Net loss for the year totaled USD 8.4 million compared to a net loss of USD 4.1 million for the same period in 2006. For the year, interest income of USD 4.4 million offset operating expenses of USD 1.4 million, stock-based compensation of USD 2.8 million, debt commitment fees of USD 2.9 million and general and administrative expenses of USD 5.3 million. This compares to interest income of USD 5.9 million offsetting debt commitment fees of USD 1.4 million and general and administrative expenses of USD 2.3 million for the year ended 30 June 2006. All interest costs for the year ended 30 June 2007 were capitalized.
For the period from 15 April 2005 (date of inception) to 30 June 2007, the Company’s net loss was USD 13.3 million. The net loss was primarily comprised of equity private placement fees of USD 8.7 million, debt commitment fees of USD 4.3 million and general and administrative expenses of USD 7.7 million which were offset by interest income totaling USD 10.2 million.
Total assets as of 30 June 2007 were USD 585 million. This consists primarily of USD 29.3 million in cash and cash equivalents, USD 15.9 million of which is restricted, fixed assets of USD 142.0 and USD 398.4 million in construction in progress. Long term debt totaled USD 291.0 million and shareholder’s equity USD 251.8 million.
As of 30 June 2006 total assets were USD 458.2 million. This consisted of USD 153.6 million in cash and cash equivalents, $84.8 of which is restricted and USD 294.5 in construction in progress. Long term debt totaled USD 225.0 million and shareholder’s equity of USD 217.9 million.
The Offshore Courageous was delivered on schedule at the end of May 2007. The Offshore Defender, Offshore Resolute, Offshore Vigilant and Offshore Intrepid are all currently under construction at the Keppel AmFELS shipyard in Brownsville , Texas . The Offshore Defender is expected to be delivered on schedule on 31 October 2007. In July, the Company acquired the construction contact of a LeTourneau Super 116E currently being constructed at Lamprell in Dubai .
As evidenced by the Offshore Courageous’ contract with Cairn and the commitments on the Offshore Defender and Offshore Resolute, the international jack-up market remains strong. In particular, the Arabian Gulf, Mexico, the Mediterranean and SE Asia remain tight with effectively 100% utilization in these markets. As evidenced by tenders currently being evaluated by the Company, we expect these markets and others to absorb the additional jackup rigs currently under construction.
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