Songa Offshore SE Presentation 2Q 2013 26 August 2013
Agenda Financial performance Highlights New Songa Vision Organization Operations Fleet and contract update Market update Cat D newbuild project Financing Financial review 3
Financial Performance Second quarter EBITDA of 52 QUARTERLY EBITDA million compared to 50 million 70 in first quarter 2013 66 60 Earnings negatively impacted 59 56 57 by Mercur down time from 50 52 March 25 to April 10 from BOP…
Highlights Mike Mannering appointed Chairman of the Board and Frederik W. Mohn appointed Director on 6 June 2013 Bjornar Iversen appointed CEO from 1 June 2013 Songa Dee, Songa Trym and Songa Delta in operation for the first full…
New Songa Vision Vision: Songa Offshore shall be the preferred International Midwater Drilling Contractor with a strong presence in the harsh environment North Atlantic basin Mission: We will accomplish this by: Providing safe and…
Building the largest semi submersible drilling contractor on the Norwegian Continental Shelf Semis per Operator on the NCS 8 7 6 5 4 3 2 1 0 Source: Fearnleys 7
Organization Board strengthened with more than 100 man-years of oil & gas and drilling experience Strengthened Senior Management team Project and Technical division established strong focus on Songa Dee 2014 SPS In the process…
Operations
Operations Operating Efficiency of Operating Efficiency Norwegian fleet of 95% 100% and Earnings Efficiency 97% 98% 95% of 98% in second quarter 95% 94% 94% 94% 94% 2013 - first quarter with all 90% 92% 93% three units under…
Contract Status 2013 2014 2015 2016 2017 2018 U n it C u s to m e r C u rre n t O p t io n Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 D a y ra te D a y ra te N o r w e g ia n C o n t in e n t a l S h e lf…
Market Update North Sea semi market very strong in spite of increased supply Forecast rig demand from IHS Petrodata shows rig demand growing from 40 to 47 units by 2014 Source: IHS Petrodata Worldwide Semi utilization works…
Status Cat D Newbuild Project Building a unique North Atlantic portfolio of midwater drilling rigs 4 identical Cat Ds and 3 existing units
Cat D Newbuild Project - Schedule Good project progress with construction progress as per August 1: Equinox Endurance Encourage Enabler Construction Progress 70.1% 65.8% 19.1% 8.0% Songa estimate delays due to yard and sub-suppliers…
Cat D Newbuild Project - Cost Cat Ds constructed according to Statoils specifications reduces delivery risk Mutual understanding with Statoil to technically accept as much as possible of the rig before Songa takes delivery from…
Cat D Operations Preparations Organisation Building organisation and offshore crews according to plan Development of systems and procedures on track Schedule Timing of crew ramp up important for overall mobilization costs…
Financing Signed term sheets for the financing of the two first Cat D rigs with pre- and post-delivery financing of 1,014 million with quality finance institutions at competitive rates Loan availability pre-delivery of 120 million…
Profit & Loss million 2Q 2013 1Q 2013 4Q 2012 3Q 2012 EBITDA 51.9 50.4 41.8 56.8 Depreciation and amortisation (37.5) (31.0) (29.7) (32.9) Impairment - - (213.3) (116.7) EBIT 14.4 19.4 (201.2) (92.8) Finance income 0.1 0.1 0.3 0.2…
Balance Sheet million June 30 March 31 December 31 2013 2013 2012 Non-Current Assets Rigs, machinery and equipment 1,362.5 1,389.8 1,372.3 Newbuilds 541.7 523.6 506.6 Deferred tax assets 102.9 102.9 102.9 Derivative financial…
Balance Sheet million June 30 March 31 December 31 2013 2013 2012 Total shareholders equity 956.7 952.2 947.0 Non-current liabilities Bank loans and other facilities 523.6 591.4 620.1 Bond loans 340.6 357.5 372.5 Derivative financial…
Capital Expenditures 2013 45 Total 2013 Cat D Capex of 40 35 million, where 15 million is project 35 expenditures and 20 million 30 capitalized interests Total 2013 Capex for 25 million operating fleet at 57 million 20…
Summary Solid North Sea Operations Good Cat D project control but delay from yard low cost impact Board, Management and Organization significantly strengthened Strong contract backlog of 6.6 bn with options worth 8.4 bn 1,014…
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