Songa Offshore SE : Report for the third quarter 2012
Songa Offshore SE ("Songa" or the "Company") reports operating revenue for the
third quarter 2012 of USD 145.4 million with a total loss of USD 108.4 million,
following an impairment loss of USD 116.8 million due to the sale of the ultra
deep water rig Songa Eclipse. EBITDA for the quarter was USD 56.8 million.
"Our ambition is to become a leading mid-water rig operator on the Norwegian
continental shelf. The sale of Songa Eclipse represents a first step in
streamlining the company and is an important step in this direction. It also
contributes to strengthening our cash reserves with USD 280 million after
repayment of a debt of USD 310 million", says interim CEO and Chairman of the
Board, Jens A Wilhelmsen.
In connection with the third quarter results presentation, Songa also specifies
the cost overruns in connection with the upgrading and maintenance of Songa
Delta and Songa Trym. While Songa's net share of the costs for the upgrading of
Songa Delta is estimated to USD 135 million, the estimated net cost for
Songa Trym is 165 million.
"We have put a couple of very challenging months behind us, with cost overruns
on Songa Delta and Songa Trym, a change in the top management and the sale of
Songa Eclipse. Now that Songa Delta and Songa Trym again become operational, we
will enter into a situation where we can focus more of our energy on optimizing
our operations. We are going from one to three rigs in operation on the
Norwegian continental shelf, and we must now ensure that we obtain the benefits
of scale that the increase in activity will offer", says Jens A Wilhelmsen.
Please see attached the Q3 2012 Report.
Limassol, 26 November 2012
Board of Directors
Songa Offshore SE
Questions should be directed to:
Jens A Wilhelmsen, CEO and Chairman +357Â 976 49126
Geir Karlsen, CFO +47 23 01 14 24 / +47 91 60 83 32
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Songa Offshore Q3 2012 Report:
http://hugin.info/136777/R/1660468/537723.pdf
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Source: Songa Offshore SE via Thomson Reuters ONE
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