Aban Offshore Limited · NSE:ABAN
Aban Offshore — Deep Drilling 1 — Debt Investor Presentation (October 2015)
12 slides from Aban Offshore's debt investor presentation, Oct 23, 2015
Slide 1: Deep Drilling 1 Pte Ltd Corporate Presentation
May 2014 Deep Drilling 1 Pte Ltd Corporate Presentation 23 October 2015
Slide 2: Disclaimer
Disclaimer This presentation (the “Presentation”) has been produced and delivered by Deep Drilling 1 Pte. Ltd. (the “Issuer” or “Deep Drilling 1”) and its contents is the sole responsibility of the Company. The Presentation and its contents may not be reproduced or redistributed, in whole or in part
Slide 3: Executive Summary
Executive Summary • Deep Drilling 1 Pte. Ltd. («Deep Drilling 1» or the «Issuer») issued a USD 125 million senior secured bond guaranteed by Deep Drilling Invest Pte. Ltd. («Deep Drilling Invest» or the «Guarantor») in December 2011 with a 4 year tenor (the «Bonds» or the «Bond Issue») • The Bond Is
Slide 4: Executive Summary - contnd
Executive Summary ‐contnd • The Aban Group’s rigs’ drilling backlog is lower than previously anticipated and the market is challenging with few new contract awards • Payments from the oil companies are increasingly delayed and the Guarantor's accounts receivable have increased by USD 55.6 million (3
Slide 5: Simplified Corporate Overview and Contractual Structure
Simplified Corporate Overview and Contractual Structure Aban Offshore Ltd “AOL” (India) 100% Aban Holdings Pte Ltd “AHPL” (Singapore) 100% Aban Singapore Pte Ltd “Aban Singapore” (Singapore) 100% 100% Aban International Norway AS Deep Driller Mexico S de RL de CV (Norway) (Mexico) Drilling Contract
Slide 6: Deep Drilling Invest Pte. Ltd. (the Guarantor)
Deep Drilling Invest Pte. Ltd. (the “Guarantor”) Background • Deep Drilling Invest was incorporated in 2004 in Singapore as a holding company and the owner (100%) of eight rig owning companies each owning one jackup rig, and does not in its own capacity enter into any drilling contracts or charters
Slide 7: Deep Drilling 1 Pte. Ltd. (the Issuer)
Deep Drilling 1 Pte. Ltd. (the “Issuer”) Background • Deep Drilling 1 was incorporated in 2004 in Singapore as a special purpose company to own and operate the jack‐up rig Deep Driller 1 and is 100% owned by Deep Drilling Invest (the Guarantor) • Deep Driller 1 is a Baker Marine Pacific Class 375 ja
Slide 8: Contract backlog
Contract backlog Built Firm contract Rig Rig type Location Counterparty Dayrate 2015 2016 2017 year period end Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Deep Driller 1 IC JU - 375 2006 Mexico Pemex / Deep Driller MX USD 149' /100'* Sep-16 Deep Driller 2 IC JU - 350 2006 Iran Hot stacked *** Deep Driller 3
Slide 9: Financial Position of the Issuer and the Guarantor
Financial Position of the Issuer and the Guarantor As of 30 September (in USDm) Deep Drilling Invest Deep Drilling 1 All 8x rigs Non‐Iran rigs DD1 Revenue backlog 62.1 41.2 33.7 EBIDA backlog (after tax, OPEX, demob and stacking cost) 16.2 15.8 27.5 Accounts Receivable 215.8 22.9 8.3 Contracted cash
Slide 10: Aban Group's bank debt has been refinanced
Aban Group’s bank debt has been refinanced • The Aban Group’s bank debt has been refinanced for longer Debt Currency USDm tenure and scheduled repayments stretched until 2028 and most Foreign Currency Term Loans USD 2,100.0 INR term loans have been swapped to USD reducing interest Working Capital Lo
Slide 11: Deep Drilling 1 – Financial Statements
Deep Drilling 1 – Financial Statements Profit & Loss Mar‐13 Mar‐14 Mar‐15 Sep‐15 Balance Sheet Mar‐13 Mar‐14 Mar‐15 Sep‐15 Revenue USDm 35.7 31.1 36.5 18.3 Fixed assets (PP&E) USDm 99.4 103.8 97.9 95.4 Opex " (17.0) (7.8) (2.6) (0.6) Other non‐current assets (non‐trade) " 239.2 217.2 214.7 212.7 EBI
Slide 12: Deep Drilling Invest – Consolidated Financial Statements
Deep Drilling Invest – Consolidated Financial Statements Profit & Loss Mar‐13 Mar‐14 Mar‐15 Sep‐15 Balance Sheet Mar‐13 Mar‐14 Mar‐15 Sep‐15 Net revenue USDm 349.3 323.6 398.4 146.7 Fixed assets (PP&E) USDm 972.3 941.8 906.3 885.7 Opex " (109.6) (84.4) (86.0) (34.5) Other non‐current assets " 1,258.
Deep Drilling 1 — Debt Investor Presentation (October 2015) on 6ix