• Operating result before depreciation of USD 47.2 million • First oil achieved on FDPSO Azurite • FPSO Cidade de São Mateus on availability rate for the majority of the quarter • FPSO Ningaloo Vision on track for sail-away in September |
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Main Figures (Figures in brackets refer to the corresponding period of 2008)
Operating revenues amounted to USD 80.5 million (USD 66.6 million) for the second quarter of 2009.
Operating profit for the second quarter was USD 27.6 million (USD 21.0 million). This growth is due to the start up of FDPSO Azurite and FPSO Cidade de São Mateus in the first half of 2009. The increase is however, reduced by the effects of a lower dayrate for FPSO Umuroa, as well as reduced activity level for operational variation orders. FDPSO Azurite commenced the 7+8 year charter contract in early April after being on availability dayrate since the beginning of the year, while FPSO Cidade de São Mateus was on availability dayrate for the majority of the second quarter.
Interest expenses amounted to USD 11.1 million (USD 6.2 million) for the quarter. This increase, compared with the second quarter of 2008, is a result of increased debt levels due to the financing of the three new vessels. Other financial items amounted to USD -0.7 million (USD -53.6 million).
The tax cost for the second quarter equaled USD 3.7 million (USD 5.1 million), while the net profit for the second quarter totaled USD 12.2 million (USD -43.5 million).
The operating result for the six months ended 30 June 2009 amounted to USD 50.6 million (USD 43.1 million), while the net result was USD 17.3 million (USD -15.4 million).
As a result of investments in the new units, total assets increased to USD 2,083 million (USD 2,029 million) as of 30 June 2009. Equity amounted to USD 848 million (USD 1,073 million), resulting in a book equity ratio of 41%.
Net interest-bearing debt amounted to USD 1.011 million (USD 462 million).
Q2 2009 Report >> (pdf - 576 KB)
Limassol, 26 August 2009
For further information please contact:
Bjørn Henriksen, President and CEO
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