2007 Operating Profit of $31.9 Million for Sevan Marine

Operating revenues for the fourth quarter amounted to USD 31.6 million (USD 0.5 million). Operating profit was USD - 31.9 million (USD - 17.6 million), and net profit was USD - 18.1 million (USD - 12.9 million).

Operating revenues were higher than previous year as FPSO Sevan Piranema started generating revenues in March 2007 and the activities of Kanfa AS towards external clients were higher than equivalent quarter last year. The increase in operating cost compared to previous year was partly a consequence of the increased activities of Kanfa AS and partly due to pre-operational and operational cost for FPSO Sevan Piranema and a general increase in activity in the Group.

The reduction in financing cost compared to previous year was related to a reallocation of cost from previous quarters to construction in progress in line with IAS23.

As of December 31, 2007, total assets amounted to USD 1,514.1 million (USD 862.2 million), of which USD 1,079.2 million (USD 472.9 million) was capitalized as Sevan capital assets. Cash and cash equivalents amounted to USD 222.8 million (USD 309.2 million).

The current order backlog for the Group was USD 2.3 billion and USD 3.6 billion including options.


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