Songa Offshore SE : Songa Offshore SE : Report for the fourth quarter 2012
Songa Offshore SE ("Songa" or the "company") reports operating revenue for the
fourth quarter 2012 of USD 134.6 million and an EBITDA of USD 41.8
million.Net loss for the quarter is USD 218.9 million, including the
recognition of an impairment loss of USD 213.3 million.
"We have put a couple of very challenging months behind us, with major delays
and cost overruns on Songa Delta and Songa Trym, changes in top management,
and the sale of Songa Eclipse. On the positive side, we now have all five rigs
on cash generating contracts, we have restored liquidity, and we have
strengthened both the board and the management team. Songa will now focus on
then financing of the CAT-D project, which are the most important task ahead.
With three rigs in operation for Statoil, we will also ensure that we use the
opportunity to obtain operational benefits of scale," says interim CEO and
Chairman of the Board, Jens A Wilhelmsen.
In addition to continuous operational improvements, the focus for Songa going
forward will be to ensure that the company can take possession of the four new
CAT D rigs on time and budget. Songa has strengthened the operational
management team through the recruitment of Bjørnar Iversen as new president of
Songa Rig AS, who will take responsibility for bringing the Cat D rigs in
operation under the contracts with Statoil.
"The top management of Songa has recently been to Korea to assess the new
build project first hand, and to discuss all aspects of the delivery with the
DSME management. We are confident that the project is on track, with regard to
both delivery and costs. With a contract back log of USD 6.6 billion, we are
also confident that we will secure necessary financing of the new rigs," says
Jens A Wilhelmsen.
Please see attached the Q4 2012 Report.
Limassol, 25 February 2013
Board of Directors
Songa Offshore SE
Questions should be directed to:
Jens A Wilhelmsen, CEO and Chairman +357 976 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 Q4 2012 Report
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information contained therein.
Source: Songa Offshore SE via Thomson Reuters ONE
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