Prosafe Posts Best Quarterly Results Ever

Operating profit for the third quarter came to USD 70.3 million (USD 50.7 million in Q3 2006), which is the highest quarterly operating profit ever for Prosafe. Operating profit in Offshore Support Services increased by USD 14.5 million to USD 57.3 million, and in Floating Production by USD 6.6 million to USD 16.2 million. Both business units have thus posted record profits this quarter.

Corporate costs increased by USD 1.5 million due to costs relating to the company’s share option plan and the set-up of the office in Cyprus.

Net profit for the third quarter amounted to USD 46.0 million (USD 34.9 million), and diluted earnings per share equalled USD 0.20 (USD 0.16). Interest expenses have increased by USD 5.1 million, which reflects the strong growth within Floating Production. Taxes for the period increased to USD 8.0 million (USD 3.7 million), of which USD 3 million relates to a provision for deferred tax on unrealised currency gains in Norway.

Operating profit year-to-date came to USD 152.2 million (USD 105.3 million). Net profit year-to-date equalled USD 108.3 million (USD 95.7 million), and diluted earnings per share were USD 0.47 (USD 0.50).

Total assets at 30 September amounted to USD 2 492.6 million (USD 2 178.8 million), while the equity ratio declined to 46.4 per cent (54.9 per cent) due to the dividend payments made last autumn and in May this year.