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Q1 2012 EARNINGS CALL – Songa Offshore

Songa Offshore · May 14, 2012 · 19 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 2012 EARNINGS CALL – Songa Offshore – slide 1
    Songa Offshore SE Results for Q3 2010 November 5, 2010 1st Quarter 2012 Results May 14, 2012
  2. Q1 2012 EARNINGS CALL – Songa Offshore – slide 2
    Highlights Q1/Q2 2012 Songa Offshore SE Results for Q3 2010 November 5, 2010 Finalized a USD 50 million loan agreement to part finance first intallments on Cat D rig 1 and 2. Awarded two additional Cat D rigs for Statoil. 8 years…
  3. Q1 2012 EARNINGS CALL – Songa Offshore – slide 3
    Current global presence and clients Norwegian North Sea Headquartered in Cyprus Malaysia Angola 3
  4. Q1 2012 EARNINGS CALL – Songa Offshore – slide 4
    Fleet Update Rig Q1 2012 Comments Operating Efficiency Dee 96 % Delta 99 % Trym 96 % Venus 99 % Mercur 99 % Eclipse 95 % Top hole drilling (April) Songa Delta - Estimated completion of current well/contract is late August…
  5. Q1 2012 EARNINGS CALL – Songa Offshore – slide 5
    Proven track record, design and technology Songa Dee Cat-D Encourage Semisubmersible HE semisubmersible Norwegian North Sea Fleet Built: Delivery Q1 2015 Built: 1984 Water depth: 1,640 feet Modified: 2004 / 2012 Moored / DP Water…
  6. Q1 2012 EARNINGS CALL – Songa Offshore – slide 6
    Operating capabilities Songa Fleet quarterly utilization % 100 97 97 97 97 97 96 97 97 95 95 95 95 94 91 91 92 92 90 90 87 86 80 72 70 60 50 40 30 20 10 0 Solid client base with major international oil…
  7. Q1 2012 EARNINGS CALL – Songa Offshore – slide 7
    Contract Status 2012 2013 2014 2015 2016 Unit Customer Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 NCS Songa Dee Statoil 1 Year Songa Trym Statoil 2x1 year Songa Delta Wintershall-DNO / Statoil Statoil 1 year NCS…
  8. Q1 2012 EARNINGS CALL – Songa Offshore – slide 8
    Status update upgrades and SPS SPS and upgrades 2012 Rates during upgrades Songa Dee completed Songa Dee completed upgraded at yard. Daily rate received for the 28 days at the shipyard was 225k Song Delta SPS completed, scheduled…
  9. Q1 2012 EARNINGS CALL – Songa Offshore – slide 9
    Cat D Project status update Constructed on Daewoo Shipbuilding & Marine Equinox Endurance Engineering in South Korea Proven Shipyard low execution risk 2nd largest shipyard in the world Delivered 40 semi-submersibles and drillships…
  10. Q1 2012 EARNINGS CALL – Songa Offshore – slide 10
    Focus on Semi Market Upcoming shortage Some drilling programs delayed due to shortages of materials and delays in well planning. Continue to see healthy tender activity and forecast demand to begin overtaking supply in SEA in…
  11. Q1 2012 EARNINGS CALL – Songa Offshore – slide 11
    Near term focus points Start up of Eclipse Secure new contracts for Venus and Mercur Execution of North Sea Fleet upgrades and SPS Optimization of global business structure
  12. Q1 2012 EARNINGS CALL – Songa Offshore – slide 12
    P & L Q1 2012 Songa Offshore Group Consolidated Income Statement for the period ended 31 March 2012 (IFRS unaudited figures) Q1 Q4 Q1 Jan-Dec Amounts in USD '000 2012 2011 2011 2011 Operating revenue 131,116 96,252 140,713…
  13. Q1 2012 EARNINGS CALL – Songa Offshore – slide 13
    Revenues and quarterly day rates Q1 USD '000 Venus Mercur Eclipse Delta Dee Trym Other Group Operating revenue 20,274 13,649 518 37,605 26,735 30,106 - 128,887 Mobilisation/Demob. - 1,344 - - - 885 - 2,229 Reimbursables 25 9 - 571 148…
  14. Q1 2012 EARNINGS CALL – Songa Offshore – slide 14
    Operating expenses USD '000 VENUS MERCUR ECLIPSE DELTA DEE TRYM MGMT TOTAL Rig OPEX offhore 9,598 8,934 489 20,291 16,668 16,865 (706) 72,137 Management Fee Odfjell - - - 1,829 - 1,159 - 2,988 Total Rig OPEX 9,598 8,934 489 22,120…
  15. Q1 2012 EARNINGS CALL – Songa Offshore – slide 15
    Balance Sheet
  16. Q1 2012 EARNINGS CALL – Songa Offshore – slide 16
    Balance Sheet
  17. Q1 2012 EARNINGS CALL – Songa Offshore – slide 17
    Investments
  18. Q1 2012 EARNINGS CALL – Songa Offshore – slide 18
    Capital structure Songa Offshore SE Results for Q3 2010 Total capital structure and enterprise value in USD million Enterprise value: Market cap+external debt-cash 2,500 November 5, 2010 2,000 1169 1155 1,697 1141 1,555 USD…
  19. Q1 2012 EARNINGS CALL – Songa Offshore – slide 19
    Q&A

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