SR Bank Vidar Skjelbred General Manager Norway. 5 juni 2012

Transcription

1 SR Bank Vidar Skjelbred General Manager Norway 5 juni 2012

2 Agenda 1st kvartal hoved punkter Rigger og organisasjon Kontrakts Status Nordsjøen Cat D Utfordringer 2012 Investering i Songa Offshore

3 Songa 1st. kvartal Cat D rigg 3 & 4, Låneavtale med Statoil, første avdrag rigg 3 & rigg 4. Egenkapital utvidelse USD 110 mill (35,2 mill NOK 18). NOK 750 mill unsecured bond Finansiering frem til overtakelse av nybyggene i God regularitet og oppetid 1 st kvartal. Songa Eclipse skade på BOP, topp hull på redusert rate. Songa Eclipse på kontrakt medio mai. Hoved Fokus! Selskap struktur. Nye kontrakter for Venus og Merkur. Verksteds opphold og drift start Delta og Trym! 3

4 Current global presence and clients Norwegian North Sea Headquartered in Cyprus Malaysia Angola 4

5 Proven design and technology Songa Dee Semisubmersible Norwegian North Sea Fleet Built: 1984 Modified: 2004 / 2012 Water depth: 1,800 feet Next main survey: Q Songa Trym Semisubmersible Norwegian North Sea Fleet Built: 1976 Modified: 1996 / 2002 / 2005 Water depth: 1,200 feet Next main survey: Q Songa Delta Semisubmersible Norwegian North Sea Fleet Built: 1981 Modified: 1996 / 2011 Water depth: 1,500 feet Next main survey: Q Cat-D Equinox HE semisubmersible Built: Delivery Q Water depth: 1,640 feet Moored / DP Cat-D Endurance HE semisubmersible Built: Delivery Q Water depth: 1,640 feet Moored / DP Cat-D Encourage HE semisubmersible Built: Delivery Q Water depth: 1,640 feet Moored / DP Cat-D Enabler HE semisubmersible Built: Delivery Q Water depth: 1,640 feet Moored / DP Songa Eclipse Semisubmersible UDW International fleet Built: 2011 Water depth: 10,000 feet Next main survey: 2016 Songa Venus Semisubmersible Midwater International fleet Built: 1975 Modified: 2005 / 2006 Water depth: 1,500 feet Next main survey: Q Songa Mercur Semisubmersible Midwater International fleet Built: 1989 Modified: 1999 / 2006 /2007 Water depth: 1,200 feet Next main survey: Q

6 Songa Songa har ved tildeling av Cat D prosjektene Nordsjøen som hovedsatsings område. Fra Liten aktør til å bli størst innenfor semirigger! Life Enhancements av eksisterende Nordsjø flåte øker rest verdien av Songa Dee, Songa Delta og Songa Trym. Sikret 100% kontroll over Songa Eclipse I 2015 vil Songa ha Nordsjøens mest moderne semi flåte. USD +7 mill i ordrereserve USD +8 mill i kontrakts oposjoner Fullfinansiert for 2012 oppgradering av eksisterende rigg flåte og operasjons forberedelser for 4 nybygg. Statoils hovedleverandør av flyter tjenester! 6

7 Ordre Reserve Nordsjøen! $1,600,000,000 Backlog (Firm) $1,400,000,000 $1,200,000,000 $1,000,000,000 $800,000,000 $600,000,000 $400,000,000 $200,000,000 $0 Cat D1 Cat D2 Cat D3 Cat D4 Dee Delta Trym

8 Contract status Unit Customer Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 NCS Songa Dee Statoil 1Year Songa Trym Statoil 2x1 year Songa Delta Wintershal-DNO / Statoil Statoil 1 year NCS Newbuilds Cat D-1 Statoil 8 year firm + 4x3 year options Cat D-2 Statoil 8 year firm + 4x3 year options Cat D-3 Statoil 8 year firm + 4x3 year options Cat D-4 Statoil 8 year firm + 4x3 year options UDW Songa Eclipse Total 3x1 year Midwater SEA Songa Venus Petronas Malaysia 1 year Songa Mercur Petronas Malaysia Contract Construction and mob. Option IS / SPS / Shipyard Strong firm backlog of USD 7.1 billion and 8.7 billion from options 8

9 Leading market position Supply side Norway - Drilling Tight market for floaters Unit Manager Built Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 8 COSL Pioneer COSL 2010 Bredford Dolphin Dolphin Ocean Vanguard Diamond Offshore Spitsbergen Transocean 2010 Transocean Winner Transocean 1983 Stena Don Stena 2001 # of units 5 Borgland Dolphin Dolphin 1999 West Alpha NADL 1986 Polar Pioneer Transocean Scarabeo 5 Saipem 1990 Transocean Arctic Transocean 1986 Bideford Dolphin Dolphin 1975 Searcher Transocean West Navigator NADL Barents Transocean 2009 Deepsea Atlantic Odfjell Drilling 2009 Leader Transocean 1987 Deepsea Bergen Odfjell Drilling 1983 West Venture NADL Songa Trym Songa Offshore 1976 NADL Maersk Songa Transocean Fred Olsen Energy COSL Floaters Rowan Odfjell Drilling Jack-ups Saipem Diamond Offshore Stena Ocean Rig Songa Delta Songa Offshore 1980 Songa Dee Songa Offshore 1984 Scarabeo 8 Saipem 2012 COSL Innovator COSL 2011 Contract Option The North Sea market remains tight with limited new supply Source: ODS Petrodata, Managers reserach 9

10 Songa Offshore kontor fasiliteter... 10

11 Songa Offshore Norway... Controlled expansion... I Cat-D IV II Cat-D III CAT D I Cat D II 11

12 Songa Norway\UK Organisation Songa Offshore Corporate Vidar Skjelbred Country Manger Norway / UK Inge Morten Braut Finance Manager Rune With QHSE Manager Bjørg Ueland HR Manager Jørn Mathisen Technical Manager Operation Manager Leon Strongman Gård Bjånes Ops Prep Mng. Cat D Steve Durham Cat D Project Director Leon Strongman Rig Manager Dee (*) Rig Manager Cat D no 1 Knut Vavik Rig Manager Delta Rig Manager Cat D no 2 Roger Sandanger Rig Manager Trym Rig Manager Cat D no 3 New positions Existing positions (*) Note: Leon Strongman is acting Rig Manager for Songa Dee. Rolf Morales starts July 1st as RM in Songa N Rig Manager Cat D no 4

13 Cat D Rig construction! Project started July 2011 Construction start August Manning of first rig starts 3 quarter Start Operation on Troll 3 quarter Recruitment for new rigs will be based on the crew we have on Songa Delta, Trym and Dee. 13

14 Cat-D status update Constructed on Daewoo Shipbuilding & Marine Engineering in South Korea Proven Shipyard low execution risk 2 nd largest shipyard in the world Delivered 40 semi-submersibles and drill ships since 1982 Experience with GVA rig design Proven Design and equipment Client Acceptance part of commissioning Songa net ready to drill cost per rig USD 600 million 4 x 8 year firm contracts Options: 4 x 3 years (for all 4 rigs) Dayrates excluding mobilization fee Cat-D 1&2 USD 415,000 Cat-D 3&4 USD 448,000 Annual average EBITDA of $ 87 million per rig Opex control and protection EV/EBITDA ~6.9x (4 rigs) Equinox Encourage Endurance Enabler Newbuild program on track and fully financed until delivery 14

15 Update upgrades and SPS Upgrade and SPS cost NCS fleet Rates during upgrades Rig Total upgrade cost (USDm) Statoil s share of total cost (USDm) Songa Dee completed upgrade at yard. Daily rate received for the 28 days at the shipyard was $225k Songa Dee Songa Trym Songa Delta 1) Songa Trym SPS. Daily rate for the 64 day shipyard stay is $245k Songa Delta on firm contract until early August. Zero rate during ship yard stay Total Statoil s investments is focused on enhancing the operational capabilities of the rigs, like VDL and subsea completion capabilities resulting in increased marketability and remaining lifetime Unit Customer Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Statoil upgrade 28 days Songa Dee Marathon / Statoil Marathon Statoil Statoil 5 year Songa take-over of operations 64 days SPS and upgrades Songa Trym Statoil Statoil Statoil 3 year SPS 56 days + 14 days WOW Songa take-over of operations 40 days upgrade Songa Delta Wintershall-DNO / Statoil DNO / Total Wintershall / DNO Statoil 4 year 1) Only upgrade cost. Cost for SPS for Delta in Q not included in the numbers 15

16 Investment highlights Capital raising Combination of equity (USD 110m) and contemplated bond (up to USD ~125m) to replenish a solid working capital base on a strong balance sheet Company fully funded until delivery of Cat D newbuilds Leading player on the NCS Positive market outlook with high barriers to entry and limited new supply to the market Recent discoveries underpin future growth in demand for drilling rigs Cat D awards cementing leading market position Strong relationship with Statoil Cat D award represent a transformation of the Company All Cat D rigs on 8 year firm contracts plus options Statoil invested in the upgrades of Trym, Delta and Dee to improve quality and lifetime of the rigs Strong backlog with Tier 1 clients and partners Strong firm contract backlog exceeding USD 7.1 billion with Tier I clients Value of contract options of USD 8.7 billion with Statoil, Total and Petronas Contract value and duration provide comfort for take out financing at delivery of the Cat D units Well balanced and positioned fleet Healthy mix of operating units, units recently delivered and units under construction Attractive newbuilds catering for fleet renewal Existing NCS fleet recently upgraded and certified for the NCS Strong management team Strong operational track record Proven ability to secure long term contracts Unique relationship with Tier I clients 16

17 Proven operating capabilities Songa fleet quarterly utilization % Key partners Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Solid client base with major international oil companies 17

18 Thank You!

19 P & L Q Songa Offshore Group Consolidated Income Statement for the period ended 31 March 2012 (IFRS unaudited figures) Q1 Q4 Q1 Jan-Dec Amounts in USD ' Operating revenue 131,116 96, , ,177 Reimbursables 1, ,742 5,455 Other revenue 1,284 1,444 2,814 9,484 Revenues 133,640 97, , ,116 Operating expenses (73,947) (64,606) (71,542) (283,911) Reimbursables (1,178) (5,195) (2,605) (5,195) General and administrative expenses (13,947) (15,065) (14,171) (44,610) Other gain and loss (4,114) 3,243 (1,650) 358 Total expenses (93,186) (81,623) (89,968) (333,358) EBITDA 40,454 16,280 56, ,758 EBITDA % 30% 17% 38% 36% Depreciation and amortization (26,411) (23,127) (24,141) (95,277) EBIT 14,043 (6,847) 32,160 93,481 EBIT % 11% -7% 22% 18% Finance income Finance costs (2,345) 5,444 (5,335) (11,752) Profit (loss) before tax 11,796 (1,108) 27,122 82,658 Income tax (charge) credit (501) 43,827 (1,984) 41,820 Profit (loss) for the period 11,295 42,719 25, ,478 Attributable to the owners of parent 11,295 42,719 25, ,478 Earnings (loss) per share (USD) Basic Diluted Consolidated statement of comprehensive income Profit for the period 11,295 42,719 25, ,478 Cash flow hedge 3,992 (13,191) - (13,191) Total comprehensive income 15,287 29,528 25, ,287 Attributable to the owners of parent 15,287 29,528 25, ,287

20 Capital Structure 2,500 Total capital structure and enterprise value in USD million Enterprise value: Market cap+external debt cash 2, USD million 1,500 1,000 1,380 1, , ,335 1,183 1, , ,555 1, Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Bank loan Bond loans Equity (BV) Enterprise value