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Prosafe Production Q1 2009 result
Operating revenues amounted to USD 60.6 million (USD 56.6 million) for the 1st quarter of 2009. Operating profit for the 1st quarter was USD 23.0 million (USD 22.1 million). |
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Waiting day rates received for FDPSO Azurite contributed positively compared to the same period last year. The contribution from FPSO Umuroa was lower than same period last year, as the day rate declined from 1 January 2009 in line with the charter contract. Moreover, activity level on variation orders was considerably lower than in previous quarters. Interest expenses amounted to USD 11.4 million (USD 1.5 million) for the quarter. The increase compared to the 1st quarter of 2008 is a result of higher debt levels related to the financing of conversion of the three new vessels. Other financial items of USD -2.5 million (USD 11.7 million) largely relate to unrealised losses on financial derivatives used to hedge future cash flow. The tax cost of the 1st quarter was USD 4.3 million (USD 4.4 million), resulting in a net profit of USD 5.1 million (USD 28.1 million). Total assets amounted to USD 2,019 million (USD 1,377 million) as of 31 March 2009. The increase is mainly a result of investments made in relation to the three conversion projects. Equity amounted to USD 814 million (USD 1,086 million), resulting in a book equity ratio of 40%. Net interest-bearing debt amounted to USD 942 million (USD 52 million). Limassol, 14 May 2009 For further information please contact: Bjørn Henriksen, President and CEO Phone: +65 9751 8460 E-mail: bjorn.henriksen@prosafeproduction.com Sven Børre Larsen, Executive VP and CFO Phone: +65 9657 2590 E-mail: sven.larsen@prosafeproduction.com |