Songa Offshore Reports $82.7MM Revenue for Second Quarter

Songa Offshore ASA's consolidated profit after tax for the second quarter 2008 was USD$25.5 million. Accumulated for the first six months of 2008 the after tax profit was USD$35.7 million.

Revenue for the second quarter was USD$82.7 million. Accumulated the revenue was USD$170.7 million.

Total expenses for the second quarter were USD$25.4 million, the low figure is due to a USD$16.2 million gain posted under "other gain and loss" in second quarter. The latter figure is split between gain on financial instruments (USD$16.8 million) and USD$0.6 million of allowance for doubtful debt. Accumulated the total expenses was USD$73.7 million of which USD$4.2 million was posted under "other gain and loss" as a gain.

EBITDA for the second quarter was USD$57.2 million. Accumulated EBITDA was USD$97.0 million.

Net financial expenses for the second quarter were USD$10.4 million. Accumulated net financial expenses were USD$21.9 million.

Earnings per share (EPS) for the second quarter were USD$0.29. Accumulated earnings per share (EPS) were USD$0.41. Diluted earnings per share (DEPS) for the second quarter were USD$0.26. Accumulated diluted earnings per share (DEPS) were USD$0.37.


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