Cyprus: Songa Offshore 4Q 2010 Results

 

Songa Offshore SE (“Songa” or “the Company”) reports total comprehensive income for the fourth quarter of 2010 of USD 110.1 million.

Operating revenue for the fourth quarter was USD 159.1 million. This includes mobilization and demobilization revenue of USD 8.6 million.

Total expenses for the fourth quarter were USD 22.1 million. The figure includes a non operational gain of USD 71.0 million posted under “other gain and loss”. The majority of the “other gain and loss” consists of a gain of USD 66.3 million from the sale of Songa Saturn, USD 8.9 million in currency gain and a loss of USD 2 million from the buy-back of Bonds.

EBITDA for the fourth quarter was USD 146.9 million. This figure is after taking into effect “other gain and loss”.

Net financial expenses for the fourth quarter were USD 11.6 million.

Earnings per share (EPS) and diluted earnings per share (DEPS) for the fourth quarter were USD 0.66. The Company reports comprehensive income of USD 110.1 million for the interim twelve months, and earnings per share of USD 1.18 and diluted earnings per share of USD 1.18.

Average number of shares for the quarter was 167,712,544, and as per end of the period the outstanding number of shares was 167,712,544.

Songa Offshore is an offshore drilling company operating 6 semi-submersible rigs.

With a highly experienced management team, Songa Offshore’s vision is to provide efficient, safe and reliable drilling services.

The company is headquartered in Limassol (Cyprus), and currently has operating offices in Oslo, Stavanger, Houston, Singapore, and Perth.

Source:Songa Offshore, February  14, 2011;

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