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Prosafe Production Public Limited (OSL:PROD) (Figures in brackets refer to the corresponding period of 2007)
Operating profit for the 3rd quarter of 2008 amounted to USD 21.0 million (USD 16.4 million). The increase compared to the same period last year is mainly a result of FPSO Umuroa and FPSO Polvo, which commenced contracts during 3rd quarter of last year.
The first draw-down on the USD 1.2 billion debt facility took place in the middle of 2nd quarter of 2008. Consequently, interest expenses increased to USD 9.8 million (USD 0.1 million) for the 3rd quarter of 2008. Interest income amounted to USD 1.8 million (USD 0.3 million). Other financial items of USD -10.0 million (USD 1.9 million) largely relates to unrealised losses on foreign currency derivatives used to hedge future cash flows.
The tax cost for the 3rd quarter increased to USD 4.5 million (USD 2.8 million), reflecting higher operational activity compared to the same period last year.
The net result for the quarter equalled USD -1.4 million (USD 15.7 million).
The operating result for the nine months ended 30 September 2008 amounted to USD 64.1 million (USD 35.9 million), while the net result totalled USD -16.9 million (USD 33.5 million). Excluding extra-ordinary items booked in Q2 08, the net result for the nine months ended 30 September 2008 was USD 40.7 million.
Total assets increased to USD 2,113 million (USD 1,044 million) at 30 September 2008, reflecting investments made in connection with the high project activity seen over the past 12 months. Equity amounted to USD 1,056 million (USD 972 million), resulting in a book equity ratio of 50%. Net interest-bearing debt totalled USD 667 million (USD -43 million).
The management will host a presentation of the results at Hotel Continental in Oslo at CET 2.00pm on 5 November 2008. The presentation can also be followed via web streaming at www.prosafeproduction.com.
Limassol, 4 November 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
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