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Q3 2010 RESULTS – Songa Offshore

Songa Offshore · Nov 8, 2010 · 17 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 2010 RESULTS – Songa Offshore – slide 1
    Results for Q3 2010
  2. Q3 2010 RESULTS – Songa Offshore – slide 2
    Highlights Q3/Q4 Sale of BOP to Odfjell finalized Completed repairs and upgrades to Songa Dee, on time and on budget Songa Saturn sold for USD 260 million LOA from Statoil for Songa Dee 3 plus 1 year New loan facility…
  3. Q3 2010 RESULTS – Songa Offshore – slide 3
    Fleet Update... Venus leaving Singapore
  4. Q3 2010 RESULTS – Songa Offshore – slide 4
    Songa Dee Yardstay 2010 Focus areas 6 riser joints Active Heave Compensator Fire & Gas System General Piping Upgrades Iron Roughneck DDM New Port Crane Helilounge Gym preparations LP Mud Lines Refurbished lvl 1. accomodation Mud…
  5. Q3 2010 RESULTS – Songa Offshore – slide 5
    Songa Eclipse Recently completed:- Engine start-up started on 27th September Crane installations complete and commissioning started Bridge and engine room control panels installed. Helideck installed Overall Percentages: Planned %…
  6. Q3 2010 RESULTS – Songa Offshore – slide 6
    Operational Efficiency Songa Fleet - quarterly utilization 95 97 97 97 97 97 96 95 97 100 91 91 87 92 90 80 72 60 40 20 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009…
  7. Q3 2010 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. Q3 2010 RESULTS – Songa Offshore – slide 8
    P & L Q3 2010 Songa Offshore Group for the period e nded 30 September 2010 (IFRS unaudite d figures) Songa Offshore SE Condensed consolidated statement of comprehensive income Amounts in USD '000 Q3 2010 Q3 2009 Results…
  9. Q3 2010 RESULTS – Songa Offshore – slide 9
    Quarterly Revenues per rig Songa Offshore SE Results for Q3 2010 Q3 2010 Q2 2010 Q1 2010 Q4 2009 Q3 2009 Q2 2009 Q1 2009 Q4 2008 Q3 2008 USD '000s November 5, 2010 Venus 25 106 12 567 11 026 38 609 38 298 37 808 31 884 34 252 20…
  10. Q3 2010 RESULTS – Songa Offshore – slide 10
    Split of Q3 Revenues and Quarterly day rates Songa Offshore SE Results for Q3 2010 Operating Mobilisation Reimbursables Total Dayrate Dayrate November 5, 2010 Dayrate Dayrate Dayrate Dayrate Dayrate revenue & Other Q3 2010 Q2 2010…
  11. Q3 2010 RESULTS – Songa Offshore – slide 11
    Operating expenses Songa Offshore SE USD '000s Venus Saturn Mercur Delta Trym Results for Q3 2010 Dee G&A Q3 2010 Rig op exp & reimb. 12 505 6 906 12 667 19 451 17 632 21 721 (49) 90 833 G&A / onshore 1 353 736 1 542 173 48 November…
  12. Q3 2010 RESULTS – Songa Offshore – slide 12
    Balance Sheet Songa Offshore SE Songa Offshore Group Results for Q3 2010 Condensed consolidated statement of financial position at 30 September 2010 (IFRS - unaudited figures) 30/09/2010 31/12/2009 November 5, 2010 (USD '000)…
  13. Q3 2010 RESULTS – Songa Offshore – slide 13
    Balance Sheet Songa Offshore SE Condensed consolidated statement of financial position at 30 September 2010 (IFRS - unaudited figures) (USD '000) 30/09/2010 31/12/2009 Results for Q3 2010 EQUITY AND LIABILITIES C apital and reserves…
  14. Q3 2010 RESULTS – Songa Offshore – slide 14
    Outstanding debt as per 30 September Songa Offshore SE Q3 2010 Results for Q3 2010 Principal IRR Weight Weighted IRR Bond 9.75% 11,391,000 10.34% 0.02 November 0.18 5, 2010 Bond 9.75% 3,381,200 7.86% 0.01 0.04 Bond loan floating + 12%…
  15. Q3 2010 RESULTS – Songa Offshore – slide 15
    Investments Songa Offshore SE Results for Q3 2010 Q3 2010 Q2 2010 Q1 2010 2010 YTD 2009 2008 November 5, 2010 Venus 849 7 129 7 515 15 493 3 023 4 780 Mercur 582 9 222 2 119 11 923 2 842 7 175 Saturn 2 708 (570) 4 899 7 037 13 165…
  16. Q3 2010 RESULTS – Songa Offshore – slide 16
    Capital structure and Enterprise Value Songa Offshore SE Total capital structure and enterprise value inResults USD million for Q3 2010 Enterprise value: Market cap+external debt-cash 1,800 1,600 November 5, 2010 1,531 1,520…
  17. Q3 2010 RESULTS – Songa Offshore – slide 17
    Q&A 17

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