Awilco Offshore Reports 3Q05 Earnings



Revenues for the period from June to September came to MNOK102.6. Operating profit before depreciation came to MNOK 57.8 and operating profit after depreciation equaled MNOK 43.9. Net financial items came to MNOK 38.4, including the unrealized financial gain from the investment in Petrojack of approx. MNOK 48. Profit before tax amounts to MNOK 82.3, and net profit came to MNOK 72.8.

Revenues for the first nine months came to MNOK 189.0. Operating profit before depreciation was MNOK 68.6, and operating profit after depreciation equaled MNOK 28.5. Net financial items came to MNOK -3.5. Profit before tax amounts to MNOK 25.0, and net profit came to MNOK 33.0. Earnings per share was NOK 0.32 for the first nine months of 2005.

As per September 30 2005, total assets amounted to MNOK 2,269. Awilco Offshore holds a strong cash position to meet the remaining equity payments of the new building contracts. Current assets (cash and receivables) amount to MNOK 438 at the end of the period. As per September 30, Awilco Offshores investment in Petrojack was valued at MNOK 221.

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