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 PURPOSES.…
Highlights in third quarter 2012 Sevan Brasil: Start-up in Q3 Downtime from 23 September due to an incident with the BOP caused by human error Impact mitigated by 80% day rate starting 22 October Back on original location and running…
BOP incident caused downtime on Sevan Brasil The blow out preventer (BOP) was damaged during testing Cause of incident: Human error Actions: BOP was pulled to surface and sent to the manufacturer for repair Remedy: Agreed with…
High operation levels on Sevan Driller High and stable operational level in Q3 96.7% technical uptime 100% 98% 97.3% commercial uptime 97% 97% 96% 94% 91% 90% 88% 88% 86% Even higher level in the start of…
Financial update 6
Short term financing considerations Sevan Drilling is in compliance with all existing loan covenants The waivers to cash covenant have opened a constructive dialogue with banks Current discussions on restricted vs. non-restricted…
Income statement All figures in USD million Q3 2012 Q3 2011 Operating revenues are influenced by Operating Income 58.1 36.5 good uptime on Sevan Driller and Operating Expense -34.6 -23.2 operational start on Sevan Brasil EBITDA 23.4 13.2…
Balance sheet All figures in USD million Q3 2012 Q3 2011 Received refund from Petrobras of Drilling Rigs 1,496.4 1,257.6 Other fixed assets 12.1 7.5 mobilization fee of USD 29 million and Intangible assets 0.8 0.1 importation tax of USD…
Rig expansion update 10
Marketing of new rigs Construction of newbuilds on schedule Total price USD 526 million per unit Delivery in Q4 2013 and Q2 2014 Continue to broadly market new rigs inside and outside of Brazil Seeking contracts of three years or…
Sevan Drilling Rig no 3 on schedule Progress Sevan Drilling Rig no 3 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 10% Probability 90% Probability Actual 12
Sevan Drilling Rig no 4 on schedule Progress Sevan Drilling Rig no 4 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 10% Probability 90% Probability Actual 13
Summary and outlook 14
Outlook Focus on safe and efficient operations of Sevan Driller and Sevan Brasil Focus on financing structure and firm cost control Construction of Sevan Drilling Rig no 3 and 4 according to plan Broad marketing of Sevan Drilling…
The pure-play ultra deepwater drilling company.
Appendix
Long-term debt financing An overview of existing financing structures Debt maturity schedule as of Q3 2012 Principal Amount Security Type Maturity Amount outstanding Interest 1. lien Bank Jun 16 USD 480 m USD 383m LIBOR + 3.5% Sevan…
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