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.
Interim financial report first half of 2009 383.21 Kb
Dial in details 34.20 Kb
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