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Q2 2015 Results – Songa Offshore

Songa Offshore · Aug 21, 2015 · 27 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 2015 Results – Songa Offshore – slide 1
    Songa Offshore SE 2Q 2015 Presentation Conference call, 21 August 2015
  2. Q2 2015 Results – Songa Offshore – slide 2
    Financial Performance and Highlights Quarterly EBITDA 70 99% NCS fleet earnings efficiency 61 60 60 Opex of 141k/day per rig 54 EBITDA of 60 million 50 Songa Equinox delivered in June 41 40 Notice of arbitration received…
  3. Q2 2015 Results – Songa Offshore – slide 3
    Fleet and Operations Songa Endurance (Cat D 2)
  4. Q2 2015 Results – Songa Offshore – slide 4
    Solid Operations Operating and Earnings Efficiency % 100% 95% Operating Efficiency of 100% in 90% second quarter 2015 85% Average Earnings Efficiency of 80% 99% in second quarter 2015 75% 70% 65% 60% Q3' 13 Q4' 13 Q1' 14…
  5. Q2 2015 Results – Songa Offshore – slide 5
    Rig Operating Expenses Rig Opex 000 /day 200 192 181 184 182 181 Average Q2 rig opex at 141,000 per day 180 171 NOK denominated portion of rig opex 160 estimated at 93% 143 141 140 000 /Day Q3 14 Q4 14 Q1 15 Q2 15 120 Songa…
  6. Q2 2015 Results – Songa Offshore – slide 6
    Legacy Fleet Operations Songa Dee continued a drilling and workover campaign on the Gullfaks field - eight day yard-stay in late July / early August on standby rate for client requested equipment installation Songa Trym has…
  7. Q2 2015 Results – Songa Offshore – slide 7
    Contract Status 30 June 2015 2015 2016 2017 2018 Unit Customer Current Option Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Day rate Day rate Norwegian Continental Shelf Songa Dee Statoil 362 Rate end of firm contract Songa Trym…
  8. Q2 2015 Results – Songa Offshore – slide 8
    Firm Backlog of 5.9bn and Further 8.3bn in Options 1,000 173 346 0.4 0.5 800 24 5.5 21 600 million 7.7 400 814 546 684 677 670 666 657 650 617 200 387 Cat D - Firm Contracts Cat D - Options 102 Legacy - Firm…
  9. Q2 2015 Results – Songa Offshore – slide 9
    Cat D Project
  10. Q2 2015 Results – Songa Offshore – slide 10
    Cat D Project Songa Equinox delivered in June and Songa Endurance scheduled for delivery the week starting on 24 August Finalized mobilisation plans for all four rigs to Norway - all units are planned to have a tug assisted wet…
  11. Q2 2015 Results – Songa Offshore – slide 11
    Songa Equinox in Transit Delivered on 30 June 2015 Mobilizing according to plan Completed its second leg of its transit to Mauritius and leaving shortly for Walvis Bay, Namibia Expected arrival in Norway in October 2015…
  12. Q2 2015 Results – Songa Offshore – slide 12
    Songa Endurance Scheduled for delivery in the week starting 24 August 2015 and then leaving Korea shortly thereafter Expected arrival in Norway in November 2015 Acknowledgement of Compliance (AoC) submitted to the Petroleum…
  13. Q2 2015 Results – Songa Offshore – slide 13
    Songa Encourage & Songa Enabler Songa Encourage to be delivered in fourth quarter 2015 - Construction progress of 87% end of July 2015 Songa Enabler delivery targeted in fourth quarter 2015 but may slip into first quarter 2016 -…
  14. Q2 2015 Results – Songa Offshore – slide 14
    Cat D Arbitration Case with DSME Songa Offshore has received from DSME notices of arbitration in respect of the construction contracts for the Cat D rigs Arbitration process will be conducted in accordance with the London Maritime…
  15. Q2 2015 Results – Songa Offshore – slide 15
    Sailing Route Transit from Korea Bergen Songa Encourage Songa Enabler South Korea Las Palmas Songa Endurance Singapore Mauritius Walvis Bay Songa Equinox 16
  16. Q2 2015 Results – Songa Offshore – slide 16
    Market Update
  17. Q2 2015 Results – Songa Offshore – slide 17
    NCS Floater Market 2015 2016 2017 Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 Transocean Spitsbergen Weak floater demand on NCS in 2016 2 COSL Pioneer and 2017 3 West Venture 4 Transocean Searcher 5 Deepsea Atlantic Six NCS…
  18. Q2 2015 Results – Songa Offshore – slide 18
    Financial Review
  19. Q2 2015 Results – Songa Offshore – slide 19
    Changes to Debt Structure The following changes in debt structure were done on 30 June 2015: Draw down of the 387m Senior Loan for Songa Equinox Draw down of 68m of the post-delivery tranche of the Junior Loan for Songa Equinox,…
  20. Q2 2015 Results – Songa Offshore – slide 20
    Improved Debt Maturity Profile 900 - 800 700 - 50 600 millions 500 - 259 740 400 300 125 - 150 506 - 96 200 72 96 - 96 98 98 100 98 - 18 98 98 68 71 32 42 - - - - 2H2015 2016 2017 2018 2019 2020…
  21. Q2 2015 Results – Songa Offshore – slide 21
    Profit & Loss million 2Q 2015 1Q 2015 4Q 2014 3Q 2014 Operating revenue 98 94 65 91 Reimbursables 12 3 3 8 Other revenue 12 11 11 11 Total revenues 122 108 79 110 Rig operating expenses 38 39 37 49 Reimbursables 11 3 3 7 General…
  22. Q2 2015 Results – Songa Offshore – slide 22
    Profit & Loss million 2Q 2015 1Q 2015 4Q 2014 3Q 2014 EBITDA 60 54 29 41 Depreciation (32) (33) (28) (28) Impairment - - (8) (1) EBIT 28 20 (7) 12 Finance income 1 2 1 2 Finance expense (6) (10) (8) (9) Estimates Mercur & Venus…
  23. Q2 2015 Results – Songa Offshore – slide 23
    Balance Sheet million Jun 30 Mar 31 Dec 31 Sept 30 2015 2015 2014 2014 Rigs, machinery and equipment 1,010 1,036 1,063 1,025 Newbuilds 1,283 785 731 676 Financial assets 18 53 54 60 Derivative financial instrument 81 91 73 41 Deferred…
  24. Q2 2015 Results – Songa Offshore – slide 24
    Balance Sheet million Jun 30 Mar 31 Dec 31 Sept 30 2015 2015 2014 2014 Total shareholders equity 1,040 1,008 1,036 1,094 Bank loans and other facilities 832 252 271 296 Bond loans 271 267 282 338 Convertible bond 113 113 110 109…
  25. Q2 2015 Results – Songa Offshore – slide 25
    Capital Expenditures Operating fleet Cat D project 70 500 60 20 400 50 40 300 23 million 494 million 53 30 200 20 26 100 10 38 35 6 5 5 25 0 0 12 16 12 12 Q3' 14 Q4' 14 Q1' 15 Q2' 15 Q3' 14 Q4' 14 Q1'…
  26. Q2 2015 Results – Songa Offshore – slide 26
    Summary Solid operations and EBITDA Songa Equinox delivered - overall Cat D construction project 91% completed Songa Endurance scheduled for delivery in the week starting 24 August Notice of arbitration received from DSME several…
  27. Q2 2015 Results – Songa Offshore – slide 27
    Setting the New Standard on the NCS Q&A

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