First quarter 2011 results
(Thomson Reuters ONE) -
Financials
(Figures in brackets refer to the corresponding period of 2010)
Operating profit for the first quarter came to USD 14.1 million (USD 40
million). Utilisation of the rigs declined to 61 per cent (73 per cent).
Safe Esbjerg, Safe Lancia, Jasminia, Safe Hibernia, Safe Britannia and Safe
Regency have been fully utilised in the first quarter.
MSV Regalia operated for BP at Valhall on the Norwegian Continental Shelf from
mid March.
Safe Scandinavia operated for BP at Valhall on the Norwegian Continental Shelf
until mid March.
Safe Caledonia commenced operation for BG on the UK Continental Shelf in the
beginning of March.
MSV Regalia, Safe Scandinavia and Safe Caledonia have carried out parts of their
annual maintenance work in the first quarter. Safe Bristolia has undertaken a
five-year special periodic survey during the first quarter.
In the first quarter, Safe Concordia was mobilising to Brazil. Safe Astoria and
Safe Bristolia were idle in the first quarter.
Net financial expenses for the first quarter were USD 7.9 million (USD 12.4
million). This reduction is due to a favourable revaluation of forward exchange
contracts.
Net profit amounted to USD 6.8 million (USD 26.8 million), and earnings per
share to USD 0.03 (USD 0.12).
Total assets at 31 March amounted to USD 1 294 million (USD 1 352.6 million),
while the book equity ratio rose to 32.5 per cent (22.2 per cent).
Dividend and refinancing
The Board of Directors resolved on 25 May 2011 to declare an interim dividend
equivalent to USD 0.148 per share to shareholders of record as of 8 June 2011.
The shares will trade ex-dividend on 6 June 2011. The dividend will be paid in
the form of NOK 0.82 per share on 22 June 2011.
The board has resolved to initiate a process of exploring the possibilities of
refinancing the company's bank debt, followed by a review of the dividend
policy.
Outlook
Six of Prosafe's rigs are on bareboat charters in Mexico for end-user Pemex. The
six rigs have firm contracts as follows;
Safe Lancia until end-December 2012, Jasminia until end-December 2012, Safe
Hibernia until mid-December 2011, Safe Britannia until mid-January 2013, Safe
Bristolia until end-March 2013 and Safe Regency until beginning of August 2013.
Safe Esbjerg is operating for Mærsk Oil & Gas in the Danish North Sea until end-
August 2011.
Safe Caledonia commenced on a nine-month contract with BG in the UK North Sea in
the beginning of March 2011. The contract has two months of extension options.
MSV Regalia commenced operations for BP Norge in the Norwegian North Sea in mid-
March and is expected to operate until October 2011. MSV Regalia has a six-month
contract with Talisman, expected to commence in the beginning of March 2012.
Safe Scandinavia commenced a six-month contract with Statoil in early April
2011. Thereafter the rig is scheduled to start operation for BP in October 2011.
Safe Concordia arrived in Rio de Janeiro on 10 April, and was on standby dayrate
from 18 April up to charter commencement in late May. The rig has a three-year
contract with Petrobras.
Safe Astoria is currently idle and will undertake an upgrade and a five-year
special periodic survey until the end of September.
In the North Sea, the majority of fixed installations are mature and require
both maintenance and modifications to keep up production and ensure safe
operations. Furthermore, the technological development in combination with the
high oil price should lead to increased activity related to improved oil
recovery (IOR) and life extensions of fields. Consequently, the outlook for
modification, IOR and maintenance projects over the coming years appears
positive.
In Mexico we expect stable demand going forward. The demand is mainly driven by
the efforts of keeping up oil production at the Cantarell field in Mexico.
Brazil has been established as a substantial market for safety and maintenance
units through three contract awards over the past year. Prosafe won one of these
contracts. Based on the high exploration and development activity offshore
Brazil, the long-term demand picture looks promising. There is also potential
for increases in demand in the short-to-medium term, but timing remains
uncertain.
In summary, the demand outlook for semi-submersible accommodation rigs for the
core market regions appears to be positive. Furthermore, there is a growing
interest for semi-submersible accommodation rigs in other regions.
Prosafe is the world's leading owner and operator of semi-submersible
accommodation/service rigs. Operating profit reached USD 221.1 million in 2010.
The company operates globally, employs 430 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: Q1 2011 report, Q1 2011 presentation
Larnaca, 25 May 2011
The Board of Directors of Prosafe SE
For further information, please contact:
Karl Ronny Klungtvedt, Chief Executive Officer
Prosafe Management AS
Phone: +47 908 81 657
Sven Børre Larsen, Chief Financial Officer
Prosafe Management AS
Phone: +47 909 43 673
Cecilie Ouff, Finance and IR Manager
Prosafe AS
Phone: +47 51 64 25 20 / +47 991 09 467
Georgina Georgiou, General Manager
Prosafe SE
Phone: +357 2462 2450
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Q1 2011 Presentation:
http://hugin.info/64729/R/1518628/455161.pdf
Q1 2011 Report:
http://hugin.info/64729/R/1518628/455160.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#1518628]
Unternehmensinformation / Kurzprofil:
Datum: 25.05.2011 - 13:01 Uhr
Sprache: Deutsch
News-ID 54990
Anzahl Zeichen: 7110
contact information:
Town:
Larnaca
Kategorie:
Business News
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