Fred. Olsen Energy ASA reported an operating profit before depreciation (EBITDA) of 209 million for the second quarter 2015 and 366 million for the first half year 2015.
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Operating revenues in the quarter were 325.9 million (283.9 million), an increase of 42 million compared with the previous quarter. The revenues for offshore drilling division were 323.6 million, compared to 279.9 million previous quarter.
The increase in revenues within the offshore drilling division is mainly due to Borgland Dolphin being at yard in first quarter while operating all of the second quarter.
In addition an insurance settlement was received for Blackford Dolphin of USD 25.9 million partly offset by Borgholm Dolphin completing its contract early June. Revenues within the engineering and fabrication division were 58.5 million (37.7 million), of which 56.2 million (33.7 million) were related to intra-group activities.
Operating costs were 117.3 million (126.6 million), a decrease of 9.3 million compared with previous quarter. Operating costs within the offshore drilling division decreased by 7.7 million. Operating costs within the engineering and fabrication division were 56.2 million (35.4 million), of which 54.7 million (32.3 million) were related to intra-group activities.
Operating profit before depreciation (EBITDA) was 208.6 million (157.3 million). EBITDA for the half year was 365.9 million (208.6 million).
Depreciation and impairment amounted to 513.1 million (91.1 million), including a noncash impairment charge of 418.9 million. For the half year, it amounted to 604.2 million (150.4 million). The impairment charge is due to a continuing weakening of the offshore drilling market and recent fixtures in second quarter, which indicate lower day-rate and utilization assumptions.
Operating profit after depreciation and impairment (EBIT) was negative 304.5 million (66.2 million). EBIT for the half year was negative 238.3 million (58.2 million). Net financial items were negative 18.2 million (8.7 million). Capitalized interest expenses related to the newbuild in the quarter amounted to 1.8 million (1.7 million). Net financial items for the half year were negative 9.5 million (17.4 million).
Profit before tax was negative 322.7 million (74.9 million). Profit before tax for the half year was negative 247.8 million (40.8 million).
Net profit, including an estimated tax charge of 4.8 million (5.2 million), was negative 327.5 million (69.7 million). Net profit for the half year, including an estimated tax charge of 10 million (10.3 million), was negative 257.8 million (30.5 million).
Basic earnings per share were negative 4.94 (1.05). Basic earnings per share for the half year were negative 3.89 (0.45). ■