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Songa Offshore ASA (OSL:SONG) Songa Offshore ASA ("Songa") consolidated loss after tax for the third quarter 2008 was USD 27.5 million. Accumulated for the first nine months of 2008 the after tax loss was USD 1.8 million.
Revenue for the third quarter was USD 87.5 million. USD 5.6 million in mobilization revenue received this quarter is capitalized and will be recognized next quarter together with the corresponding opex. Accumulated the revenue was USD 250.6 million.
Total expenses for the third quarter were USD 80.9 million, the high figure is due to a non operational loss of USD 33.8 million posted under "other gain and loss". The loss is split between loss on financial instruments with USD 29.6 million, USD 2.1 million in allowance for doubtful debt, USD 1.4 million in currency loss and USD 0.7 in loss on buy back of bonds. Accumulated the total expenses were USD 154.6 million of which USD 29.6 million was posted under "other gain and loss" as a loss.
EBITDA for the third quarter was USD 6.6 million. This figure is after taken into effect "other gain and loss" and deferred mobilization fee mentioned above. Accumulated EBITDA was USD 96.1 million.
Net financial expenses for the third quarter were USD 18.8 million. This figure includes a write off of USD 5.1 million in fees on the old bank facility in connection with the refinancing in August. Accumulated net financial expenses were USD 43.3 million.
Earnings per share (EPS) for the third quarter were USD -0.28. Accumulated earnings per share (EPS) were USD 0.00. Diluted earnings per share (DEPS) for the third quarter were USD -0.28. Accumulated diluted earnings per share (DEPS) were USD 0.00.
The results for the first nine months of 2008 have been restated. The financial expenses in the first quarter have been adjusted with USD 2.6 million due to changes in how certain loans are amortized. Further, discussions with customers on the drilling campaign in Equatorial Guinea and Ghana for Songa Saturn led to adjustments in day rates based on lower tax estimates; this has led to a reduction of revenues with USD 6.0 million in the first quarter and USD 1.5 million in the second quarter. A complete set of restated financial statements for all three quarters can be found at the end of this document.
Tom E. Jebsen, CFO Oslo, 6 November 2008
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