AGR Reports Growth for 2006, Expects Promising 2007
Petroleum Services operation is currently working with a prospect list of 240 wells, 50 percent of which relate to 2007. The challenge has been rig availability. However, in a competitive market, AGR has repeatedly shown its ability to acquire rig time for its clients. Drilling Services, with its Riserless Mud Recovery (RMR) technology, is also enjoying increasing demand for its services. For Project Services, personnel and equipment has been fully utilized during most of 2006 while the prospect list for Integrity Services is positive. In summary, the outlook for 2007 is good.
--Pro forma operating income for 2006 amounted to NOK 632.8 million compared with NOK 448.7 million for the same period last year --Pro forma earnings before interest, taxes, depreciation and amortization (EBITDA) in the fourth quarter 2006 amounted to NOK 68.4 million as against NOK 65.0 million in the same period in 2005. These pro forma figures correspond to EBITDA margins of 10.8 per cent and 14.5 per cent respectively. --EBITDA includes integration costs for fourth quarter 2006 of NOK 10 million. These costs reflect steps taken to integrate into the business newly acquired companies, primarily Reservoir Evaluation Services (RES), The PEAK Group and Seavation. --Pro forma financial expenses for the fourth quarter of 2006 were NOK 8.4 million versus NOK 17.2 million for the same period last year. The NOK 8.4 million includes an unrealized loss on a financial investment in Sonoran Energy Inc. of NOK 2.5 million and a gain of NOK 7 million on interest rate swaps (fixed rate) and generally lower interest rates as a result of the refinancing completed prior to the Initial Public Offering in July 2006. --Investments for the full year of 2006 totalled NOK 849.2 million, of which NOK 628.9 million related to acquisitions completed during the period. NOK 110.7 million was invested in RMR equipment. By the end of 2007, AGR anticipate having 20 RMR systems available for operations. --During 2006, AGR acquired Technology Design Ltd, Reservoir Evaluation Services AS, Peak Group (Holdings) Ltd and Seavation Ltd. In December 2006, AGR also announced the acquisition of Upstream Petroleum Pty Ltd, which was completed in January 2007. --The Group had a total net cash-flow of NOK 79.0 million for the fourth quarter of 2006 compared with NOK –24.8 million for the same period last year. Cash-flow from operating activities in the fourth quarter amounted to NOK 19.5 million as against NOK 17.6 million in the same period 2005. The main reason for the difference between EBITDA and cash flow from operations in the fourth quarter 2006 was an increase in working capital. --Net interest-bearing debt for the group was NOK 713.4 million at the end of the 4th quarter 2006 compared with NOK 645.0 million at the end of 2005. In September, the average interest rate was 4.39 per cent. The net-interest bearing figure excludes financing of the acquisition of Upstream Petroleum of NOK 211.8 million (excluding potential future earn-out payments) which closed on 15 January 2007. Adjusted for the transaction, net debt is NOK 925.2 million. --As at 31 December 2006 the Group's equity was NOK 896.6 million compared with NOK 142.8 million at the year-end 2005. The equity-to-assets ratio was 36.9 percent.
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension