Smedvig Reports First Quarter Results

Smedvig reported consolidated operating profit of NOK 161 million for the first quarter as compared to NOK 226 million in the previous quarter. The decrease is primarily attributable to lower utilization of the mobile units. Net financial expenses for the first quarter was NOK 9 million as compared to NOK 68 million in the previous quarter. Net income for the first quarter was NOK 129 million as compared to NOK 144 million in the previous quarter. Earnings per share were NOK 1.57 for the first quarter. Cash flow for the quarter amounted to NOK 225 million. Cash flow per share after minority interests was NOK 2.73.

Operating profit from the Mobile Units Division amounted to NOK 23 million as compared to NOK 111 million in the previous quarter. The weak result reflects lower average dayrates and reduced utilization for the mobile units, including the halt in operations for West Navion, which resumed full operations in March 2002. The overall utilization rate for the mobile unit fleet in the first quarter was 72 percent as compared to 80 percent in the previous quarter. Operating profit from the Tender Rig Division amounted to NOK 124 million as compared to NOK 106 million in the previous quarter. The result was the best ever achieved by this division. The operations of the tender units proceeded very well, and the utilization was 100 percent, up from 96 percent in the previous quarter.

Operating profit from the Platform Drilling Division amounted to NOK 16 million as compared to NOK 14 million in the previous quarter. The increase was mainly attributable to improved margins. The operations in the platform drilling division proceeded satisfactorily during the quarter.

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