We continue to build the New Songa Offshore under our vision Vision: Songa Offshore shall be the preferred International Midwater Drilling Contractor with a strong presence in the harsh environment North Atlantic basin Mission:…
Company highlights We are building NCSs largest semi submersible drilling company with 7 units Setting the new standard on NCS with the 4 midwater Cat D rigs Solid QHSE track record and operational utilization Largest and longest…
Recent developments Quarterly EBITDA 70 61 60 60 54 99% NCS fleet earnings efficiency in 50 Q2 2015 41 Opex of 141k/day per rig 40 EBITDA of 60 million million 30 29 Songa Equinox delivered in June Songa Endurance…
Fleet and Operations Songa Endurance (Cat D 2)
Setting the new standard on the NCS Q4 2015 Harstad Q4 2015 Delivered Delivered Stjrdal Oslo (Finance/IR) Bergen Stavanger
Rig Operating Expenses Rig Opex 000 /day Average Q2 rig opex at 141,000 per day 200 192 184 NOK denominated portion of rig opex 181 182 181 180 estimated at 93% 171 Opex reduced due to favourable FX and 160 cost efficiency 143…
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…
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…
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…
Cat D Project
Cat D Project Songa Equinox delivered in June and Songa Endurance delivered in August Finalized mobilisation plans for all four rigs to Norway - all units are planned to have a tug assisted wet transit Detailed operation…
Songa Equinox in Transit Delivered on 30 June 2015 Mobilizing according to plan Has completed its second leg of its transit to Mauritius and is now heading for Walvis Bay, Namibia Expected arrival in Norway in October 2015…
Songa Endurance Delivered on 24 August 2015 and currently en route to Norway Expected arrival in Norway in November 2015 Acknowledgement of Compliance (AoC) submitted to the Petroleum Safety Authority (PSA) early August…
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 -…
Sailing Route Transit from Korea Bergen Songa Encourage Songa Enabler South Korea Las Palmas Songa Endurance Singapore Mauritius Walvis Bay Songa Equinox 18
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…
Market Update
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…
Financial Update
Changes to Debt Structure in Q2 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, bringing the Junior Loan to a total of 120m Draw down of…
Summary Solid operations and EBITDA Songa Equinox and Songa Endurance delivered - overall Cat D construction project 91% completed Focus on completion of Songa Encourage and Songa Enabler, as well as safe and efficient…
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