Songa Offshore SE Q July 31, 2009
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1 Songa Offshore SE Q July 31, 2009
2 Highlights Q2 Move to Cyprus registered on May 11, headquarters moved to Limassol from same day Finalised SPS for Songa Dee, estimated cost increased to USD 65 mln Received AoC for Norwegian operations Entered Songa Dee onto 2 year contract with Marathon / Lundin from June 7 Entered Songa Delta onto 3 year contract with Wintershall / Det norske from 26 May Negotiated a deferral of USD 40 mln of the May instalment on the bank facilty Successful exchange offer to the bondholders of the USD 125 mln convertible bond; exchanged into a USD 62.5 mln high yield bond with maturity in June 2012 and stock worth USD 50 mln (issued mln shares at NOK 23.70) Private placement of mln shares at NOK Termination of the remaining TRS at 23.70; posting a USD 6.3 mln gain EGM on July 30 approved an increase in the authorised capital
3 Fleet update Songa Venus Currently drilling for Shell offshore North West Australia until mid September Following the Shell job Venus will continue under the ADA Consortium contract until late February 2010 SPS due February 2010
4 Songa Mercur Currently drilling last well for Santos offshore North West Australia Estimated completion of contract mid August In discussion with operators for new assignments following the current contract with Santos SPS due July 2010
5 Songa Saturn Currently drilling for Petrobras offshore Libya Options not declared; estimated completion of the Nippon Consortium campaign in Libya by early October 2009 The rig is scheduled for 5-6 weeks yard-stay in Malta to complete upgrade to 3,800 ft water depth before mobilisation to EG for CNOOC SPS due December 2011
6 Songa Dee SPS and contract preparation delayed due to increased work scope Commenced two year contract for Marathon / Lundin in the North Sea on June 7 Good start-up with roughly 95% efficiency during the first well The rig completed first well on July 28, moved and has spudded second well
7 Songa Trym Operated by Odfjell, drilling development wells on the Troll field for StatoilHydro Continues with solid performance SPS due May 2012
8 Songa Delta Operated for StatoilHydro at a day rate of USD 425 from 15 April until 26 May Following the last well for Statoil the rig immediately commenced on its 3 yrs contract for Wintershall / DetNorske The rig will be operated by Odfjell for the duration of the contract. SPS Q3 2011
9 nov.06 des.06 jan.07 feb.07 mar.07 apr.07 mai.07 jun.07 jul.07 aug.07 sep.07 okt.07 nov.07 des.07 jan.08 feb.08 mar.08 apr.08 mai.08 jun.08 jul.08 aug.08 sep.08 okt.08 nov.08 des.08 jan.09 feb.09 mar.09 apr.09 mai.09 jun.09 Operational Efficiency Songa fleet - average operational efficiency
10 Operational Efficiency Songa Fleet - quarterly utilization Q Q Q Q Q Q Q Q Q Q2 2009
11 Contract status
12 P&L Q Hireout Delta and Trym personell TRS USD 6.3 mln, settlement conv. Bond USD 6.4 mln Going rate USD mln per quarter when done with Dee USD 789 mln floating interest Tax rate reduced after move to Cyprus
13 Q2 vs Q1 Q Q Q Q USD '000s Venus Saturn Mercur Dee Trym Delta Other
14 Revenue USD '000 Operating Mobilisation Reimbursables Total Dayrate Dayrate Dayrate Dayrate Dayrate revenue & Other Q Q Q Q Q USD Venus Saturn Mercur Dee Trym Delta Other - Sum Dayrate = Operating revenue / 91 calendar days Mobilisation revenue Rem. Bal total 3 454
15 Operating expenses USD '000s Venus Saturn Mercur Delta Trym Dee G&A Q Q Q Q Rig op exp & reimb G&A / onshore Sum USD/day Q Q Q4 Q3 Q2 Q YTD Venus Saturn Mercur Delta Trym Dee G&A Other Delta includes management fee Odfjell 9' p.d. Trym includes management fee Odfjell 48' p.d. Other - buildup Trym and Dee takeovers
16 Other gains & losses Q Q Q Q Q Q TRS fair value 6,3-1,7-30,1-27,9 14,8-6,1-49,3 FX swap / net curr loss -0,8-3,8 8,5-1,4 0 0,8 7,9 Flippable swap 0,9-0,5-8,0-1,7 3,8-5,2-11,1 Buy back bond / settlement bond 6,4 0,1 0,1-0,7-1,8-2,1-4,5 Allowance doubtful debt -0,3-3,3-0,9-2,1-0,6 2,0-1,6 Loss disposal of assets -0,1 0-1,4-1,4 12,6-9,3-30,4-33,8 16,2-12,0-60,0 30 June 30 Mar End Sept 30 June 31 March End 2007 Shareprice Songa (NOK & USD) 20,90/3,24 10,35/1,54 13,20/1,89 55/9,37 82,25/16,19 68,5/13,4573,5/13,54 3 mo libor 0,60 % 1,19 % 1,43 % 4,05 % 2,78 % 2,69 % 4,70 % Flipable swap remaining period 2,15 % 1,53 % 1,90 % 3,84 % 4,10 % 3,07 % 4,08 % TRS reset (NOK) 9,32 USD / NOK 6,45 6,73 7,00 5,87 5,08
17 EBITDA adjusted Q Q EBITDA reported 128,6 71,1 TRS -6,3 Allowance doubtful debt 3,3 Other loss -0,9 6,1 Mobilisation earned 3,8 Buy-back bond -6,4 Adjusted 115,0 84,3
18 Balance sheet
19 Balance sheet (cont.)
20 Outstanding debt as per 30 June
21 Working capital Q Q Q4 Q3 Q2 Current assets Trade and other receivables Prepayments Incurred revenue Other assets Cash and cash equivalents Total current assets Current liabilities Trade and other payables Derivative financial instruments Deferred revenues (2 515) Tax payable Other liabilities Total current liabilities Working capital
22 Cash flow
23 Investments Q Q Venus Mercur Saturn (206) Dee (*) (14 682) 554 Trym Delta Other Sum (5 812) (*) Received compensation from Stena USD 19.2 mln
24 Business plan 2009 Market Mercur, Venus and Saturn for new contracts Secure high operational efficiency for Songa Dee Prepare and carry through SPS for Venus and Intermediate Survey for Trym Prepare and carry through waterdepth upgrade for Saturn Financial policy - deleverage
25 Q & A 25
26 APPENDIX
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