Prosafe posts first quarter 2014 results
Operating profit for the first quarter came to USD 22.9 million and net profit amounted to USD 18.3 million. An interim dividend of NOK 0.95 per share was resolved. The gross value of the contract backlog amounted to approximately USD 2.5 bn (incl. options) at the end of the quarter, by far the highest level ever seen in Prosafe’s history, the company said in its press release.
Operating profit for the first quarter amounted to USD 22.9 million (USD 19 million). Utilisation of the fleet was 76 per cent (74 per cent).
Safe Caledonia, Safe Astoria, Safe Concordia, Safe Lancia, Jasminia, Safe Hibernia, Safe Britannia and Safe Regency were in full operation throughout the quarter.
Safe Concordia was on contract in Brazil with an average effective day rate in the quarter of approximately USD 136 000.
Safe Caledonia completed operations for BP on 31 March. The vessel is currently at Burntisland in the UK for preparatory work before mobilising for a contract with Nexen in the UK commencing early June 2014.
Regalia completed the planned yard work and a five-year special period survey (SPS) at Keppel Verolme and commenced operation for Statoil in Norway on 28 February.
Safe Scandinavia remained at the Remontowa yard in Poland undertaking a life extension refurbishment and a five-year SPS before it commenced a contract with Statoil in Norway late April 2014.
Safe Bristolia undertook maintenance work at Burntisland in the UK during the quarter, and commenced a contract with ConocoPhillips in May 2014.
Safe Astoria continued its operation for Swiber in Indonesia throughout the first quarter. In addition, Prosafe and Swiber have agreed an extension period of 43 days which commenced early April 2014.
Net financial expenses for the first quarter were USD 4 million (USD 18.6 million). The reduction is mainly related to favourable revaluation of forward exchange contracts.
Net profit amounted to USD 18.3 million (net loss of USD 0.7 million), and earnings per share were USD 0.08 (USD 0.00).
Total assets at 31 March amounted to USD 1 597.5 million (USD 1 459.2 million), while the book equity ratio rose to 43.9 per cent (42 per cent). Net interest-bearing debt stood at USD 728.9 million (USD 608.1 million).
