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Ocean HeavyLift ASA (OSL:OHL) Ocean HeavyLift ASA (OHL) continues to deliver strong results in the second quarter of 2008. TC equivalent revenues came to about USD 67,000/day and the utilisation rate was 92%. Year to date, the EBITDA result was USD 19.0 million and net profit USD 9.8 million. Delivery of HeavyLift Ancora took place on 17 June 2008 with total capital expenditure of USD 90.3 million.
Highlights 2Q
* EBITDA of USD 9.0 million (USD 10 million in 1Q 08) * Net profit of USD 7.1 million (USD 2.7 million in 1Q 08) * Order backlog of USD 114 million (USD 119 million after 1Q 08) * HeavyLift Ancora was delivered 17 June at USD 90.3 million * HeavyLift Hawk estimated to be delivered early September 2008 at abt. USD 92 million
Results For the second quarter of 2008 OHL recorded gross freight revenues of USD 19.3 million and operating/TC revenues of USD 13.2 million. EBITDA amounted to USD 9.0 million. And EBIT was 7.5 million. Net profit came to USD 7.1 million.
The fleet utilisation was 92% in the second quarter, a strong compared to the 97% achieved in the first quarter. Average fleet utilisation for the first half of 2008 was 94%. For the second quarter of 2007 the fleet utilisation was 55% and for the full year 2007 it was 66%.
The EBIT of USD 7.5 million was significantly better than the USD 1.5 million EBIT of the second quarter last year. This is due to the improved fleet utilisation, where both vessels were sailing under contract close to all days, favourable mobilisation and satisfactory commercial rates. The company has been able to cope with the rising bunker oil prices due to favourable bunker escalation clauses in most of the heavy lift transportation contracts.
The group recorded a net profit of USD 7.1 million after net financial items of USD -0.3 million in the second quarter. A part of the financial items is a mark-to-market gain of USD 0.9 million on the forward exchange rate contract. See financing section below.
For the first half of 2008 the gross freight revenue amounted to USD 39.2 million; operating/TC revenue was USD 27.0 million. EBITDA came to USD 19.0 million; EBIT was USD 16.0 million and net profit came to USD 9.8 million.
Operating profit for 2008 is expected to be considerably higher than in 2007 as the market firms, the fleet utilisation improves and the addition of HeavyLift Ancora and HeavyLift Hawk to the fleet. The improved utilisation is a result of improved scheduling of the fleet and better ability to capitalise on the strong demand for heavy lift vessels.
Oslo, 19 May 2008 The Board of Directors
For further information, please contact:
Cato Hellstenius CEO Mob: +47 90 66 65 87 ch@oceanheavylift.no
OCEAN HEAVYLIFT ASA (OHL) is a Norwegian oil service company owning vessels suitable for dry transportation of offshore drilling rigs and offshore modules. The company is the second largest heavy lift vessel owner in the world. The company presently owns three semi-submersible heavy lift vessels, and will have four vessels in operation when the last vessel under conversion by Songa Ancora Pte Ltd is delivered. OHL was established in 2005 and listed on the Oslo Stock Exchange in May 2007. The company currently has a market capitalisation of NOK 1.5 billion.
