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Main figures
(Figures in brackets refer to the corresponding period of 2008)
Operating revenues amounted to USD 83.5 million (USD 70.1 million) for the 3rd quarter of 2009.
Operating profit for the 3rd quarter was USD 30.4 million (USD 21.0 million). The increase in profit is attributable to FDPSO Azurite, which has been on dayrate since the beginning of the year, and FPSO Cidade de São Mateus, which has contributed from late April. The increase is, however, reduced by the effects of the scheduled reduction in dayrate for FPSO Umuroa and the expiry of the contract for FSO Endeavour in July. Moreover, activity on variation orders continues to be at a low level, contributing less relative to the corresponding quarter last year.
Interest expenses amounted to USD 11.0 million (USD 9.8 million) for the quarter. The change is reflecting the higher debt level compared to the 3rd quarter of 2008. Other financial items amounted to USD -0.7 million (USD -10.0 million).
The tax cost for the 3rd quarter equalled USD 5.4 million (USD 4.5 million), while the net profit for the 3rd quarter totalled USD 13.5 million (USD -1.4 million).
The operating result for the nine months ended 30 September 2009 amounted to USD 81.0 million (USD 64.1 million), while the net result was USD 30.9 million (USD -16.9 million).
As a result of investments in the new units, total assets has increased to USD 2,117 million (USD 2,113 million) as of 30 September 2009. Equity amounted to USD 850 million (USD 1,056 million), resulting in a book equity ratio of 40%.
Net interest-bearing debt amounted to USD 1.035 million (USD 667 million).
The management will host a presentation of the results at Hotel Continental in Oslo at CET 1400 hours. The presentation can be followed via live streaming at http://www.prosafeproduction.com
About Prosafe Production
Prosafe Production is a leading owner and operator of Floating Production, Storage and Offloading vessels (FPSOs). Prosafe Production has 25 years of operational experience from several of the world’s largest oil and gas provinces. The company has a good operational uptime track record and possesses a range of proprietary FPSO-related technologies. Prosafe Production operates globally and employs approximately 1,000 employees from more than 40 countries. Headquartered in Limassol, Cyprus, Prosafe Production is listed on the Oslo Stock Exchange with ticker code PROD.
Limassol, 4 November 2009
Prosafe Production Public Limited
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
Q3 2009 Report
Q3 2009 Presentation |
