Advertisement
Drilling Rigs/Drillships:
Unit Year built Redelivery Operating area Backlog ($m) ----------- ----------- ---------------- ------------Leiv Eiriksson 2001 Q4 - 12 Falkland Islands $17Leiv Eiriksson 2001 Q1 - 16 North Sea $653Eirik Raude 2002 Q1 - 13 West Africa $75Ocean Rig Corcovado 2011 Q2 - 15 Brazil $420Ocean Rig Olympia 2011 Q3 - 15 Angola $580Ocean Rig Poseidon 2011 Q2 - 13 Africa $85Ocean Rig Poseidon 2011 Q2 - 16 Angola $781Ocean Rig Mykonos 2011 Q1 - 15 Brazil $390NewbuildingsOcean Rig Mylos 2013 Q3 - 16 Brazil $677Ocean Rig Skyros 2013 N/A N/A N/AOcean Rig Athena 2013 Q1 - 17 Angola $745Newbuilding TBN 2015 N/A N/A N/A ------------ Total $4,423 ------------
Drybulk Carrier and Tanker Segment Summary Operating Data (unaudited)
(Dollars in thousands, except average daily results)
Drybulk Three Months Ended Nine Months Ended September 30, September 30, --------------------- --------------------- 2011 2012 2011 2012 ---------- ---------- ---------- ----------Average number of vessels(1) 35.2 35.2 35.7 35.6Total voyage days for vessels(2) 3,197 3,233 9,619 9,715Total calendar days for vessels(3) 3,240 3,241 9,743 9,744Fleet utilization(4) 98.7% 99.8% 98.7% 99.7%Time charter equivalent(5) $26,732 $12,727 $27,412 $17,719Vessel operating expenses (daily)(6) $5,844 $5,248 $6,020 $5,405Tanker Three Months Ended Nine Months Ended September 30, September 30, --------------------- --------------------- 2011 2012 2011 2012 ---------- ---------- ---------- ----------Average number of vessels(1) 3.0 7.0 2.21 6.0Total voyage days for vessels(2) 276 644 602 1,649Total calendar days for vessels(3) 276 644 602 1,649Fleet utilization(4) 100% 100% 100% 100%Time charter equivalent(5) $11,880 13,978 $14,081 $14,959Vessel operating expenses (daily)(6) $7,725 6,205 $10,169 $7,357
(1) Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.
(2) Total voyage days for fleet are the total days the vessels were in our possession for the relevant period net of off hire days.
(3) Calendar days are the total number of days the vessels were in our possession for the relevant period including off hire days.
(4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.
(5) Time charter equivalent, or TCE, is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is consistent with industry standards and is determined by dividing voyage revenues (net of voyage expenses) by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. TCE revenues, a non-U.S. GAAP measure, provides additional meaningful information in conjunction with revenues from our vessels, the most directly comparable U.S. GAAP measure, because it assists our management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. TCE is also a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods. Please see below for a reconciliation of TCE rates to voyage revenues.
(6) Daily vessel operating expenses, which includes crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs is calculated by dividing vessel operating expenses by fleet calendar days for the relevant time period.
