Songa Offshore Reports Fourth Quarter Revenue of $136MM

Songa Offshore's consolidated profit after tax for the fourth quarter 2008 was US $19.4 million. Accumulated for the year 2008 the after tax profit was US $17.5 million.

Revenue for the fourth quarter was US $136.0 million. This includes mobilization fee of US $5.6 million. The accumulated revenue was US  $386.6 million.

Total expenses for the fourth quarter were US $88.0 million, the high figure is due to a non operational loss of US $30.4 million posted under "other gain and loss." The loss is split between loss on TRS agreements with US $30.1 million, loss on flippable swap with US $8.0 million, US $0.9 million in allowance for doubtful debt, US $8.5 million in currency gain and US $0.1 in gain on buy back of bonds.

Accumulated the total expenses were US $243.2 million of which US $60.0 million was posted under "other gain and loss" as a loss.

EBITDA for the fourth quarter was US $48.0 million. This figure is after taking into effect "other gain and loss" and deferred mobilization fee mentioned above. Accumulated EBITDA was US $144.1 million.

Net financial expenses for the fourth quarter were US $16.9 million. Accumulated net financial expenses were US $60.3 million.

Earnings per share (EPS) for the fourth quarter were US $0.19. Accumulated earnings per share (EPS) were US $0.22. Diluted earnings per share (DEPS) for the fourth quarter were US $0.18. Accumulated diluted earnings per share (DEPS) were US $0.20.
 

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