Songa Offshore SE announce 1Q 2014 Presentation

Songa Offshore SE announce 1Q 2014 Presentation

Highlights
• Strong EBITDA of $65m and reflecting 100% Operating Efficiency and Earnings Efficiency of 97%
• Sale of 100% of Songa Mercur and Songa Venus to Opus Offshore with transaction value between $180 and 235m based on economical date 1 Jan 2014
• Expected delivery schedule is delayed with Songa Equinox slipping into Q1 2015 and with one Cat D rig being delivered each quarter thereafter. As a consequence, the average $660m “ready-to-drill” cost will increase by 2-3%
• Songa Dee SPS preparation according to plan
• $1,014m financing for Cat D 1&2 signed, pre-delivery of $104m drawn in May
• Advanced discussions with banks for financing of Cat D 3&4, contemplated at higher leverage than Cat D 1&2 and including pre-delivery tranche
Full Presentation
Source
songa

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