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REPORT FOR THE SECOND QUARTER 2010 AND THE FIRST HALF YEAR 2010

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Highlights 2Q 10:

  • Operating revenues were NOK 2 397  million (NOK 2 685 million)
  • Operating result before depreciation (EBITDA) was NOK 1 123 million (NOK 1 355 million)
  • Operating profit (EBIT) was NOK 550 million (NOK 937 million)
  • Net result after tax was NOK 242 million (NOK 886 million)
  • Majority’s share of net result was NOK 38 million (NOK 389 million)
  • Earnings per share were NOK 1.2 (NOK 12.0)
  • The Lista Windfarm project was granted Enova support

Financial information

The main business segments comprise Offshore Drilling, Floating Production, Renewable Energy, Cruise, Shipping and Other Investments.

The Group of companies´ operating revenues amounted to NOK 2 397 million (NOK 2 685 million) in the quarter.  The decrease in revenues compared with the 2nd quarter last year is mainly related to lower revenues within Offshore Drilling and Cruise.  Offshore Drilling generated operating revenues of

NOK 1 634 million (NOK 1 873 million), and Cruise generated operating revenues of NOK 391 million (NOK 451 million). Compared to the 2nd quarter 2009, revenues in the quarter were negatively impacted by lower USD and GBP exchange rates against NOK. 

Earnings before interest, tax, depreciation and amortization (EBITDA) were NOK 1 123 million

(NOK 1 355 million) in the quarter.  The decrease in EBITDA compared with the 2nd quarter 2009 of NOK 232 million is mainly due to a decrease in EBITDA within Offshore Drilling. Depreciation and impairment were NOK 573 million, of which impairment amounted to NOK 102 million, mainly related to Knock Dee and AHTS vessels.

Operating result (EBIT) for the quarter was NOK 550 million (NOK 937 million).

Net financial items were negative NOK 213 million (negative NOK 5 million).  The increased loss compared to last year is mainly due to unrealized losses from revaluation of financial instruments at fair value.

The Group of companies´ result after estimated tax in the quarter was NOK 242 million (NOK 886 million), of which NOK 38 million relates to the majority interests (NOK 389 million).  The minority interests´ share of net result in the quarter was NOK 204 million (NOK 496 million).  Minority interests´ share of the results are higher than the share of majorities, as a consequence of the minorities’ share of the positive result in Fred. Olsen Energy.

Revenues year to date were NOK 4 323 million (NOK 5 604 million) while EBITDA year to date were

NOK 1 870 million (NOK 2 905 million). Net financial items were negative NOK 426 million (negative

NOK 168 million), while net result after estimated tax was NOK 407 million (NOK 1 829 million), of which NOK 72 million (NOK 752 million) relates to the majority interests.

 

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