Smedvig Reports Stable Operating Profit for 3Q04

Smedvig reported consolidated operating profit for the third quarter of NOK 133 million, as compared to NOK 129 million in the previous quarter. The improvement reflects increased contribution from the tender rigs and well services operations.

Net income for the third quarter was NOK 300 million, as compared to a net income of NOK 112 million in the second quarter. Net income for the third quarter was impacted by a reversal of NOK 209 million of the previous write-down of the book value for the drillship West Navigator. The reversal was required by Norwegian accounting standards due to the fact that the market value for the drillship has increased significantly.

Operating profit from the Mobile Units amounted to NOK 48 million, as compared to NOK 49 million in the previous quarter. The marginal decrease is due to lower contribution for West Venture in the third quarter as compared to the second quarter. The utilization rate for the mobile units during the quarter averaged 97 percent as compared to 93 percent in the preceding quarter.

Operating profit from the Tender Rigs amounted to NOK 68 million, as compared to NOK 65 million in the previous quarter. The increase reflects improved average dayrates for the tender rigs. The utilization rate averaged 92 percent, as compared to 93 percent in the previous quarter.

Operating profit from Well Services amounted to NOK 17 million, as compared to NOK 15 million in the second quarter.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Load Planner/ Dispatcher Frac Sand
Expertise: Dispatcher|Project Management
Location: Mansfield, TX
 
United States Houston: Marketing Specialist
Expertise: Business Development|Marketing|Sales
Location: Houston, TX
 
United States Duncan: Associate Billing Specialist
Expertise: Accounting
Location: Duncan, OK
 
search for more jobs

Brent Crude Oil : $48.06/BBL 2.51%
Light Crude Oil : $45.77/BBL 2.17%
Natural Gas : $2.97/MMBtu 2.30%
Updated in last 24 hours