PROD - Interim Financial Statement for Q2 2009
(Thomson Reuters ONE) - Highlights:* 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 SeptemberMain 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 (USD21.0 million). This growth is due to the start up of FDPSO Azuriteand FPSO Cidade de São Mateus in the first half of 2009. The increaseis however, reduced by the effects of a lower dayrate for FPSOUmuroa, as well as reduced activity level for operational variationorders. FDPSO Azurite commenced the 7+8 year charter contract inearly April after being on availability dayrate since the beginningof the year, while FPSO Cidade de São Mateus was on availabilitydayrate for the majority of the second quarter.Interest expenses amounted to USD 11.1 million (USD 6.2 million) forthe quarter. This increase, compared with the second quarter of 2008,is a result of increased debt levels due to the financing of thethree 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 5.1million), while the net profit for the second quarter totaled USD12.2 million (USD -43.5 million).The operating result for the six months ended 30 June 2009 amountedto USD 50.6 million (USD 43.1 million), while the net result was USD17.3 million (USD -15.4 million).As a result of investments in the new units, total assets increasedto USD 2,083 million (USD 2,029 million) as of 30 June 2009. Equityamounted to USD 848 million (USD 1,073 million), resulting in a bookequity ratio of 41%.Net interest-bearing debt amounted to USD 1.011 million (USD 462million).About Prosafe ProductionProsafe Production is a leading owner and operator of FloatingProduction, Storage and Offloading vessels (FPSOs). ProsafeProduction has 25 years of operational experience from several of theworld's largest oil and gas provinces. The company has a goodoperational uptime track record and possesses a range of proprietaryFPSO-related technologies. Prosafe Production operates globally andemploys approximately 1,000 employees from more than 40 countries.Headquartered in Limassol, Cyprus, Prosafe Production is listed onthe Oslo Stock Exchange with ticker code PROD.Limassol, 26 August 2009For further information please contact:Bjørn Henriksen, President and CEOPhone: +65 9751 8460E-mail: bjorn.henriksen(at)prosafeproduction.comSven Børre Larsen, Executive VP and CFOPhone: +65 9657 2590E-mail: sven.larsen(at)prosafeproduction.comhttp://hugin.info/139144/R/1337115/318510.pdfhttp://hugin.info/139144/R/1337115/318513.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 26.08.2009 - 07:54 Uhr
Sprache: Deutsch
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