PROD - Interim financial statement for the 3rd quarter of 2009
(Thomson Reuters ONE) - Prosafe Production has an operating result before deprecation of USD50.5 million for the 3rd quarter of 2009, which is a substantialimprovement compared to previous quarters. The company reports thatthe contract for FPSO Cidade de São Mateus did commence with effectfrom 3 October and that contracts for FSO Endeavor and FSO MaduraJaya both have been extended. The FPSO Ningaloo Vision left the yardin late September and is expected to arrive at the field in Australiaduring November.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 21.0million). The increase in profit is attributable to FDPSO Azurite,which has been on dayrate since the beginning of the year, and FPSOCidade de São Mateus, which has contributed from late April. Theincrease is, however, reduced by the effects of the scheduledreduction in dayrate for FPSO Umuroa and the expiry of the contractfor FSO Endeavour in July. Moreover, activity on variation orderscontinues to be at a low level, contributing less relative to thecorresponding quarter last year.Interest expenses amounted to USD 11.0 million (USD 9.8 million) forthe quarter. The change is reflecting the higher debt level comparedto 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 4.5million), while the net profit for the 3rd quarter totalled USD 13.5million (USD -1.4 million).The operating result for the nine months ended 30 September 2009amounted to USD 81.0 million (USD 64.1 million), while the net resultwas USD 30.9 million (USD -16.9 million).As a result of investments in the new units, total assets hasincreased to USD 2,117 million (USD 2,113 million) as of 30 September2009. 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 667million).The management will host a presentation of the results at HotelContinental in Oslo at CET 1400 hours. The presentation can befollowed via live streaming at http://www.prosafeproduction.comAbout 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, 4 November 2009Prosafe Production Public LimitedFor 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/1352461/327211.pdfhttp://hugin.info/139144/R/1352461/327212.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 04.11.2009 - 08:27 Uhr
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