Songa Offshore SE Q May 13, 2009

Transcription

1 Songa Offshore SE Q May 13, 2009

2 Fleet update Songa Venus Finished Inpex / ENI contract January 2009 Drilled for MEO under the ADA consortium contract offshore Western Australia Replaced ADA / Anzon with Shell for 200 days, currently drilling for Shell Australia SPS due February 2010

3 Songa Mercur Finished drilling for BHP under a farmout arrangement from Santos offshore Western Australia, currently drilling for Santos in same region Increased efficiency with less downtime In discussion with operators for new assignments following the current contract with Santos Completed intermediate survey in December. SPS due July 2011

4 Songa Saturn Completed replacement of mooring wires in Malta Currently drilling second well for the Nippon consortium Options not declared, effectively taking out 4 of 5 options SPS due December 2011

5 Songa Dee Stena finalized last well on the Troll field for StatoilHydro. Redilivered rig to Songa on 17 March SPS carried out by Songa at CCB yard, Bergen, expected completed 20 May Integration of Songa crews and preparation to take over operation is on schedule Two year contract for Marathon/Lundin in North Sea from Q following the SPS

6 Songa Trym Operated by Odfjell, drilling development wells on the Troll field for StatoilHydro Commenced on the new contract with Statoil for 2 years on February 2nd SPS due May 2012

7 Songa Delta Concluded an agreement with Statoil for a day rate of USD 425 from 15 April and until completion of the well, which is anticipated late May Following the last well for Statoil the rig will commence on a new 3 yrs contract for Wintershall / DetNorske The rig will be operated by Odfjell for the duration of the contract. SPS Q3 2011

8 Operational Efficiency

9 Operational Efficiency

10 Contract status

11 P&L Q Hireout Delta personell Build-up Trym and Dee, Stavanger, plus higher costs move to Cyprus TRS USD 1.7 mln, reset 2.8 mln shares at NOK 9.3 Going rate USD 22.3 mln per quarter when done with Dee USD 784 mln floating interest (IFRS non audited figures) Q1 Q4 Q1 Jan-Dec Amounts in USD ' Continuing operations Operating revenue Reimbursables Other revenue (3 788) Revenues Operating expenses (49 928) (40 320) (28 144) ( ) Reimbursables (6 752) (7 423) (965) (11 005) General and administrative expenses (11 943) (10 591) (7 117) (34 589) Other gain and loss (9 362) (33 631) (11 980) (63 215) Total expenses (77 985) (91 965) (48 206) ( ) EBITDA EBITDA % 48 % 30 % 45 % 35 % Depreciation and amortization (20 413) (13 468) (14 822) (60 838) EBIT EBIT % 34 % 19 % 28 % 19 % Finance income Finance costs (14 240) (17 395) (12 116) (62 046) Profit (loss) before tax Income tax (charge) credit (13 133) (3 187) (3 825) Profit (loss) for the period from continuing operations Earnings (loss) per share (USD) From continuing operations Basic 0,23 0,12 0,12 0,14 Diluted 0,21 0,11 0,11 0,12

12 Q4 vs Q3 Q Q Q USD '000s Venus Saturn Mercur Dee Trym Delta Other Venus mobilisation USD 3.0 mln, USD 2.4 mln capitalised Saturn 6 days workover in Malta Saturn 7 days mobilisation USD 1.6 mln, USD 1.45 mln capitalised Trym up to USD 475' p.d. from 2 February

13 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 / 90 calendar days Mobilisation revenue Rem. Bal total 3 847

14 Operating expenses USD '000s Venus Saturn Mercur Delta Trym Dee G&A Q Q Q Rig op exp & reimb G&A / onshore Sum Delta reimbursables 4.3 mln due to relet of people USD/day Q Q4 Q3 Q2 Q1 YTD Venus Saturn Mercur Delta Trym Dee G&A Other Delta includes management fee Odfjell 12,6' p.d. Trym includes management fee Odfjell 50,3' p.d. Other - buildup Trym and Dee takeovers

15 Other gains & losses Q Q Q Q Q TRS fair value -1,7-30,1-27,9 14,8-6,1-49,3 FX swap / net curr loss -3,8 8,5-1,4 0 0,8 7,9 Flippable swap -0,5-8,0-1,7 3,8-5,2-11,1 Buy back bond 0,1 0,1-0,7-1,8-2,1-4,5 Allowance doubtful debt -3,3-0,9-2,1-0,6 2,0-1,6 Loss disposal of assets -0,1 0-1,4-1,4-9,3-30,4-33,8 16,2-12,0-60,0 30 Mar End Sept 30 June 31 March End 2007 Shareprice Songa (NOK & USD) 10,35/1,54 13,20/1,89 55/9,37 82,25/16,19 68,5/13,45 73,5/13,54 3 mo libor 1,19 % 1,43 % 4,05 % 2,78 % 2,69 % 4,70 % Flipable swap remaining period 1,53 % 1,90 % 3,84 % 4,10 % 3,07 % 4,08 % TRS reset (NOK) 9,32 USD / NOK 6,73 7,00 5,87 5,08

16 EBITDA adjusted EBITDA reported 71,1 Allowance doubtful debt 3,3 Other loss 6,1 Mobilisation earned 3,8 Adjusted 84,3

17 Balance sheet (USD '000) /12/08 ASSETS Non-current assets Rigs, machinery and equipment Deferred tax assets Other long term assets 7 48 Total non-current assets Current assets Trade and other receivables Prepayments Incurred revenue Deferred costs Other assets Cash and cash equivalents Total current assets TOTAL ASSETS

18 Balance sheet (USD '000) (cont.) EQUITY AND LIABILITIES Capital and reserves /12/08 Issued capital Share premium Paid in not registered share capital - - Reserves Other equity Total equity Non-current liabilities Deferred tax liability - - Bank loan Bond loans Other long term liabilities Total non-current liabilities Current liabilities Bank loans Other external financing Trade and other payables Tax payable Derivative financial instruments Deferred revenues Other liabilities Total current liabilities Total liabilities TOTAL EQUITY AND LIABILITIES

19 Working capital 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) Other liabilities Total current liabilities Working capital

20 Investments Q Venus Mercur Saturn Dee (14 682) 554 Trym Delta Other Sum (5 812)

21 Business plan 2009 SPS and Preparation for operation of Songa Dee Market Mercur, Venus and Saturn for new contracts Re-domicile to Cyprus Financial policy - deleverage

22 Q & A 22

23 Utilization

24 APPENDIX