Songa Offshore Release Report for the Fourth Quarter 2015

Songa Offshore Release Report for the Fourth Quarter 2015

Songa Offshore SE reports total revenue for the fourth quarter 2015 of USD 159 million and EBITDA of USD 103 million.
Operating revenue in the fourth quarter 2015 was USD 132.1 million, compared to USD 65.0 million in the fourth quarter 2014. The increase is primarily due to Songa Trym contract cancellation fee of USD 41.1 million, revenue contribution from Songa Equinox from 7 December, and from Songa Dee being out of service for the SPS for a period in the fourth quarter 2014.
Other revenue in the fourth quarter 2015 was USD 18.3 million, compared to USD 11.5 million in the fourth quarter 2014. The increase is primarily due to the remaining Songa Trym deferred revenue being realized in the fourth quarter due to the contract cancellation.
Total revenue in the fourth quarter 2015 was USD 159.0 million, compared to USD 79.5 million in the fourth quarter 2014. The main reason for the increase are the same as described above.

    Highlights

Songa Equinox and Songa Endurance commenced drilling operations under their long term drilling contract with Statoil on 7 December and 31 December 2015 respectively
o The Company took delivery of Songa Encourage on 16 December 2015 and has drawn down the rig related financing
o Songa Dee, Songa Delta, Songa Trym and Songa Equinox delivered 100%, 99%, 100% and 67% operational efficiency respectively and an average of 94.7% earnings efficiency in the fourth quarter 2015
o The Company received the Songa Trym early contract cancellation fee of USD 41.1 million, contributing approximately USD 36 million to the fourth quarter EBITDA, taking full November and December operating expenses into account
o EBITDA in the fourth quarter 2015 was USD 103.3 million, compared to USD 63.8 million in the third quarter 2015, reflecting higher revenue primarily from the Songa Trym contract cancellation fee

“We have put behind us a very busy quarter with the two first Cat D rigs, Songa Equinox and Songa Endurance, commencing drilling operations and the delivery of Songa Encourage. While we experienced startup challenges with Songa Equinox and Songa Endurance, the legacy fleet had another quarter with 100% operational uptime and with further reductions in operating cost.”,

songa says Songa Offshore CEO, Bjørnar Iversen.
Please find attached the Report and the Presentation for the fourth quarter 2015.
Songa Financials Report 2015
Songa 4TH Quarter Presentation
For further information please visit
Source: Songa Offshore
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