Solid financial results for 2009
(Thomson Reuters ONE) -
A strong operational performance and a rig utilisation rate of 86 per cent
contributed to an operating profit of USD 218.6 million for the year 2009.
Financials
(Figures in brackets refer to the corresponding period of 2008)
Operating profit for 2009 came to USD 218.6 million (USD 232.2 million), which
reflects that the utilisation rate for the rig fleet declined to 86 per cent (92
per cent). The main reason for the lower utilisation rate is that MSV Regalia
was out of operation for over six months in 2009 due to a major refurbishment
and life extension. The effect of the reduced utilisation was to some extent
offset by higher day rates.
Due to IFRS requirements, the unrealised loss of USD 51.9 million on the shares
in Prosafe Production Public Limited has been expensed in the income statement
in the fourth quarter. This unrealised loss has in prior periods been charged
directly to equity, and had therefore no effect on book equity in the fourth
quarter. Book equity increased by USD 17.5 million during the fourth quarter
after dividend payments of USD 27.8 million.
Net financial expenses for 2009 increased to USD 77.7 million (USD 76.8
million). Excluding the unrealised loss on shares, net financial expenses
equalled USD 25.8 million. This improvement is attributable to lower interest
expenses and a more favourable fair value adjustment of currency forwards in
2009 compared to 2008.
Taxes for 2009 amounted to USD 13.7 million (USD 9.4 million positive). This
increase is due to a provision for tax on an unrealised currency gain in Norway.
Net profit for 2009 equalled USD 127.2 million (USD 164.8 million excluding
discontinued operations) and diluted earnings per share were USD 0.57 (USD 0.72
excluding discontinued operations). Excluding the reclassification of the
unrealised loss on shares, net profit and earnings per share equalled USD 179
million and USD 0.80 respectively.
Operating profit for the fourth quarter came to USD 57.2 million (USD 65.6
million). This reduction is mainly due to a decline in rig utilisation to 84 per
cent (88 per cent).
Safe Scandinavia completed its operation in the UK sector of the North Sea in
early October. The rig was subsequently moved to Invergordon, Scotland.
Safe Concordia completed its assignment in Mexico early October. All other
vessels have been fully utilised in the fourth quarter.
Net financial expenses for the fourth quarter were USD 65.0 million (USD 39.4
million), reflecting the reclassification of the unrealised loss on shares as
described above. Net loss for the fourth quarter amounted to USD 8.5 million
(net profit of USD 32.8 million), and earnings per share equalled minus USD
0.04 (USD 0.15).
Total assets at 31 December amounted to USD
1 355.5 million (USD 1 313.9 million), while the book equity ratio increased to
19.5 per cent (9.5 per cent).
The chairman of the board of directors, Mr Reidar Lund, has notified the
election committee that he will resign from the board at the annual general
meeting in May 2010.
Outlook
Safe Bristolia was operating in Mexico until the end of January 2010, and will
mobilise to the North Sea to commence a contract for Nexen in April 2010.
Five of the company's rigs are bareboat chartered to Interpetroleum Services,
operating for Pemex offshore Mexico. The contract for Safe Lancia was extended
until mid April 2010 at an unchanged day rate.
Safe Esbjerg is operating for Mærsk Oil & Gas in the Danish North Sea until June
2011. Safe Esbjerg is planned to be out of operation for 60 days commencing 15
February 2010. Safe Esbjerg will undertake a Special Period Survey in addition
to some refurbishment and steel work on the unit.
Safe Caledonia is operating for Total in the UK North Sea until September 2010.
MSV Regalia started operation for BP Norge at the Valhall field on 12 July
2009. This contract has a firm duration until July 2011 with option periods of
up to six months.
Safe Astoria started a contract for Shell in the Philippines early October. This
contract has a firm duration until the beginning of June with a 30-day option.
Safe Scandinavia completed its 65-day contract with Shell in the beginning of
October and is now anchored at Invergordon, Scotland. Safe Scandinavia has a
firm contract with Statoil, six months commencing early May 2010 and six months
commencing early April 2011.
Safe Concordia completed its assignment in Mexico early October 2009, and the
vessel is currently being marketed for new employment.
Within the harsh and semi-harsh offshore environments where most of Prosafe's
accommodation rigs operate, there is a good supply-demand balance and the number
of new-builds to be delivered over the next few years is limited.
In the North Sea, the majority of the fixed installations is mature and requires
greater maintenance and modifications to uphold production and safe operation.
Increased recovery and tie-ins of satellite fields to existing installations
have extended the lifetime for many fields in the North Sea. Therefore, we
foresee a good outlook for modification and maintenance projects over the coming
years. Prosafe has secured several contracts in the North Sea for 2010. We
expect that several offshore projects in the North Sea will require additional
accommodation in 2011 and 2012, and we foresee higher tender activity in 2010.
The market for semi-submersible accommodation rigs continues to be good in
Mexico, where Pemex has high activity offshore in order to keep up production of
the Cantarell field.
In summary, we expect a good long-term demand for semi-submersible accommodation
rigs, with growth in activity in the North Sea from spring 2011 and in deepwater
regions
Prosafe is the world's leading owner and operator of semi-submersible service
rigs. Operating profit reached USD 218.6 million in 2009. The company operates
globally, employs 385 persons 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: Q4 2009 report, Q4 2009 presentation
Larnaca, 18 February 2010
Prosafe SE
For further information, please contact:
Arne Austreid, President and CEO
Phone no: +357 992 75 030
Karl Ronny Klungtvedt, Exec. VP Strategy and Corporate Planning
Phone no: +47 908 81 657
[HUG#1385826]
Q4 2009 presentation: http://hugin.info/64729/R/1385826/344579.pdf
Q4 2009 report: http://hugin.info/64729/R/1385826/344577.pdf
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Datum: 18.02.2010 - 02:33 Uhr
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