - 2,081 - 2,417 -…
  18. Q3 2011 RESULTS – Songa Offshore – slide 18
    Balance Sheet Songa Offshore Group Condensed consolidated statement of financial position at 30 September 2011 (IFRS - unaudited figures) 30/09/2011 31/12/2010 (USD '000) ASSETS Non-current assets Rigs, machinery and equipment…
  19. Q3 2011 RESULTS – Songa Offshore – slide 19
    Balance Sheet Songa Offshore Group Songa Offshore SE Condensed consolidated statement of financial position at 30 September 2011 (IFRS - unaudited figures) Results for Q3 2010 30/09/2011 31/12/2010 (USD '000) EQUITY AND LIABILITIES…
  20. Q3 2011 RESULTS – Songa Offshore – slide 20
    Cash flow statement Songa Offshore Group Consolidated statement of cash flows for the period ended 30 September 2011 Songa Offshore SE (IFRS - unaudited figures) Results for Q3 2010 Amounts in USD '000 30/09/2011 30/09/2010 C ash flows…
  21. Q3 2011 RESULTS – Songa Offshore – slide 21
    Investments Q3 2011 Q2 2011 Q1 2011 2010 2009 2008 Venus 6 0 2 374 17 337 3 023 4 780 Mercur 129 2 165 1 168 13 787 2 842 7 175 Dee 3 643 644 1 317 15 761 46 917 554 Trym 4 041 431 1 222 1 489 24 860 15 964 Delta 8 148 2 507 2 753 8…
  22. Q3 2011 RESULTS – Songa Offshore – slide 22
    Capital structure Total capital structure and enterprise value in USD million Enterprise value: Market cap+external debt-cash 2,500 2,000 1141 USD million 1,500 1,531 1,520 1,442 1,380 1,320 1,335 656 707 888…
  23. Q3 2011 RESULTS – Songa Offshore – slide 23
    Q&A 23

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