The 2nd Quarter 2005 consolidated accounts have been prepared in accordance with the International Financial Reporting Standards (IFRS).
The net result for the 2nd Quarter amounted to $ -25.3 million ($ -46.8 million), corresponding to earnings per share of $ -0.29 ($ -0.72), and diluted earnings per share of $ -0.29 ($ -0.72). The operating result for the 2nd Quarter amounted to $ 3.2 million ($ -32.3 million) and EBITDA was $ 17.0 million ($ 1.4 million). Adjusted for $ 6.6 million non cash expenses related to employee share options, EBITDA was $23.5 million. The net result was also effected by $ 11.1 million of costs associated with the prepayment of refinanced debt (prepayment fee and unamortized non-cash debt issuance cost of $ 4.6 million and $ 6.5 million respectively).
The Executive Chairman, Geir Aune said: "The completion of the refinancing of the company's debt marks a final step in the turnaround of Ocean Rig initiated two years ago. We have built a strong platform for the continuing development of the company".
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