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Q1 2011 RESULTS – Songa Offshore

Songa Offshore · May 9, 2011 · 14 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. Q1 2011 RESULTS – Songa Offshore – slide 1
    First Quarter 2011 Results May 9, 2011
  2. Q1 2011 RESULTS – Songa Offshore – slide 2
    Highlights Q1 Q2 Delta Concluded 3+1 yrs with Statoil Mercur Concluded new contract with Gazflot Eclipse On schedule for delivery August 2011 DWD Songa increased ownership to 51.9%
  3. Q1 2011 RESULTS – Songa Offshore – slide 3
    Fleet Update NNS fleet operating with good performance Songa Venus with excellent performance in Australia Songa Mercur completing BOP repairs/re-certification and will commence mobilization to Sakhalin later this month
  4. Q1 2011 RESULTS – Songa Offshore – slide 4
    NNS fleet SPS & Upgrades 2011/2012 SONGA STATOIL Songa Dee 8-10 mill 15 -17 mill Songa Delta SPS 25 mill Songa Delta Upgrades 20 -25mill 30 mill Delta upgrades & life enhancements paid by Statoil Expand living quarters with…
  5. Q1 2011 RESULTS – Songa Offshore – slide 5
    Songa Eclipse 92 % complete Commissioning process started Estimated delivery early August Contract negotiations ongoing All critical positions filled with certified and experienced personnel
  6. Q1 2011 RESULTS – Songa Offshore – slide 6
    Songa Fleet average operational efficiency Songa Fleet - quarterly utilization 100 97 97 97 97 97 97 96 95 95 95 95 92 91 92 91 90 90 87 85 80 75 72 70 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2007 2007…
  7. Q1 2011 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. Q1 2011 RESULTS – Songa Offshore – slide 8
    P & L Q1 2011 Songa Offshore Group Condensed consolidated statement of comprehensiv e income for the period ended 31 March 2011 (IFRS unaudited figures) Q1 Q1 Jan-Dec Amounts in USD '000 2011 2010 2010 Operating revenue 140,713…
  9. Q1 2011 RESULTS – Songa Offshore – slide 9
    Revenues and quarterly dayrates Q1 USD '000 Venus Eclipse Mercur Delta Dee Trym Mgmt Group Operating revenue 24,864 - 3,917 40,578 37,958 32,426 - 139,743 Mobilisation/Demob. - - - - 95 875 - 970 Reimbursables 541 - 651 923 403 224 -…
  10. Q1 2011 RESULTS – Songa Offshore – slide 10
    Operating expenses USD '000 VENUS MERCUR DELTA DEE TRYM MGMT* TOTAL Rig OPEX offhore 10,244 11,765 16,900 14,429 16,864 119 70,321 Management Fee Odfjell - - 2,032 - 1,794 - 3,826 Total Rig OPEX 10,244 11,765 18,932 14,429 18,658 119…
  11. Q1 2011 RESULTS – Songa Offshore – slide 11
    Balance Sheet Songa Offshore Group Condensed consolidated statement of financial position at 31 March 2011 (IFRS - unaudited figures) 31/03/2011 31/12/2010 (USD '000) ASSETS Non-current assets Rigs, machinery and equipment 1,607,215…
  12. Q1 2011 RESULTS – Songa Offshore – slide 12
    Balance Sheet Songa Offshore Group Condensed consolidated statement of financial position at 31 March 2011 (IFRS - unaudited figures) 31/03/2011 31/12/2010 (USD '000) EQUITY AND LIABILITIES C apital and reserves Issued capital 26,075…
  13. Q1 2011 RESULTS – Songa Offshore – slide 13
    Investments Q1 2011 2010 2009 2008 Venus 2 374 17 337 3 023 4 780 Mercur 2 511 13 787 2 842 7 175 Dee 1 317 15 761 46 917 554 Trym 1 222 1 489 24 860 15 964 Delta 2 753 8 364 3 927 431 250 Eclipse 6 007 0 Other 151 -466 450 449 0…
  14. Q1 2011 RESULTS – Songa Offshore – slide 14
    Capital structure and Enterprise Value Total capital structure and enterprise value in USD million Enterprise value: Market cap+external debt-cash 1,800 1,600 1,531 1,520 1,400 1,386 1,380 551 1,320 1,335 360 656 1,248 707…

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