Smedvig Reports Second Quarter 2003 Results

Smedvig reported consolidated operating profit for the second quarter of NOK 145 million as compared to NOK 59 million in the previous quarter. The increase primarily reflects the increased utilization of the drilling units. Operating profit for the first half year was NOK 204 million as compared to NOK 313 million for the same period in 2002.

Net financial expenses for the second quarter was NOK 4 million as compared to net financial expenses of NOK 47 million in the preceding quarter. The decrease was mainly due to gain on currency forward contracts.

The accounts include an accrual of NOK 835 million related to the outcome of the ruling of Stavanger District Court in the Balder dispute. NOK 205 million in positive income taxes are mainly due to the Balder accrual.

Net loss for the second quarter was NOK 489 million as compared to net income of NOK 2 million in the first quarter. Net loss for the first half year was NOK 487 million.

Operating profit from the Mobile Units amounted to NOK 49 million as compared to an operating loss of NOK 17 million in previous quarter. The increase was mainly attributable to higher utilization for West Navigator and West Venture. The utilization rate for the mobile units during the quarter averaged approximately 92 percent as compared to 76 percent in the preceding quarter.

Operating profit from the Tender Rigs amounted to NOK 76 million as compared to NOK 57 million in the previous quarter. The increase reflects higher utilization of the tender rig fleet, averaging 98 percent as compared to 83 percent in the previous quarter.

Operating profit from Platform Drilling amounted to NOK 24 million as compared to NOK 20 million in first quarter. The increase was mainly due to higher contribution from well services.
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