Distribution of company announcements to the professional platforms, finance portals and syndication of important corporate news to a wide variety of news aggregators and financial news systems.
Ocean HeavyLift ASA (OSL:OHL) Ocean HeavyLift ASA (OHL) continues its strong pace and delivers a new record in the third quarter of 2008. 3Q EBITDA amounted to USD 12.6 million and the fleet utilisation rate was 92%. Year to date, the EBITDA result is USD 31.5 million and net profit USD 18.3 million.
Highlights * EBITDA of USD 13 million (USD 9 million in 2Q 08) * Net profit of USD 9 million (USD 7 million in 2Q 08) * Order backlog of USD 121 million (USD 114 million at end 2Q 08) * Incident on HeavyLift Ancora - liftboat cargo lost at sea * Delivery of HeavyLift Hawk expected in November - price reduced to USD 88 million * Mandatory offer bid of NOK 36 per share by Spencer Energy AS * Stronger contract rates and full utilisation in 4Q * EBITDA guidance for the full year 2008: USD 50-55 million
Results OHL recorded gross freight revenues of USD 25.6 million and operating (TC) revenues of USD 17.5 million in the third quarter of 2008. EBITDA amounted to USD 12.6 million. EBIT was 10.1 million and net profit came to USD 8.5 million after financial items of USD 1.6 million.
The fleet utilisation was 92% in the third quarter and average fleet utilisation for the first nine months of 2008 was 94%. For the third quarter of 2007 the fleet utilisation was 76% and for the full year 2007 it was 66%. Average TC rates per day were USD 63,200 down from USD 67,600 for the second quarter. The reduction is due to low rates for the first cargo of HeavyLift Ancora caused by longer time spent on loading operations and voyage than anticipated and techincal off-hire for guarantee repairs.
The third quarter EBIT of USD 10.1 million was an increase of USD 2.6 million from the USD 7.5 million EBIT of the previous quarter. This is mainly due to the addition of HeavyLift Ancora to the fleet. Average Operational costs per day amounted to USD 10,600 down from 11,000 in the second quarter. The administrative costs were USD 2.0 million as expected and equal to the last quarter.
For the first nine months of 2008 the gross freight revenue amounted to USD 64.8 million and operating (TC) revenue was USD 44.5 million. EBITDA amounted to USD 31.5 million; EBIT was USD 26.1 million and net profit came to USD 18.3 million.
The group's condensed financial statements for the third quarter of 2008 are enclosed.
Oslo, 4 November 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.
www.oceanheavylift.no
This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
