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Prosafe Production Public Limited (OSL:PROD) (Figures in brackets refer to the corresponding period of 2007)
Operating profit before restructuring and listing charges amounted to USD 26.0 million (USD 10.3 million) for the 2nd quarter of 2008. Including restructuring and listing costs of USD 5.0 million the operating result equalled USD 21.0 million. The increase compared to the same period last year is mainly a result of the FPSO Umuroa and the FPSO Polvo, which commenced contracts in the 3rd quarter of last year.
The first draw-down on the USD 1.2 billion debt facility took place in the middle of the quarter. Consequently, interest expenses increased to USD 6.2 million (USD 0.0 million). Interest income amounted to USD 0.4 million (USD 0.3 million). The shares in Teekay Petrojarl were sold in the quarter, resulting in a book loss of USD 52.6 million, which is included under other financial items in the Profit & Loss account.
The tax cost for the 2nd quarter increased to USD 5.1 million (USD 1.0 million), reflecting higher operational activity.
The net result for the quarter equaled USD -43.5 million (USD 9.0 million). Excluding the restructuring and listing costs, as well as the loss from the sale of the Teekay Petrojarl shares, the net result for the quarter amounted to USD 14.1 million.
The operating result for the six months ended 30 June 2008 amounted to USD 43.1 million (USD 19.5 million), while the net result was USD -15.4 million (USD 17.8 million). Excluding the restructuring and listing expenses and the loss from the sale of Teekay Petrojarl, the operating profit for the first half of 2008 equalled USD 48.1 million, while the net result was USD 42.2 million.
Total assets increased to USD 2,029 million (USD 923 million) at 30 June 2008, reflecting investments made in connection with the high project activity seen over the past 12 months. Equity amounted to USD 1,073 million (USD 875 million), resulting in a book equity ratio of 53%. The net interest-bearing debt was USD 467 million (USD -36 million).
The management will host a presentation of the results at Shippingklubben in Oslo at CET 2.00pm on 27 August 2008. The presentation can also be followed via web streaming at www.prosafeproduction.com.
Limassol, 27 August 2008
The Board of Directors in Prosafe Production Public Limited
For more information, please contact:
Bjorn Henriksen, President & CEO Phone number: +65 9751 8460
Sven Borre Larsen, Exec. Vice President & CFO Phone number: +65 9657 2590
