Prosafe SE
Fourth quarter 2011
Operating profit for the fourth quarter came to USD 51.8 million and net profit
amounted to USD 36.5 million. Operating profit for the year 2011 was USD 192.3
million and net profit for 2011 equalled USD 158 million. The utilization of the
rig fleet was 80 per cent in 2011.
Financials
(Figures in brackets refer to the corresponding period of 2010)
Full year 2011
Operating profit for 2011 came to USD 192.3 million (USD 221.1 million), whereas
the utilization of the rig fleet rose to 80 per cent (75 per cent). The lower
result is mainly a reflection of lower contribution from Safe Bristolia, which
has been on a bareboat charter in the Gulf of Mexico since May 2011 and Safe
Astoria, which has been idle throughout 2011. These effects have been partly
compensated by higher contribution from Safe Caledonia, Safe Concordia and Safe
Scandinavia.
Net financial expenses for 2011 amounted to USD 35.2 million (USD 18.9 million).
The 2011 figures include a net gain of USD 10.2 million on the sale of the
shares in Floatel International and a write-off of USD 4.5 million of non-
amortised borrowing costs relating to the previous credit facility, which was
refinanced in the third quarter. The 2010 figures include a gain of USD 23.7
million on the sale of the shares in Prosafe Production Public Limited and BW
Offshore Limited.
Net profit for 2011 equalled USD 158 million (USD 198.5 million) and diluted
earnings per share were USD 0.71 (USD 0.89).
Fourth quarter 2011
Operating profit for the fourth quarter came to USD 51.8 million (USD 18.4
million). This improvement is mainly due to a rise in rig utilization to 80 per
cent (61 per cent).
Safe Caledonia, Safe Lancia, Jasminia, Safe Hibernia, Safe Britannia, Safe
Regency, Safe Bristolia have been fully utilized in the fourth quarter.
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Safe Concordia was off-hire for five days due to smaller modifications of the DP
system. Safe Scandinavia commenced operations at the Valhall field in October.
Prior to contract start, the rig had a brief yard stay to adjust the gangway
pedestal to fit with the landing height on Valhall. Together with normal
mobilization procedures, this implied that the rig was out of operation for 21
days. Regalia commenced the contract with Talisman at the Yme field in Norway on
1 November, after completing operations at the Valhall field in mid-October. In
total, Regalia was off-hire for 11 days in the fourth quarter. Safe Astoria and
Safe Esbjerg were idle in the fourth quarter.
Net financial expenses for the fourth quarter were USD 14.8 million (USD 11.8
million positive). The fourth quarter 2010 figures include a gain of USD 23.7
million as described above.