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Q1 2014 EARNINGS CALL – Songa Offshore

Songa Offshore · May 26, 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. Q1 2014 EARNINGS CALL – Songa Offshore – slide 1
    Songa Offshore SE 1Q 2014 Presentation 26 May 2014 26 August 2013
  2. Q1 2014 EARNINGS CALL – Songa Offshore – slide 2
    Financial Performance Quarterly EBITDA 70 65 60 60 Operating Solid operating revenue from 97% average earnings efficiency from five 50 52 51 Revenue rigs 50 First quarter 2014 EBITDA of 65 million compares to 60 million…
  3. Q1 2014 EARNINGS CALL – Songa Offshore – slide 3
    Highlights Strong EBITDA of 65m and reflecting 100% Operating Efficiency and Earnings Efficiency of 97% Sale of 100% of Songa Mercur and Songa Venus to Opus Offshore with transaction value between 180 and 235m based on economical…
  4. Q1 2014 EARNINGS CALL – Songa Offshore – slide 4
    Fleet and Operations
  5. Q1 2014 EARNINGS CALL – Songa Offshore – slide 5
    Solid Operations Operating Efficiency % 100% 100% 100% 98% 97% 95% Operating Efficiency of 100% for 93% the Norwegian fleet and Earnings 90% Efficiency of 96% in first quarter 85% Earnings Efficiency negatively impacted by rigs…
  6. Q1 2014 EARNINGS CALL – Songa Offshore – slide 6
    Rig Operating Expenses Rig Opex - k /day 200 k /Day Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 180 Delta 197 191 166 184 182 160 Dee 179 161 175 184 180 140 Trym 107 190 201 209 190 120 k / Day Average 161 181 181 192 184 100 80 Venus…
  7. Q1 2014 EARNINGS CALL – Songa Offshore – slide 7
    Contract Status March 31 2013 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 Q1 Q2 Q3 Q4 Day rate Day rate Norwegian Continental Shelf Songa Dee Statoil 353 Rate end…
  8. Q1 2014 EARNINGS CALL – Songa Offshore – slide 8
    Contract Backlog 1 200 1 000 170 333 800 21 22 million 600 140 20 842 400 579 662 696 689 682 677 668 659 513 200 389 80 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Contract Option…
  9. Q1 2014 EARNINGS CALL – Songa Offshore – slide 9
    Market update
  10. Q1 2014 EARNINGS CALL – Songa Offshore – slide 10
    Floaters Supply & Demand NCS Softer Drilling Market Norwegian Continental Shelf
  11. Q1 2014 EARNINGS CALL – Songa Offshore – slide 11
    Our fleet
  12. Q1 2014 EARNINGS CALL – Songa Offshore – slide 12
    Songa Dee Special Periodic Survey No changes to cost or schedule Songa Dee SPS in July Sept 2014 in Invergordon with 60 days yard stay plus transit Budget of 90 million Scope of work includes 202 work packages, including…
  13. Q1 2014 EARNINGS CALL – Songa Offshore – slide 13
    Cat D Newbuild Cost and Schedule Slower than expected fabrication progress impacting delivery and additional yard resources deployed DSMEs reweighting of the fabrication/build components has resulted in a reported drop in overall %…
  14. Q1 2014 EARNINGS CALL – Songa Offshore – slide 14
  15. Q1 2014 EARNINGS CALL – Songa Offshore – slide 15
    Sale of Mercur and Venus Agreement with Opus Offshore for the sale of Songa Mercur and Songa Venus and establishment of a strategic joint venture The joint venture will be a fully integrated drilling management company for…
  16. Q1 2014 EARNINGS CALL – Songa Offshore – slide 16
    Cat D Financing Cat D 1 & 2 financing Senior facilities of 387m per rig (774m in total) Financed by commercial banks DVB, ABN Amro and Swedbank, and export credit agencies GIEK and KEXIM Interest Libor + 300 bps Profile ECAs 10…
  17. Q1 2014 EARNINGS CALL – Songa Offshore – slide 17
    Debt Maturity Profile 700 600 500 million 400 259 300 582 97 200 150 111 125 100 221 42 97 97 97 67 57 - 2Q-4Q14 2015 2016 2017 2018 2019 2020 - Main bank facility 1,014m Cat D 1&2 Pre-delivery Cat D…
  18. Q1 2014 EARNINGS CALL – Songa Offshore – slide 18
    Financial Review
  19. Q1 2014 EARNINGS CALL – Songa Offshore – slide 19
    Profit & Loss million 1Q 2014 4Q 2013 3Q 2013 2Q 2013 Operating revenue 136 140 114 127 Reimbursables 11 4 4 5 Other revenue 7 10 13 11 Total revenues 155 154 131 143 Rig operating expenses 67 72 66 76 Reimbursables 9 3 2 4 General…
  20. Q1 2014 EARNINGS CALL – Songa Offshore – slide 20
    Profit & Loss million 1Q 2014 4Q 2013 3Q 2013 2Q 2013 EBITDA 65 60 51 52 Depreciation and amortisation (30) (37) (34) (38) Impairment (25) (92) - - EBIT 11 (69) 17 14 Net financial items (7) (56) (9) (9) Profit (loss) before tax 3…
  21. Q1 2014 EARNINGS CALL – Songa Offshore – slide 21
    Balance Sheet million March 31 Dec 31 Sept 30 June 30 2014 2013 2013 2013 Non-Current Assets Rigs, machinery and equipment 1,007 1,028 1,335 1,363 Newbuilds 607 583 561 542 Deferred tax assets 55 56 103 103 Derivative financial…
  22. Q1 2014 EARNINGS CALL – Songa Offshore – slide 22
    Balance Sheet million March 31 Dec 31 Sept 30 June 30 2013 2013 2013 2013 Total shareholders equity 1,111 1,081 959 957 Non-current liabilities Bank loans and other facilities 248 266 486 524 Bond loans 345 337 345 341 Convertible bond…
  23. Q1 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 million 25 25 45 20 20 9 14 15 15 10 7 8 10 10 4 5 4 5 12 10 10 10 10 6 4 5 1 3 0 0 Q1' 13 Q2' 13 Q3' 13 Q4' 13…
  24. Q1 2014 EARNINGS CALL – Songa Offshore – slide 24
    25
  25. Q1 2014 EARNINGS CALL – Songa Offshore – slide 25
    Q&A

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