Eidesvik Cites Turnover, Operating Result Increase for Q2

Eidesvik Offshore reported that both its Turnover and Operating Result increased considerably in Q2 and for the first half year altogether compared to the same period in 2007(excluded gain on sale of vessels).

Operating result before depreciation (EBITDA) for Q2 was MNOK 101,0 compared to MNOK 61,3 for the same
period last year. This was mainly caused by the newbuildings commencing operations.Operating income was MNOK 226,3 compared to MNOK 167,0 for the same period last year.

Operating result before depreciation (EBITDA) for the first half year is MNOK 190,8 compared to MNOK 159,1 for the same period last year. The freight earnings in the first half year is MNOK 436,7, representing an increase of MNOK 101,6 compared to same period last year.

"The growth in Turnover and in Operating Result before depreciation was expected and shows that our commitment to renewal of the fleet gives the Company's result a positive effect," said CEO Jan Fredrik Meling.

 "When we sold 3 older vessels at the turn of the year 06/07 and rebuilt one vessel, we had a temporary reduction of the fleet and expected a decline in 2007. We have in the period from July 7th to February 8th launched 3 new buildings and one rebuilt vessel and this gives us this positive effect on the operating income."

Profit before tax for 2Q was MNOK 42,0 compared to MNOK 59,0 for the same period last year. For the first half year profit before tax is MNOK 89,0 compared to MNOK 98,0 (adjusted for gain on sale of vessels in 07). The decrease in both 2Q and the first half year is related to higher interest expenses on mortgage debt and lower currency gains.
 

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