Earnings Release • May 11, 2010
Earnings Release
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Operating result before depreciation of USD 56.9 million
All units in operation - FPSO Ningaloo Vision on dayrate from beginning of
January
Letter of Intent to sell turret and swivel business
Main figures
(Figures in brackets refer to the corresponding period of 2009)
Operating revenues for the first quarter of 2010 amounted to USD 105.3 million
(USD 60.6 million).
Operating profit before depreciation was USD 56.9 million (USD 37.1 million) for
the quarter. The main reasons for the increase are FPSO Cidade de São Mateus
which started contributing from second quarter 2009 and FPSO Ningaloo Vision,
which has been on dayrate since the beginning of January 2010. This has been
partly offset by the scheduled decline in the dayrate for FPSO Umuroa.
Operating result for the quarter came in at USD 24.3 million (USD 23.4 million).
Interest expenses amounted to USD 11.2 million (USD 11.4 million) for the
quarter. Other financial items amounted to USD -0.8 million (USD -2.5 million).
The difference compared to the same period last year is mainly an effect of
changes in foreign exchange rates.
The tax cost equalled USD 3.0 million (USD 4.3 million). The reduction is mainly
a result of lower taxable income for FPSO Umuroa in New Zealand.
The net result from continued business for the quarter was USD 9.3 million (USD
5.5 million).
Management will hold a teleconference/webcast today at CET 1400 hours. To listen
to the presentation there are two options available:
1. Webcast
Please refer to link on www.prosafeproduction.com to follow the webcast.
2. Teleconference
Please call in at one of the following numbers:
Norway Toll Free 800 19641
International call +44 (0)20 7138 0843
UK Toll Free 0800 032 3808
USA Toll Free 866 602 0258
The participants will be asked for their name, company and conference ID code.
The Prosafe Production conference ID code is: 8143277.
There will be a Q&A session after the presentation.
In order to view the presentation held while listening to the conference, please
download the presentation material from www.prosafeproduction.com.
The conference will be available for replay at www.prosafeproduction.com.
About Prosafe Production
Prosafe Production is a leading owner and operator of Floating Production,
Storage and Offloading vessels (FPSOs). Prosafe Production has 25 years of
operational experience from several of the world's largest oil and gas
provinces. Prosafe Production operates globally and employs approximately 1,000
employees from more than 40 countries. Headquartered in Limassol, Cyprus,
Prosafe Production is listed on the Oslo Stock Exchange with ticker code PROD.
Please refer to www.prosafeproduction.com for more details.
For further information please contact:
Bjørn Henriksen, President and CEO
Phone: +31 6105 32543
E-mail: [email protected]
Sven Børre Larsen, Executive VP and CFO
Phone: +65 9657 2590
E-mail: [email protected]
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1414628]
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