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Q2 2014 EARNINGS CALL – Songa Offshore

Songa Offshore · Aug 25, 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. Q2 2014 EARNINGS CALL – Songa Offshore – slide 1
    Songa Offshore SE 2Q 2014 Presentation 25 August 2014 26 August 2013
  2. Q2 2014 EARNINGS CALL – Songa Offshore – slide 2
    Financial Performance Quarterly EBITDA 70 65 60 61 60 Operating Total revenue of 151 million 50 52 51 Revenue compares to 155 million in 1Q 50 EBITDA of 61 million compares to 40 EBITDA 65 million in 1Q million 30…
  3. Q2 2014 EARNINGS CALL – Songa Offshore – slide 3
    Highlights Strong EBITDA of 61m reflecting 97% Earnings Efficiency and 57m EBITDA contribution from three Norwegian rigs Completion of Songa Mercur and Songa Venus sale on 23 July 2014 Songa Dee SPS preparation according to…
  4. Q2 2014 EARNINGS CALL – Songa Offshore – slide 4
    Fleet and Operations
  5. Q2 2014 EARNINGS CALL – Songa Offshore – slide 5
    Solid Operations Operating Efficiency % 100% 100% 100% 99% 98% 97% Operating Efficiency of 99% for the 95% 93% Norwegian fleet and Earnings Efficiency of 98% in the second 90% quarter 85% Operating Efficiency of 98% for the 80%…
  6. Q2 2014 EARNINGS CALL – Songa Offshore – slide 6
    Rig Operating Expenses Rig Opex - k /day 200 k /Day Q3 13 Q4 13 Q1 14 Q2 14 180 Delta 166 184 182 172 160 Dee 175 184 180 187 140 Trym 201 209 190 188 120 k / Day Average 181 192 184 182 100 80 Venus 92 94 74 78…
  7. Q2 2014 EARNINGS CALL – Songa Offshore – slide 7
    Contract Status 1 July 2014 2014 2015 2016 2017 2018 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…
  8. Q2 2014 EARNINGS CALL – Songa Offshore – slide 8
    Contract Backlog 1 200 1 000 172 337 800 23 million 600 170 909 400 699 702 695 688 683 674 665 639 488 200 248 0 27 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Contract Option Industry…
  9. Q2 2014 EARNINGS CALL – Songa Offshore – slide 9
    Market update
  10. Q2 2014 EARNINGS CALL – Songa Offshore – slide 10
    Floaters Supply & Demand NCS Softer Drilling Market Norwegian Continental Shelf
  11. Q2 2014 EARNINGS CALL – Songa Offshore – slide 11
    Our fleet
  12. Q2 2014 EARNINGS CALL – Songa Offshore – slide 12
    Songa Dee Special Periodic Survey No changes to cost or schedule Songa Dee arrived in Invergordon 24 August for a 60 days yard stay Budget of 90 million Scope of work includes 200 work packages, including re-certification of the…
  13. Q2 2014 EARNINGS CALL – Songa Offshore – slide 13
    Cat D Newbuild Cost and Schedule No change to cost or schedule compared to Q1 reporting Songa Enabler has left dry-dock and all four rigs now afloat Commissioning activities on Songa Equinox and Songa Endurance have commenced Songa…
  14. Q2 2014 EARNINGS CALL – Songa Offshore – slide 14
  15. Q2 2014 EARNINGS CALL – Songa Offshore – slide 15
    Sale of Mercur and Venus Sale of Songa Mercur and Songa Venus completed on 23 July 2014 Joint Venture established with buyer Opus Offshore to operate the rigs. The joint venture will be a fully integrated drilling management company…
  16. Q2 2014 EARNINGS CALL – Songa Offshore – slide 16
    Cat D 3 & 4 1.1bn senior secured credit facility Firm commitment from Banks and Export Credit Agency Pre-delivery financing of 90m per rig Post-delivery financing of 550m per rig Commercial tranches underwritten by four banks…
  17. Q2 2014 EARNINGS CALL – Songa Offshore – slide 17
    Debt Maturity Profile 800 700 600 million 500 728 259 400 84 300 97 150 125 485 200 42 96 96 96 100 111 221 97 97 97 97 53 57 - 3Q-4Q14 2015 2016 2017 2018 2019 2020 2021 Main bank facility Statoil…
  18. Q2 2014 EARNINGS CALL – Songa Offshore – slide 18
    Financial Review
  19. Q2 2014 EARNINGS CALL – Songa Offshore – slide 19
    Profit & Loss million 2Q 2014 1Q 2014 4Q 2013 3Q 2013 Operating revenue 127 136 140 114 Reimbursables 15 11 4 4 Other revenue 9 7 10 13 Total revenues 151 155 154 131 Rig operating expenses 65 67 72 66 Reimbursables 14 9 3 2…
  20. Q2 2014 EARNINGS CALL – Songa Offshore – slide 20
    Profit & Loss million 2Q 2014 1Q 2014 4Q 2013 3Q 2013 EBITDA 61 65 60 51 Depreciation and amortisation (29) (30) (37) (34) Impairment (31) (25) (92) - EBIT 0 11 (69) 17 Net financial items (8) (7) (56) (9) Profit (loss) before tax…
  21. Q2 2014 EARNINGS CALL – Songa Offshore – slide 21
    Balance Sheet million June 30 March 31 Dec 31 Sept 30 2014 2014 2013 2013 Rigs, machinery and equipment 991 1,007 1,028 1,335 Newbuilds 635 607 583 561 Deferred tax assets 55 55 56 103 Derivative financial instrument 30 23 29 - Total…
  22. Q2 2014 EARNINGS CALL – Songa Offshore – slide 22
    Balance Sheet million June 30 March 31 Dec 31 Sept 30 2014 2013 2013 2013 Total shareholders equity 1,099 1,111 1,081 959 Bank loans and other facilities 323 248 266 486 Bond loans 339 345 337 345 Convertible bond 106 105 104 -…
  23. Q2 2014 EARNINGS CALL – Songa Offshore – slide 23
    Capital Expenditures Operating fleet Cat D project 50 50 45 2 45 40 40 35 35 30 30 million 25 25 million 45 20 20 20 9 15 15 15 10 7 8 10 10 6 4 5 3 5 12 10 10 10 9 9 6 4 1 3 6 1 3 2 0 0 Q1' 13 Q2'…
  24. Q2 2014 EARNINGS 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. Q2 2014 EARNINGS CALL – Songa Offshore – slide 25
    Q&A

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