Fred. Olsen Production Expects Increasing FPSO Demand

Fred. Olsen Production reported its operating revenues in Q3 2013 were USD 29.4 million (USD 28.4 million in Q3 2012) with an EBITDA of USD 12.3 million (USD 14.5 million).

After depreciation of USD 7.2 million (USD 7.1 million) the operating profit (EBIT) was USD 5.1 million (loss USD 7.4 million).

The net financial expenses were USD 0.4 million (USD 1.5 million). The profit before tax was USD 4.7 million (loss USD 5.9 million). The profit after tax was USD 2.8 million (loss USD 3.7 million).

Operations

During the quarter, FOP operated all four units on contracts – with 100% commercial uptime achieved. The FPSO Knock Adoon operated on contract for Addax Petroleum on the Antan field, offshore Nigeria.

FPSO Knock Allan operated on contract for Canadian Natural Resources (CNR) on the Olowi field offshore Gabon.

FPSO Petróleo Nautipa (indirectly owned 50% by Fred. Olsen Production ASA) operated on a contract for Vaalco at the Etame license offshore Gabon.

The management service contract on the MOPU Marc Lorenceau for Addax Petroleum continued for the whole quarter.

Outlook

In its quarterly presentation the company said FPSO market fundamentals remained positive, with increasing demand expected as a result of high energy demand, stable oil prices and a more consolidated FPSO supply side.

The activities of Fred. Olsen Production ASA and its subsidiaries (the Group) consist of the operation and ownership of a fleet of three Floating Production, Storage and Offloading (FPSO) units, one production jack-up (MOPU) and one Aframax tanker.

October 23, 2013

 

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