Friday, August 14, 2009
Operating revenue for the second quarter amounted to USD 50.1 million (USD 25.1 million). EBITDA was USD - 2.1 million (USD - 5.5 million), operating loss was USD 17.1 million (USD 10.5 million), and net loss was USD 37.8 million (USD 7.9 million).
Operating revenue for the quarter was USD 25.0 million higher than previous year mainly because FPSO Sevan Hummingbird commenced operations in September 2008. The reduction in revenue from the Topside and Process Technology and the Corporate segments was compensated by revenue from the Goliat Post FEED in the Floating Production segment.
Operating expense for the quarter was USD 15.6 million higher than previous year as a result of the increase in activities reflected in the revenue above as well as the preparations for the start up of Sevan Driller.
Although average effective interest rates for the Group have decreased compared to previous year, financial expense through profit and loss has increased to USD 12.3 million (USD 3.9 million), mainly as a result of interest relating to FPSO Sevan Hummingbird and FPSO Sevan Voyageur being expensed following reclassification of these units from ‘construction in progress' to ‘FPSO' subsequent to comparable period previous year.
As of June 30, 2009, total assets amounted to USD 2,081.8 million (USD 1,901.0 million), of which USD 1,728.8 million (USD 1,358.4 million) was capitalized as Sevan capital assets. Cash and cash equivalents amounted to USD 147.4 million (USD 268.1 million).
Jan Erik Tveteraas, CEO, Birte Norheim, Vice President Finance and Oskar Mykland will at 2:00 p.m. give a presentation of the results at Shippingklubben, Haakon VII`s gate 1, Oslo. The presentation will be in English.
Sound and picture from the presentation will also be broadcasted LIVE at
http://www.sevanmarine.com. Please log onto the webcast 5 minutes in advance. If you wish to dial-in to the presentation, please find details attached.
http://www.sevanmarine.com/index.php?option=com_content&task=view&id=580&Itemid=293
14/8 2009 10:20 fcras 0
16779 Friday, August 14, 2009
Please find attached the presentation materials for the presentation of the second quarterly results that will be given today, August 2009.
Jan Erik Tveteraas, CEO, Birte Norheim, Vice President Finance and Oskar Mykland, CFO will at 2:00 p.m. give a presentation of the results at Shippingklubben, Haakon VII`s gate 1, Oslo. The presentation will be in English.
Sound and picture from the presentation will also be broadcasted LIVE at http://www.sevanmarine.com. Please log onto the webcast 5 minutes in advance. If you wish to dial- in to the presentation, please find details attached.
http://www.sevanmarine.com/images/stories/Presentations/09_Q2/090814_first%20half%20of%202009_presentation_sevan%20marine.pdf
Dial in details:
http://www.sevanmarine.com/images/stories/Presentations/09_Q2/sevan_marine_conference_call_confirmation_q2.pdf
