A pure-play ultra deepwater drilling company Pareto Oil & Offshore Conference 2011 1 September 2011
IMPORTANT INFORMATION THIS PRESENTATION AND ITS ENCLOSURES AND APPENDICES (HEREINAFTER JOINTLY REFERRED TO AS THE PRESENTATION) HAVE BEEN PREPARED BY SEVAN DRILLING ASA (SEVAN DRILLING OR THE COMPANY) EXCLUSIVELY FOR INFORMATION…
Agenda Company Overview Highlights in Q2 2011 Operational review Construction and Fleet update Market Outlook
A pure-play ultra deepwater drilling company Four high-end ultra deepwater (UDW) rigs One rig drilling off Brazil on a 6 year contract with Petrobras. One rig for delivery in Q1 2012 on a 6 year contract with Petrobras Two rigs under…
High-end UDW rigs with a unique and cost efficient design Sevan Driller Sevan Brasil 2 x UDW newbuild rigs Delivered from COSCO end 2009 Under construction at COSCO Contract with COSCO for two new In operation for Petrobras under…
Solid contract coverage and backlog
Bank Loan Facilities Two loan facilities Sevan Driller (7 banks) Sevan Brasil (4 banks) Sevan Marine provided the Parent Company Guarantee in both loans and both loans contain cross default provisions. Obtained approval to remove…
Company Overview Highlights Q2 2011 Operational review Construction and Fleet update Market Outlook
Highlights Q2 2011 Capital increase and listing on 1 Oslo Axess 2 Steady operational performance 3 Operating costs improved Cross Default Provisions Removed 4 Sevan Brasil on track 5 Order placed for two new…
Company Overview Highlights Q2 2011 Operational Review Construction and Fleet update Market Outlook
Sevan Driller in stable operations Campos Basin operation Challenging area for drilling, one of the first wells to be drilled in this area Operating in water depths of 1,900 meters Passed one year without a Loss Time Incident in…
Good uptime and highly rated by client Petrobras rating system called Rig uptime of 98% last month Bad Sonda. 120% Monthly review of all third party rigs 98% Based on a number of 100% 94% 96% 90% 91% criterion Safety, technical…
Company Overview Highlights Q2 2011 Operational Review Construction and Fleet Update Market Outlook
Sevan Brasil ready for delivery in Q1 2012 Progress is in line with expectations 87 % completion All equipment except for risers and thrusters have been installed Very close follow-up of cost in final stage On schedule for…
Construction progress Sevan Brasil Progress break down 100 80 Completion in % 60 40 20 0 Jun '09 Sept '09 Dec '09 Mar '10 June '10 Sept '10 Dec '10 Mar '11 June '11 Sept '11 Dec '11 Actual Overall Progress Forecast…
Rigs 3 and 4 are under construction Firm turnkey construction contracts for two Drilling control system UDW Derrick BOP Control system COSCO shipyard Pipehandling Marine riser system Cranes Total price USD 526 million Delivery…
Company Overview Highlights Q2 2011 Operational Review Construction and Fleet update Market Outlook
Overview 2010 discoveries Highest number of discoveries and largest discoveries in deepwater Source : First Securities, WoodMac 18
Historical demand deepwater Brazil and new regions are main demand drivers. Source : First Securities, ODS Petrodata 19
Clients paying a premium for modern rigs
Company Overview Highlights Q2 2011 Operational Review Construction and Fleet update Market Outlook Financials
Key investment considerations Operational control Sevan Driller Delivery is on time and on budget Sevan Brasil Cross default provisions removed More robust financial position Currency risk is low 75% of interest risk…
Outlook Focus on safe and efficient operations of Sevan Driller Full management attention on close follow up of Sevan Brasil Marketing of the new rigs available in Q4 2013 and Q2 2014 23
Appendix
Income and cost structure One source of income (Sevan Driller) Affected by: Uptime Performance level Activity (Moving, Normal Operations, Waiting on Weather) Cost divided into four categories: Cash Operating item (operating rig…
Income statement Q2 2011 USD million Q2 2011 Q1 2011 P First quarter with independent reporting Revenues of USD 33.3 million Operating income 33,3 34,0 EBITDAFX of USD 13.7 million Operating expense (19,6) (18,2) EBITDAFX 13,7 15,8…
Balance Sheet and Cash Flow Balance Sheet USDm 30.06.2011 30.03.2011P Capitalization on drilling rigs is split between Sevan Driller (USD 669 million), Drilling Rigs 1 231,9 999,0 Other non-current assets 51,9 54,8 Sevan Brasil (USD…
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