Prosafe SE: Second quarter 2013 results
(Thomson Reuters ONE) -
Operating profit for the second quarter came to USD 83.2 million and net profit
amounted to USD 54.9 million. The utilisation of the fleet was 84 per cent in
the second quarter. An interim dividend of NOK 0.89 per share was resolved. The
global market for offshore accommodation vessels remains robust and Prosafe is
confident that further contracts will be entered into over the coming months.
Financials
(Figures in brackets refer to the corresponding period of 2012)
Second quarter
Utilisation of the fleet was 84 per cent (78 per cent) in the second quarter.
Operating profit amounted to USD 68.7 million (USD 49.8 million).
Safe Caledonia, Safe Concordia, Safe Lancia, Jasminia, Safe Hibernia, Safe
Britannia and Safe Regency were on contract throughout the quarter.
Safe Concordia is operating on a long-term contract in Brazil. In the second
quarter, the average effective day rate was approximately USD 144 000.
Safe Scandinavia commenced the contract with ConocoPhillips at Jasmine in UK on
6 April, and has been in operation since then.
Regalia commenced operation for Shell at the Draugen field in Norway on 30
April, and was in operation throughout May and June. Due to the yard stay before
contract commencement, operating expenses in the second quarter were
approximately USD 2 million higher than in normal operation.
Safe Bristolia commenced the contract for Elf Exploration UK on 3 May. Due to
the yard stay and preparation for contract commencement in the North Sea,
operating expenses in the second quarter were approximately USD 4.5 million
higher than in normal operation.
Safe Astoria remained idle throughout the quarter.
Net financial costs declined to USD 12.5 million (USD 13.3 million). Interest
costs were lower mainly due to lower interest rates and capitalisation of
interest costs relating to the new build projects.
Net profit amounted to USD 54.9 million (USD 35.9 million), corresponding to
diluted earnings per share of USD 0.24 (USD 0.16).
Total assets at 30 June amounted to USD 1 502.9 million (USD 1 389.8 million),
while the book equity ratio rose to 44 per cent (34.7 per cent). Net interest-
bearing debt stood at USD 651 million (674 million).
Dividend
On 21 August 2013, the Board of Directors resolved to declare an interim
dividend equivalent to USD 0.15 per share to shareholders of record as of 30
August 2013. The shares will trade ex-dividend on 28 August 2013. The dividend
will be paid in the form of NOK 0.89 per share on 11 September 2013.
Outlook
Five of Prosafe's vessels are on bareboat charters in Mexico for ultimate use by
Pemex. The five vessels have contracts as follows; Safe Lancia until mid-
September 2013, Jasminia until end-October 2013, Safe Hibernia until December
2013, Safe Regency until end-March 2014 and Safe Britannia until end of 2014.
On 30 April, Regalia commenced a 180-day contract with Norske Shell at the
Draugen facility, Norway. Shell recently exercised a one-month option, extending
the contract throughout October 2013. In addition, Prosafe has granted Shell an
additional 14-day extension option. After completion of the contract, the vessel
will undergo an upgrade and a five-year special periodic survey (SPS), before
commencing on a contract with Statoil in Norway next year.
Safe Bristolia commenced a 173-day contract with Elf Exploration in the UK on 3
May.
After completion of the current contract with ConocoPhillips in UK, Safe
Scandinavia will undergo an upgrade/life extension project together with the
five-year SPS, before commencing on a contract with Statoil in Norway next year.
Safe Caledonia is operating for BP in the UK sector of the North Sea until end-
March next year. Thereafter, the vessel will operate for Nexen in the UK sector
of the North Sea. The contract with Nexen has been extended to a 330-day
contract at a day rate of USD 235 000.
In Brazil, Safe Concordia is operating for Petrobras on a contract until June
2014.
Safe Astoria is currently idle and is at the yard in Batam, Indonesia. The
vessel has a contract with a minimum duration of 11 months for Shell
Philippines, commencing June/July 2014.
Driven by a combination of maintenance and modification projects and new
developments, the market for offshore accommodation in the North Sea has been
growing in recent years, and the demand outlook remains strong. The tendering
activity was at a high level in the first half of the year, and it is
anticipated to be somewhat lower in the second half.
In Brazil and Mexico, there are a number of opportunities and tenders for long-
term requirements, mainly driven by maintenance and improved oil recovery (IOR)
projects. However, particularly in Brazil, the number of potential suppliers has
increased and competition is strong.
In summary, the global market for offshore accommodation vessels remains robust.
With a number of bids still outstanding, Prosafe is confident that further
contracts will be entered into over the coming months.
Prosafe is the world's leading owner and operator of semi-submersible
accommodation/service rigs. Operating profit reached USD 222.4 million in 2012
and net profit was USD 177.5 million. The company operates globally, employs 570
people and is headquartered in Larnaca, Cyprus. Prosafe is listed on the Oslo
Stock Exchange with ticker code PRS. For more information, please refer to
www.prosafe.com.
Attachments: Q2 2013 report, Q2 2013 presentation
Larnaca, 22 August 2013
The Board of Directors of Prosafe SE
Prosafe SE
For further information, please contact:
Karl Ronny Klungtvedt, Chief Executive Officer
Prosafe Management AS
Phone: +47 51 64 25 81
Sven Børre Larsen, Chief Financial Officer
Prosafe Management AS
Phone: +47 909 43 673
Cecilie Helland Ouff, Senior Manager Finance and Investor Relations
Prosafe AS
Phone: +47 991 09 467
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Q2 2013 presentation:
http://hugin.info/64729/R/1724353/574777.pdf
Q2 2013 report:
http://hugin.info/64729/R/1724353/574776.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Prosafe SE via Thomson Reuters ONE
[HUG#1724353]
Unternehmensinformation / Kurzprofil:
Datum: 22.08.2013 - 08:31 Uhr
Sprache: Deutsch
News-ID 290008
Anzahl Zeichen: 7633
contact information:
Town:
Larnaca
Kategorie:
Business News
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