Fourth quarter 2011 Shippingklubben 16 February 2012
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 Highlights Financial review Operational update Summary and outlook
Highlights in Q4 Operating revenues of USD 38.0 million Including USD 1.3 million of revenues related to work delivered to Cosco Shipyard Technical uptime in Q4 of 98.5 % and a commercial uptime of 100.2 % Total operating costs…
Sevan Brasil in dry dock Sevan Brasil towed from the yard Sevan Brasil at sea trials Sevan Drilling Rig no. 3 5
Highlights Financial review Operational update Summary and outlook
Income statement PROFIT AND LOSS ACCOUNT All figures in USD million Q4 2011 Q3 2011 Third quarter with independent reporting Operating Income 38.0 36.5 Revenues of USD 38.0 million EBITDA of USD 6.5 million Operating Expense -31.5 -23.2…
Strong balance sheet gives financial flexibility BALANCE SHEET All figures in USD million Q4 2011 Q3 2011 Cash balance of USD 188.5 million Drilling Rigs 1319.3 1257 Other fixed assets 8.6 7.5 Intangible assets 0.7 0.1 Agreed revised…
Debt maturity schedule Debt amortization schedule by Q4 2011 Amortization fully covered by revenues under the charter contracts USD million Vendor credit fully repaid in 2011 Amortization for Sevan Brasil does not 142 start…
Events after Q4 EGM was held 9 January, 2012 Election of new board Chairman: Erling Lind (Partner at Wiersholm Advokatfirma) Kristian Johansen (CFO TGS Nopec) Per Wullf (COO Seadrill) Kitty Hall and Anne Breive continue from…
Agenda Highlights Financial review Operational update Summary and outlook
Operations and uptime Good uptime in Q4 Good uptime in Q4 single event in January 98.5 % technical uptime 100.2 % commercial uptime 100.20% 98% 96% 94% 91% 90% 88% 88% 55.9 % uptime in January Most of down-time in…
Sevan Driller incident in January 13
Sevan Brasil on track Progress is in line with expectations The project remains on time and on budget Sea trials were successfully completed on 2 February Commissioning 99 % complete Remaining commissioning work can not be…
Sevan Brasil to arrive in April Prepare for Shipment / Final Heavy Lift Transit to Brazil Commissioning Window NAMING ARRIVAL AND Contract SEA CEREMONY DRY DOCK ACCEPTANCE Start TRIALS 03.11.11 TESTING Within Q2 NOVEMBER…
Comfortable on further expansion program Firm turnkey construction contracts Total price USD 526 million Delivery in Q4 2013 and Q2 2014 Total turnkey contract price consist of Project management* ) In total USD 27 Site…
Agenda Highlights Financial review Operational update Summary and outlook
Targeted uptime for Sevan Brasil Targeted uptime Average uptime on Sevan Brasil is 94% 95% 95% targeted at 90% Largest 85% 84% 80% for first 6 months impact is in 80% first 6 85% for next 6 months…
Outlook Continued focus on safe and efficient operations of Sevan Driller Manage cost base Close follow up of Sevan Brasil Heavy lift transport Estimated arrival in Brazil is mid-April Acceptance testing to start in early…
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