Cyprus: Songa Offshore Announces 3Q Income of $37 million


Songa Offshore SE (“Songa”) reports total comprehensive income for the third quarter of 2010 of USD 37.0 million.

Operating revenue for the third quarter was USD 174.1 million. This includes mobilization and demobilization revenue of USD 16.2 million.

Total expenses for the third quarter were USD 102.1 million. The figure includes a non operational gain of USD 4.3 million posted under “other gain and loss”. The “other gain and loss” is split between a loss on flippable swap of USD 1.4 million, USD 2.2 million in currency gain and USD 3.5 million in gain on disposal of assets.

EBITDA for the third quarter was USD 75.7 million. This figure is after taking into effect “other gain and loss”.

Net financial expenses for the third quarter were USD 6.8 million.

Earnings per share (EPS) and diluted earnings per share (DEPS) for the third quarter were USD 0.22. The Company reports comprehensive income of USD 82.1 million for the interim nine months, and earnings per share of USD 0.51 and diluted earnings per share of USD 0.51.

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.

Source: Songa Offshore, November 8, 2010;

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