Floatel International: 1Q Net Income Drops (Sweden)

Floatel International Ltd (“Floatel”) presents its consolidated financial statements for the first quarter of the financial year 2013.

Period highlights:

· In January Statoil exercised a five months charter extension under the present contract for Floatel Superior. This charter extension will commence first quarter 2015. Statoil have further options to extend this contract.

· In March 2013, Floatel International was awarded a contract by Total E&P Norge AS provision of an accommodation and construction support vessel for the Martin Linge Field Development project. Martin Linge field is located on the Norwegian Continental Shelf, approximately 180 kilometres west of Bergen, Norway, in a water depth of 115 meters. The charter period will commence mid 2016 with a firm hire period of eight months. Total has options to extend the contract.

· Floatel Superior and Floatel Reliance operated during the quarter with a commercial uptime of 100% and 92.5% respectively.

· Total firm contract backlog for the company as of 31 March 2013 is approximately USD 683 million (excluding options). The backlog as of 31 March 2012 was USD 507 million.

· Revenues for the first quarter were USD 38.6 million (41.9 for comparable period in 2012).

· EBITDA amounted to USD 20.5 million (22.9).

· The net income for the reporting period was USD 8.8 million (11.8).

· Total assets by 31 March amounted to USD 820.7 million (718.3).

· Cash and cash equivalents by 31 March was USD 72.8 million (41.7).

· The total book equity by 31 March amounted to USD 324.8 million (254.4).

Floatel International Ltd was established in 2006 to satisfy a market demand for a new generation of offshore floatels. The vision of the Company is to own and operate the most modern, safe and reliable floatel fleet in the world to meet the increased market demand.

The first vessel, Floatel Superior, was delivered in March 2010 and is specifically designed for hostile environment meeting the latest North Sea regulations for year around operations. Floatel Superior is currently operating for Statoil in the North Sea. The Company’s second vessel, Floatel Reliance, is designed for medium environment. The vessel was delivered October 2010 and commenced a 5 year charter for Petrobras January 2011. The third vessel, Floatel Victory, is currently under construction and will be delivered in November this year and start its maiden charter in February 2015 for Chevron North America.

In August 2012 Floatel International placed an order with Keppel FELS for construction of a fourth semi submersible accommodation vessel, Floatel Endurance, due for delivery early 2015. The vessel will commence its first charter in Australia immediately after the delivery.

Floatel International AB is a management company responsible for operational management and construction supervision for and on behalf of the Owner, Floatel International Ltd.

Press Release, May 10, 2013

 

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