Third quarter 2009 results
(Thomson Reuters ONE) - Operating profit for the third quarter came to USD 77.1 million whichis by far the best quarterly result ever for Prosafe. Utilisation ofthe rig fleet was 96 per cent. The company expects a good long-termdemand for semi-submersible accommodation rigs, with growth inactivity in the North Sea from 2011 and in deepwater regions.Financials(Figures in brackets refer to the corresponding period of 2008)Operating profit for the third quarter amounted to USD 77.1 million(USD 61.2 million), which is by far the best quarterly result everfor Prosafe. Utilisation of the rig fleet was 96 per cent (93 percent), which is the main contributing factor to the improved result.MSV Regalia started operation for BP Norge at the Valhall field on 12July. Safe Scandinavia started operation for Shell at Shearwater atthe end of July. All other vessels have been fully utilised in thethird quarter.Net financial costs amounted to USD 8.4 million (USD 7.9 million). Inthe third quarter this year, the market value of currency forwardsincreased by USD 10.9 million. This was partly offset by anunrealised currency loss on the NOK bond loan.Taxes amounted to USD 2.4 million (USD 6.1 million positive), and netprofit equalled USD 66.3 million (USD 59.4 million), corresponding todiluted earnings per share of USD 0.30 (USD 0.26).Total assets at 30 September amounted to USD 1 420.3 million (USD 1304.3 million), while the book equity ratio increased to 17.3 percent (10.3 per cent).The board of directors resolved on 4 November 2009 to declare aninterim dividend of NOK 0.70 per share to shareholders of record asof 13 November 2009. The shares will trade ex-dividend on 11 November2009. The dividend will be paid on 24 November 2009.Debt financingAt the end of the third quarter 2009, Prosafe had a credit facilityof USD 960 million, of which USD 860 million had been drawn.Financial covenants in the credit facility:- Minimum cash of USD 65 million in the group (Q3 2009: USD 108million)- Maximum leverage ratio of 5.0 (4.5 following the second anniversaryof the loan agreement, i.e. May 2010) (Q3 2009: 3.5)- Minimum value adjusted equity ratio of 35 per cent (Q3 2009: 55 percent based on vessel valuation from June 2009)- Market value vessels/total commitments above 150 per cent (Q3 2009:247 per cent)- Working capital (incl. unutilised credit lines with maturity inexcess of 12 months) larger than zero (Q3 2009: USD 183 million)A NOK 500 million unsecured bond issue maturing in October 2013 wascompleted in October 2009 (PRS 06 PRO). The proceeds will be used forrefinancing and for general corporate purposes. In connection withthe new bond issue, Prosafe SE bought back NOK 188.5 million inPRS02 maturing in March 2010 (NOK 222.5 million still outstanding).PRS03 with principal USD 50 million is maturing in March 2012.OutlookSix of the company's rigs are bareboat chartered to InterpetroleumServices, operating for Pemex offshore Mexico. Safe Bristolia will beoperating in Mexico until end of January 2010, and will thereaftermobilise to the North Sea to commence a contract for Nexen in April2010. The other five rigs have firm contracts as follows: Jasminiauntil December 2010, Safe Hibernia until May 2011, Safe Lancia untilJanuary 2010, Safe Regency until August 2013 and Safe Britannia untilJanuary 2013.Safe Esbjerg is operating for Maersk Oil & Gas in the Danish NorthSea until June 2011. Safe Esbjerg is due for a special periodicsurvey by May 2010.Safe Caledonia is operating for Total in the UK North Sea untilSeptember 2010.The contract for MSV Regalia at the Valhall field, which commenced inJuly, has a firm duration until January 2011 with an option period ofsix months.Safe Astoria started an eight-month contract for Shell in thePhilippines early October.Safe Scandinavia completed its 65-day contract with Shell in thebeginning of October, and is now anchored at Invergordon in theCromarty Firth, Scotland. Safe Scandinavia has a firm contract withStatoilHydro, six months commencing early May 2010 and six monthscommencing early April 2011. StatoilHydro has the option to replacethe two firm periods with a continuous 17-month contract commencingMay 2010. This option must be exercised before January 2010, and issubject to vessel availability.Safe Concordia completed its assignment in Mexico early October, andthe vessel is currently being marketed for new employment.Within the harsh and semi-harsh offshore environments where most ofProsafe's accommodation rigs operate, there is a good supply-demandbalance, and the number of new-builds to be delivered over the nextfew years is limited.In the North Sea, the majority of the fixed installations are mature,and require greater maintenance and modifications to upholdproduction and safe operation. Increased recovery and tie-ins ofsatellite fields to existing installations have extended the lifetimefor many fields in the North Sea. Therefore, we foresee a goodoutlook for modification and maintenance projects over the comingyears. Prosafe has secured several contracts in the North Sea for2010. We expect that several offshore projects in the North Sea willrequire additional accommodation in 2011 and 2012, and we foreseehigher tender activity in the coming year.The market for semi-submersible accommodation rigs continues to begood in Mexico, where Pemex has high activity offshore in order tokeep up production of the Cantarell field.In summary, we expect a good long-term demand for semi-submersibleaccommodation rigs, with growth in activity in the North Sea from2011 and in deepwater regions.Prosafe is the world's leading owner and operator of semi-submersibleservice rigs. Operating profit reached USD 232.2 million in 2008. Thecompany operates globally, employs approx. 400 persons and isheadquartered in Larnaca, Cyprus. Prosafe is listed on the Oslo StockExchange with ticker code PRS. For more information, please refer towww.prosafe.com.Attachments: Q3 2009 report, Q3 2009 presentationLarnaca, 5 November 2009Prosafe SEFor further information, please contact:Arne Austreid, President and CEOPhone no: +357 992 75 030Karl Ronny Klungtvedt, Exec. VP Strategy and Corporate PlanningPhone no: +47 908 81 657http://hugin.info/64729/R/1352794/327481.pdfhttp://hugin.info/64729/R/1352794/327482.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 05.11.2009 - 08:31 Uhr
Sprache: Deutsch
News-ID 7945
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 273 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Third quarter 2009 results"
steht unter der journalistisch-redaktionellen Verantwortung von
Prosafe SE (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
