The net result for the 4th Quarter amounted to $ 56.3 million ($ -24.8 million), corresponding to earnings per share of $ 0.63 ($ -0.33), and diluted earnings per share of $ 0.60 ($ -0.33). The operating result for the 4th Quarter amounted to $ 71.9 million ($ -0.5 million) and EBITDA was $ 23.2 million ($ 10.9 million). Adjusted for $ 0.7 million of expenses related to employee and Board member options, EBITDA was $ 23.9 million.
The operating result was affected by $ 60.4 million increase in the book value of the drilling rig Eirik Raude according to the IFRS accounting standard.
The Executive Chairman, Geir Aune said: "We now see increasing confidence within the oil service industry, in the long term strength of the market. This will result in continuing high day rate levels and increased merger and acquisition activity."
The Board also announces that Christian Mowinckel will resign as Interim Managing Director and SVP Finance with effect from 28th February 2006. He resigns for personal reasons and the Board would like to thank him for his contribution to the Company. The company has started a process to appoint a new CEO.
Ocean Rig owns and operates two of the world's largest and most modern drilling rigs, built for ultra deep waters and extreme weather conditions. The units are currently operating offshore Congo and Norway.
Most Popular Articles
From the Career Center
Jobs that may interest you