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Q1 Results 2009
Operating revenues for the first quarter amounted to USD 45.7 million (USD 24.3 million). Operating loss was USD 15.4 million (USD 25.6 million), and net loss was USD 36.9 million (USD 33.6 million).
Operating revenues for the quarter were USD 21.4 million higher than previous year mainly because FPSO Sevan Hummingbird commenced operations in September 2008. A reduction in revenue from the Topside and Process Technology segment of USD 4.3 million was compensated by revenue from the Goliat Post FEED in the Floating Production segment.
Operating expenses for the quarter were USD 7.2 million higher than previous year as a result of the increase in activities reflected in the revenues above. EBITA for the first quarter was USD -1.4 million (USD - 20.8 million), reflecting an improvement of USD 19.4 million compared to previous year.
Net foreign exchange losses relating to financing of USD 11.4 million (USD 19.7 million) were a result of unrealized foreign exchange losses relating to the NOK-nominated bonds following a weakening of the USD relative to NOK during the quarter.
Although average effective interest rates for the Group have decreased compared to previous year, interest expense through profit and loss has increased to USD 16.9 million (USD 6.1 million) as interest relating to FPSO Sevan Hummingbird and FPSO Sevan Voyageur are expensed following reclassification of these units from ‘construction in progress’ to ‘FPSO’.
As of March 31, 2009, total assets amounted to USD 1,963.8 million (USD 1,565.6 million), of which USD 1,713.8 million (USD 1,221.1 million) was capitalized as Sevan capital assets. Cash and cash equivalents amounted to USD 51.9 million (USD 87.2 million).
Jan Erik Tveteraas, CEO and Birte Norheim, Vice President Finance 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.
Q1 Report Sevan Marine 208.71 Kb
http://www.sevanmarine.com/images/stories/Presentations/09_Q1/090506_q1_report_sevan%20marine_final.pdf
Dial in information 143.31 Kb
http://www.sevanmarine.com/images/stories/Presentations/09_Q1/090506_dial%20in%20information_q1_sevan%20marine.pdf
Sevan Marine ASA is listed on Oslo Børs (ticker SEVAN) and is specializing in building, owning and operating floating units for offshore applications. The Company has developed a cylinder shaped floater, suitable in all offshore environments. Presently, Sevan Marine has four FPSO contracts, including the Goliat Sevan 1000 FPSO, and three drilling contracts with clients. The Company is also developing other application types for its cylindrical Sevan hull, including floating LNG production and power plants with CO2 capture. For more information, please refer to http://www.sevanmarine.com/.
For information, please contact:
Jan Erik Tveteraas, CEO, Sevan Marine ASA (Media)
+47 37404000 office
+47 95214925 mobile
Birte Norheim, VP Finance, Sevan Marine ASA (Analysts)
+47 37404201 office
+47 95293321 mobile
Q1 Results 2009
Operating revenues for the first quarter amounted to USD 45.7 million (USD 24.3 million). Operating loss was USD 15.4 million (USD 25.6 million), and net loss was USD 36.9 million (USD 33.6 million).
Operating revenues for the quarter were USD 21.4 million higher than previous year mainly because FPSO Sevan Hummingbird commenced operations in September 2008. A reduction in revenue from the Topside and Process Technology segment of USD 4.3 million was compensated by revenue from the Goliat Post FEED in the Floating Production segment.
Operating expenses for the quarter were USD 7.2 million higher than previous year as a result of the increase in activities reflected in the revenues above. EBITA for the first quarter was USD -1.4 million (USD - 20.8 million), reflecting an improvement of USD 19.4 million compared to previous year.
Net foreign exchange losses relating to financing of USD 11.4 million (USD 19.7 million) were a result of unrealized foreign exchange losses relating to the NOK-nominated bonds following a weakening of the USD relative to NOK during the quarter.
Although average effective interest rates for the Group have decreased compared to previous year, interest expense through profit and loss has increased to USD 16.9 million (USD 6.1 million) as interest relating to FPSO Sevan Hummingbird and FPSO Sevan Voyageur are expensed following reclassification of these units from ‘construction in progress’ to ‘FPSO’.
As of March 31, 2009, total assets amounted to USD 1,963.8 million (USD 1,565.6 million), of which USD 1,713.8 million (USD 1,221.1 million) was capitalized as Sevan capital assets. Cash and cash equivalents amounted to USD 51.9 million (USD 87.2 million).
Jan Erik Tveteraas, CEO and Birte Norheim, Vice President Finance 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.
Q1 Report Sevan Marine 208.71 Kb
http://www.sevanmarine.com/images/stories/Presentations/09_Q1/090506_q1_report_sevan%20marine_final.pdf
Dial in information 143.31 Kb
http://www.sevanmarine.com/images/stories/Presentations/09_Q1/090506_dial%20in%20information_q1_sevan%20marine.pdf
Sevan Marine ASA is listed on Oslo Børs (ticker SEVAN) and is specializing in building, owning and operating floating units for offshore applications. The Company has developed a cylinder shaped floater, suitable in all offshore environments. Presently, Sevan Marine has four FPSO contracts, including the Goliat Sevan 1000 FPSO, and three drilling contracts with clients. The Company is also developing other application types for its cylindrical Sevan hull, including floating LNG production and power plants with CO2 capture. For more information, please refer to http://www.sevanmarine.com/.
For information, please contact:
Jan Erik Tveteraas, CEO, Sevan Marine ASA (Media)
+47 37404000 office
+47 95214925 mobile
Birte Norheim, VP Finance, Sevan Marine ASA (Analysts)
+47 37404201 office
+47 95293321 mobile
11/6 2009 17:43 fcras 0
13396 In reference to the announcement made on July 28, 2008, the revised charter contract for Sevan Driller has been approved by the Boards of Directors of Petrobras and Sevan. The revised contract entails a reassignment of the contract from Petrobras Americas Inc. to Petrobras S.A. for operations offshore Brazil instead of US Gulf of Mexico as initially agreed.
Following the relocation and certain changes to the specifications for the unit, contract terms have been adjusted accordingly. The preliminary drilling schedule forecasts exploratory wells to be drilled in the Santos basin pre-salt cluster at an initial water depth of 2,400 m and agreed delivery at location in Brazil for Q4 2009. The contract term of 6 years remains. Contract value is estimated at USD 1,006 million including a bonus arrangement and mobilization fee.
The Sevan Driller is currently in the final stages of construction at the Cosco Shipyard in China. In April, the unit was relocated to the Qidong site of the Cosco Shipyard where the erection of the derrick was completed and the commissioning activities are ongoing.
The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs - Continuing Obligations.
Sevan Marine ASA is listed on Oslo Børs (ticker SEVAN) and is specializing in building, owning and operating floating units for offshore applications. The Company has developed a cylinder shaped floater, suitable in all offshore environments. Presently, Sevan Marine has four FPSO contracts, including the Goliat Sevan 1000 FPSO, and three drilling contracts with clients. The Company is also developing other application types for its cylindrical Sevan hull, including floating LNG production and power plants with CO2 capture. For more information, please refer to http://www.sevanmarine.com//.
For information, please contact:
Jan Erik Tveteraas, CEO, Sevan Marine ASA (Media)
+47 37404000 office
+47 95214925 mobile
Birte Norheim, VP Finance, Sevan Marine ASA (Analysts)
+47 37404201 office
+47 95293321 mobil
http://www.sevanmarine.com/index.php?option=com_content&task=view&id=547&Itemid=293
