Sevan Sails Out of Second Quarter with Operating Revenues of $23.4MM

Sevan Hummingbird
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Sevan Marine reported that its operating revenues for the second quarter amounted to US $23.4 million (US $16.3 million). Operating profit was US $10.5 million (US $29.5 million), and net profit was US $7.9 million (US $37.9 million).

Operating revenues for the quarter were higher than previous year mostly due to income from the Goliat FEED being booked in the second quarter current year as well as FPSO Sevan Piranema being on full day rate compared to standby rate in the equivalent quarter previous year.

The reduction in operating cost compared to previous year was mostly due to lower expensed pre-operational cost for FPSO Sevan Hummingbird compared to the corresponding cost incurred previous year on the Company's first unit, FPSO Sevan Piranema.

The improvement in financial items compared to previous year was mostly due to unrealized currency gains related to NOK-nominated bonds in the second quarter current year compared to currency losses in the equivalent period previous year. Additionally, in second quarter previous year the call premium and unamortized establishment fee in relation to the refinancing of the NOK 670 million bond was expensed.

As of June 30, 2008, total assets amounted to US $1,901.0 million (US $1,097.4 million), of which US $1,358.4 million (US $756.0 million) was capitalized as Sevan capital assets. Cash and cash equivalents amounted
to US $268.1 million (US $215.9 million).


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