Prosafe SE : Third quarter 2011
(Thomson Reuters ONE) -
Operating profit for the third quarter came to USD 69 million and net profit
amounted to USD 62.8 million. The utilisation of the rig fleet was 91 per cent.
Financials
(Figures in brackets refer to the corresponding period of 2010)
Operating profit for the third quarter amounted to USD 69.0 million (USD 83.0
million). Utilisation of the rig fleet was 91 per cent (80 per cent). The main
reason for the decline in operating profit is lower contribution from Safe
Bristolia.
Safe Scandinavia, MSV Regalia, Safe Caledonia, Safe Esbjerg, Safe Lancia,
Jasminia, Safe Hibernia, Safe Britannia, Safe Regency, Safe Bristolia and Safe
Concordia have been fully utilised in the third quarter.
Safe Astoria was idle in the quarter. The rig has been at the Britoil Offshore
yard in Indonesia undergoing upgrade and renewal survey.
Net financial costs amounted to USD 6.4 million (USD 6.4 million), and include a
net gain of USD 10.2 million on the sale of the shares in Floatel International
and a write-off of USD 4.5 million of non-amortised borrowing costs relating to
the previous credit facility.
Net profit equalled USD 62.8 million (USD 72.0 million), corresponding to
diluted earnings per share of USD 0.28 (USD 0.32).
Total assets at 30 September amounted to USD 1 324.5 million (USD 1 389.7
million). Net interest-bearing debt equalled USD 611.2 million (USD 706.8
million), while the book equity ratio increased to 34.2 per cent (28.8 per
cent).
Dividend
The Board of Directors resolved on 2 November 2011 to declare an interim
dividend equivalent to USD 0.166 per share to shareholders of record as of 11
November 2011. The shares will trade ex-dividend on 9 November 2011. The
dividend will be paid in the form of NOK 0.94 per share on 23 November 2011.
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 Hibernia until mid-December 2011,
Safe Lancia until end-December 2012, Jasminia until end-December 2012, Safe
Britannia until mid-January 2013, Safe Bristolia until end-March 2013 and Safe
Regency until early August 2013.
Safe Caledonia is scheduled to operate for BG in the UK North Sea until 17 March
2012. The client has two one-week extension options.
MSV Regalia completed operations for BP in the Norwegian North Sea for BP in
mid-October 2011. On 1 November, the rig commenced operations for Talisman at
the Yme field in Norway for a 107-day contract. After this, MSV Regalia has a
six-month contract with Talisman in the UK North Sea, which is expected to
commence in early March 2012.
Safe Scandinavia started operations for BP in mid-October 2011, and is presently
scheduled to complete this contract in early March 2012. BP has two 14-day
extension options. In May 2012, the rig is planned to commence operation for
ConocoPhillips in Norway, and thereafter move to the UK North Sea with a firm
contract until October 2012 and extension options until December 2012.
In the second quarter, Safe Concordia commenced on a three-year contract with
Petrobras in Brazil.
Safe Astoria is currently undertaking an upgrade and a five-year special
periodic survey. Woodside recently awarded the rig a contract for 150 days of
work in Australia commencing in April/May 2012. In addition, the client has two
one-month extension options.
Safe Esbjerg is currently idle.
The number of offshore installations has increased continuously since the
1970s, and many of the installations have exceeded their original design life.
The technological development in combination with the high oil price lead to
high activity related to improved oil recovery and tie-ins of satellite fields,
which should drive further need for life extensions of existing infrastructure,
positively impacting the demand for accommodation and service rigs.
In the North Sea, several redevelopment and maintenance projects are planned for
the coming years. In addition, there have recently been made large discoveries
in the region, positively impacting the long-term demand picture. Consequently,
the outlook for the North Sea market appears positive.
The demand in Mexico is mainly driven by the efforts of keeping up oil
production at the Cantarell field. However, in the longer term, demand could
potentially evolve also from new developments in deeper waters.
Current accommodation demand offshore Brazil mainly comes from the Campos basin,
where accommodation units are assisting with maintenance of FPSOs and fixed
installations. In the longer term, there is a potential for demand also in other
basins in Brazil.
Prosafe recently announced a contract in connection with a redevelopment
offshore Western Australia, and more prospects in the Asia and Australia region
are identified medium to long term.
In summary, provided that the oil price and other input factors into oil
companies' E&P budgets continue to stay around the current levels, the outlook
for positive developments in the accommodation and service rig market over the
next few years appears good.
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 500 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: Q3 2011 report, Q3 2011 presentation
Larnaca, 2 November 2011
The Board of Directors
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 Helland Ouff, Finance and IR Manager
Prosafe AS
Phone: +47 51 64 25 20 / +47 991 09 467
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Q3 2011 presentation:
http://hugin.info/64729/R/1560165/482620.pdf
Q3 2011 report:
http://hugin.info/64729/R/1560165/482617.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#1560165]
Unternehmensinformation / Kurzprofil:
Datum: 02.11.2011 - 13:00 Uhr
Sprache: Deutsch
News-ID 83167
Anzahl Zeichen: 7650
contact information:
Town:
Larnaca
Kategorie:
Business News
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