Standard Drilling Standard Drilling Company Presentation June 2012
PURPOSE S.D. Standard Drilling was established for the purpose of creating shareholder value by building a premium oilfield services company through superior assets, systems and people. VISION S.D. Standard Drilling will build a world ‐ class drilling company focused on the safety of its crew, satisfying customers through the delivery of high quality services and creating shareholder value satisfying customers through the delivery of high quality services and creating shareholder value through growth and consolidation globally. The Company will capitalize on the strong market opportunity and demand for premium jack ‐ up rigs due to an ageing worldwide rig fleet that requires replacement and new technologies and environmental features more desirable in the current regulatory environment The Company is run with a financially conservative profile regulatory environment. The Company is run with a financially conservative profile. 2
Standard Drilling Strengths Experienced Management Committed and Experienced Team with Strong Track Sponsors Record Proven Rig Design Constructed at an Conservative Financial Profile Experienced Shipyard Source: Company 3
Company Timeline 2014: One rig to be delivered 2012: Marketing the rigs Raising takeout financing Establishing operations Oct 2011: Hired CFO Geir Johansen 2013: Five rigs to be delivered 2013: Five rigs to be delivered April 2011: $330 million private placement Acquired two rigs from Clearwater Q1 2012 Hired VP HSEQ, VP Eng., Mgr. of Operations Ordered four rigs at Keppel Ordered four rigs at Keppel Dec 2011: Hired COO Mike Kelley Dec 2010: $42 million private placement Nov 2011: Closed sale of B319 Standard orders first rig Clearwater orders two rigs March 2011: Listed on Oslo Axess Source: Company 4
Proven Rig Design Constructed at an Experienced Shipyard � Proven Rig Design Accepted Across the Industry � The KFELS B ‐ Class jackup rig is a first class rig design accepted by all major E&P companies � 24 Mod V B Class jackup units built by Keppel in Singapore since 2006 24 Mod V B Class jackup units built by Keppel in Singapore since 2006 � State ‐ of ‐ the ‐ art equipment including National Oilwell Varco Drilling Package and Cameron B.O.P. � Experienced Shipyard Ensures On ‐ Time and On ‐ Budget Delivery � Established in 1967, Keppel FELS is the global leader in rig design, construction and repair, ship repair and conversion and specialized shipbuilding � The world’s leading jackup construction yard with an excellent track record, having built over 40% of the world’s jackups in the last 10 years Negligable Newbuild Risk! 5
6 Yes Yes KFELS mod V B ‐ class
Superior Delivery Schedule � First remaining rig delivery in February 2013 � Uniform rig design reduces project cost and creates efficiency in post delivery operations Timeline � Q4 � Q1 � Q2 � Q3 � Q4 � Q1 � Q2 � Q3 � Q4 � Q1 � Q2 2011 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 July B 319 2012 Feb 78% complete B 324 2013 2013 June B 325 65% complete 2013 July B 337 Std Rig 3 (opt) 37% complete 2013 Nov B 338 2013 Dec B 339 2013 May B 340 2014 Source: Company 7
S.D. Standard Drilling PLC. Group – Legal Structure Investors Oslo Axess O l A S D St S.D. Standard Drilling Plc. d d D illi Pl Cyprus 100 % Offshore Driller Offshore Driller S.D. Standard Offshore Driller Offshore Driller Offshore Driller Offshore Driller Drilling Pte Ltd. 3 Ltd. 4 Ltd. 2 Ltd. 1 Ltd. B324 Ltd. B325 Ltd. Singapore Cayman Cayman Cayman Cayman Cayman Cayman Islands Islands Islands Islands Islands Islands Holding Holding Holding Holding Holding Holding Singapore company company company company company company Management for B324 for B325 for B338 for B339 for B340 for B337 Company 8
Equity Ownership by Country Equity Ownership by Country 2% 2% 3% 2% 3% Norway Cayman Islands 4% USA 30% 30% Belgium 5% UK Germany y 9% 9% Sweden Luxembourg 10% Monaco Finland 30% Other 9
Committed and Experienced Sponsors � � Asian focused private equity firm with Norwegian investment firm with solid track record substantial experience in the offshore drilling sector � Actively involved in portfolio companies, y p p � assisting companies in improving Successfully invested in 16 rig projects performance, capital structure and including Songa Offshore, Standard corporate governance Drilling ASA and Offshore Rig Services Equity Ownership Percentage Clearwater 29.9% QVT 10.5% Ferncliff 8.5% Goldman 6.4% Others 44.7% Source: Company 10
Standard Drilling – Corporate Structure CEO Adm mgr Adm.mgr. COO VP-Mkt. CFO Accounting Engineering Tendering Procurement HSEQ Marketing IT & IT & O Operations ti Integration HR Crewing 11
Management Team • Martin Nes has more than 15 years of experience within the maritime and offshore industry. He CEO has a law degree from University of Oslo, Norway and also holds a Master of laws’ degree from University of Southampton, England. He started his career as a lawyer with the shipping law firm Martin Nes Evensen & Co and worked several years for the international law firm Wikborg Rein, before joining Ferncliff TIH AS where he has been serving as Chief Executive Officer. • Geir Johansen has more than 20 years of experience within the maritime and oil and gas industry across Asia, the Americas and Europe. Previously he served as CFO for DOF Subsea Group, a CFO unit of DOF ASA, a company which owns and operates a fleet of offshore/subsea vessels and Geir Johansen provides engineering services. Prior to DOF, he was at Det Norske Veritas (DNV) Maritime, last serving as Global Financial Director. Tatiana Dolobko brings to the role a broad range of experience in almost every phase of the oil and Financial gas business. Her background includes public accounting (Ernst & Young), oil and gas construction Controller (Metall Co. Ltd) and sub-sea construction works for the oil and gas industry (Acergy Services Tatiana Dolobko Tatiana Dolobko Limited) Most recently she has worked as project controller and senior accountant for DOF Subsea Limited). Most recently she has worked as project controller and senior accountant for DOF Subsea Pte. Ltd. Ms. Dolobko holds a university degree in accounting and audit from Khabarovsk State Academy of Economics and Law. 12
Management Team • Prior to joining our Company, Mr Kelley have for the past four years been an independent consultant providing expert advice and counsel on proprietary initiatives, large-scale collaborative projects and organizational development for major independent and state owned oil and gas projects and organizational development for major independent and state-owned oil and gas companies. From 2004 to 2007 he was Vice President, Operations at TODCO (NYSE: THE), a leading provider of contract oil and gas drilling services with a fleet of offshore, barge and land rigs. While overseeing a crew of 3,000 and a fleet of 61 rigs , TODCO’s safety and fleet performance record improved dramatically under Mr. Kelley’s stewardship. Mr. Kelley and his team were COO responsible for bringing 13 rigs out of the shipyard and into operations while doubling the total number of working vessels and employees at the company. TODCO merged with Hercules Mike Kelley Offshore, Inc. in 2007. From 1999 to 2004 Mr. Kelley was Operations Manager with ENSCO International Inc., a global offshore contract drilling company. In this role he was responsible for the leadership and safe operation of 12 offshore drilling rigs. Prior to that, Mr. Kelley was with R&B Falcon Corporation , a worldwide provider of contract oil and gas drilling services. During the course of his 17 year tenure he held positions of increasing responsibility and completed course of his 17 year tenure he held positions of increasing responsibility and completed assignments in India, Brunei, Tunisia, Egypt, Italy, Angola and the U.S. Gulf of Mexico. • Mr. Kelley holds a bachelor degree in Business Administration from the University of Texas at Austin and a master of business administration degree from the University of Phoenix. 13
Recommend
More recommend
