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PRELIMINARY RESULT AS PER 1ST  QUARTER 2010

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Highlights 

  • Revenues and operating profit before depreciation for Petrolia Drilling ASA for first quarter 2010 was USD 17.1 million and USD 5.5 million respectively. Result for the first quarter was USD -2.2 million.

  • Revenues for the period came from Petrolia Services (100% owned subsidiary). The contribution to profit before depreciation from Petrolia Services was USD 6.5 million. The EBITDA-margin was 38 % compared to 41 % for the first quarter of 2009.

  • Book value of drilling equipment used by Petrolia Services was USD 110.6 million year end (depreciated over five years). During the last three years Petrolia Drilling has invested approximately USD 200 million in new equipment.

  • Revenues and operating profit before depreciation for Venture Drilling (50% owned) was USD 47.0 million for the first quarter 2010. Net result after tax was USD 19.5 million. Maersk redelivered the vessel in late April 2010 against an early termination fee of USD 64 million..

  • Petrolia Drilling ASA controls 30% (from 16 April the controlled per cent age is 20,6%) of Deepwater Driller Ltd which is building a new deepwater semisubmersible drilling rig at Jurong Shipyard. On 16 April 2010 an agreement was signed, whereby Songa Offshore invested USD 50 million in new equity into Deepwater Driller and thereby receive a 31.25% ownership in the company. As part of the agreement, Songa Offshore will assume building supervision and commercial management of the rig.

  • As previously notified, PetroMENA ASA has been deconsolidated from the books effective 21 December 2009. Due to the bankruptcy of PetroJack ASA on 8 March 2010, this company has also been deconsolidated from 1st quarter 2010.The result from PetroMENA ASA and PetroJack ASA is presented as profit from discontinued operations. This comprises the total of the post-tax profit (loss) of the discontinued operations. Comparative figures for the result in 2009 have been recalculated and are presented in the financial report.

  • Total equity equalled USD 177 million as of 31 March 2010. Book value of equity per share equalled USD 0.17 (NOK 1.04 per share) as of 31 March 2010.

 

Financial information

Profit and loss for the first quarter 2010

Total revenues were USD 17.1 million for the first quarter 2010. Revenues from the oilfield segment were USD 17.1 million in the first quarter. Total revenues in the first quarter 2009 equalled USD 16.0 million.

Operating profit before depreciation was USD 5.5 million for the first quarter 2010 compared to USD 6.1 million in 2009.

Total operating expenses equalled USD 11.6 million for the first quarter 2010. Operating expenses related to the oilfield services segment was USD 21.7 million in the first quarter 2010 compared to USD 16.9 million for the first quarter of 2009.

Operating result equalled USD -5.7 million for the first quarter 2010, including USD 11.2 million in depreciation of equipment related to Petrolia Services. Operating result equalled USD -1.3 million for the first quarter 2009, including USD 7.5 million in depreciations.

The profit from continuing operations for the first quarter 2010 was USD –2.2 million. Venture Drilling contributes with a positive result after tax of USD 9.5 million. Result from associated company is positive with USD 0.3 million. Profit from continuing operations for the first quarter in 2009 was USD 6.6 million.

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The preliminary report for 1st quarter 2010 will only be presented as a stock exchange notice.

For further information please contact: Ørnulf Samdal, CEO Petrolia Drilling ASA  phone : +47 930 14 700.

email: samdal@log-ior.no


Bergen/Oslo, 28 May 2010

Board of Directors

Petrolia Drilling ASA

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