Smedvig Reports First Quarter 2005 Results

Smedvig reported consolidated operating profit of NOK 69 million for the first quarter as compared to NOK 87 million in the previous quarter. The decrease is primarily attributable to lower utilization rate for the mobile units and reduced contribution from the platform drilling activities.

Net financial expenses for the first quarter was NOK 53 million as compared to NOK 23 million in the previous quarter. The increase was mainly caused by loss on currency forward contracts as opposed to a gain in the preceding quarter.

Net income for the first quarter was NOK 5 million as compared to NOK 143 million in the previous quarter. Earnings per share were NOK 0.06 for the first quarter.

The Mobile Units incurred an operating loss of NOK 9 million as compared to an operating profit of NOK 1 million in the previous quarter. The reduction was mainly due to lower utilization as West Venture undertook five-year mandatory classification survey during the quarter. The overall utilization rate for the mobile unit fleet was 90 percent as compared to 91 percent in the previous quarter.

Operating profit from the Tender Rigs amounted to NOK 61 million as compared to NOK 54 million in the previous quarter. The increase reflects higher utilization for the tender rig fleet, averaging 94 percent in the first quarter as compared to 85 percent in the previous quarter.

Operating profit from Well Services amounted to NOK 17 million as compared to NOK 32 million in the previous quarter. The reduction reflects lower contribution from some of the platform drilling operations due to one-off events and lower margins for engineering services.

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