Skip to main content Q2 2011 RESULTS – Songa Offshore Investor Presentation | Shale Experts
Loading...
Pm

Q2 2011 RESULTS – Songa Offshore

Songa Offshore · Aug 8, 2011 · 18 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 2011 RESULTS – Songa Offshore – slide 1
    Second Quarter 2011 Results August 8, 2011
  2. Q2 2011 RESULTS – Songa Offshore – slide 2
    Highlights Q2 2011 / Q3 2011 Songa Offshore SE Results for Q3 2010 April Contract on Mercur with Gazflot for 180 days with startup in June. Contract value 46 million. November 5, 2010 July - LOA for 2 Cat D Newbuilds for Statoil.…
  3. Q2 2011 RESULTS – Songa Offshore – slide 3
    Fleet Update NNS fleet operating with robust performance Delta scheduled for 40 day SPS/ Upgrade yard stay end September Dee estimated release from MPC end August with immediate mobilization to Oseberg for Statoil. Statoil planned…
  4. Q2 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/Upgrades 45 - 50 mill 30 mill Songa Trym SPS/Upgrades 50 - 55 mill 65 - 75 mill Total Capex: 103 115 mill 110 122 mill Delta…
  5. Q2 2011 RESULTS – Songa Offshore – slide 5
    CAT Ds for Statoil GVA 4,000 NCS Design Midwater Semisubmersible, designed for efficient year around drilling, completion and intervention operation in harsh environment Prepared for future deep water operations by minor upgrades…
  6. Q2 2011 RESULTS – Songa Offshore – slide 6
    Songa Eclipse Commissioning and sea trail near completion with no major issues. Estimated delivery Aug 10th Followed by operator upgrades and transit to Angola All critical positions filled with certified and experienced…
  7. Q2 2011 RESULTS – Songa Offshore – slide 7
    Songa Fleet average operational efficiency Songa Fleet - quarterly utilization 95 97 97 97 97 97 96 97 95 95 100 95 92 91 91 92 90 90 87 80 72 70 60 50 40 30 20 10 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1…
  8. Q2 2011 RESULTS – Songa Offshore – slide 8
    Contract Status 2011 2012 2013 2014 2015 2016 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 Contract prep & Mob LOA - Angola (18…
  9. Q2 2011 RESULTS – Songa Offshore – slide 9
    Solid backlog in place Contract backlog (USDm) Contract Backlog Options: 3.75B ( Million) Options: USDbn 3.75 TOTAL CONTRACT BACKLOG = 4.3B FIRM (Options = 4.7B) 1712 378 187 96 261 673 449 464 472 259 295 2011 2012…
  10. Q2 2011 RESULTS – Songa Offshore – slide 10
    P & L Q2 2011 Songa Offshore Group Condensed consolidated statement of comprehensive income Songa Offshore SE Results for Q3 2010 for the period ended 30 June 2011 (IFRS unaudited figures) Q2 Q1 Q2 Jan-June Jan-June Jan-Dec…
  11. Q2 2011 RESULTS – Songa Offshore – slide 11
    Revenues and quarterly dayrates Q2 USD '000 Venus Mercur Delta Dee Trym Mgmt Group Operating revenue 15,331 1,814 41,335 33,604 31,843 - 123,927 Mobilisation 456 514 - 65 885 - 1,920 Reimbursables 414 (5) 446 360 92 - 1,307 Other 273 39…
  12. Q2 2011 RESULTS – Songa Offshore – slide 12
    Operating expenses USD '000 VENUS MERCUR DELTA DEE TRYM MGMT* TOTAL Rig OPEX offhore 11,712 2,700 16,783 16,454 18,968 73 66,690 Management Fee Odfjell - - 2,035 - 1,630 - 3,665 Total Rig OPEX 11,712 2,700 18,818 16,454 20,598 73 70,355…
  13. Q2 2011 RESULTS – Songa Offshore – slide 13
    Balance Sheet Songa Offshore Group Condensed consolidated statement of financial position at 30 June 2011 (IFRS - unaudited figures) 30/06/2011 31/12/2010 (USD '000) ASSETS Non-current assets Rigs, machinery and equipment…
  14. Q2 2011 RESULTS – Songa Offshore – slide 14
    Balance Sheet Songa Offshore Group Songa Offshore SE Condensed consolidated statement of financial position at 30 June 2011 (IFRS - unaudited figures) Results for Q3 2010 30/06/2011 31/12/2010 (USD '000) EQUITY AND LIABILITIES…
  15. Q2 2011 RESULTS – Songa Offshore – slide 15
    Investments Q2 2011 Q1 2011 YTD 2011 2010 2009 2008 Venus 0 2 374 2 374 17 337 3 023 4 780 Mercur 2 268 2 511 4 778 13 787 2 842 7 175 Dee 644 1 317 1 961 15 761 46 917 554 Trym 431 1 222 1 653 1 489 24 860 15 964 Delta 2 507 2 753…
  16. Q2 2011 RESULTS – Songa Offshore – slide 16
    Furthermore, under the prevailing market conditions, other alternative sources of debt financing are also being pursued. Capital structure Songa Offshore SE Results for Q3 2010 Total capital structure and enterprise value in USD…
  17. Q2 2011 RESULTS – Songa Offshore – slide 17
    Recent events creates funding need SOURCES USDm Several events this summer Cash balance 2Q11 134 create additional funding need Current available undrawn credit 139 New tranche under existing bank facility for Songa Eclipse 420…
  18. Q2 2011 RESULTS – Songa Offshore – slide 18
    Q&A 18

From the store

Browse maps, data & reports in the Shale Experts store