Financials
After the spin-off of Prosafe Production (the floating production division) in May 2008, only one division remains in Prosafe; the Offshore Support Services. Consequently, no segment information is presented in the notes to the accounts.
In accordance with IFRS, the figures relating to Prosafe Production Public Limited are presented net on a separate line in the income statement of Prosafe.
Operating profit for the first quarter came to $37.5 million ($42.0 million). This reduction reflects that the utilization of the rigs declined to 77% (88%), partly due to MSV Regalia undergoing a major refurbishment throughout the first quarter in 2009. To some extent, the effect of the lower utilization rate was offset by higher day rates for the rigs in operation.
The contract for Safe Astoria was terminated for convenience by the client in January. The client had originally contracted the rig for a period of around two years from December 2007. Following the notice of termination, Prosafe will receive 85% of the remaining contract value, around $21 million. Consequently, effective from early March 2009, 85% of the contracted day rate has been taken to income.
Safe Concordia completed the contract in the US Gulf of Mexico in early February, 2009 whereas Safe Bristolia commenced on a bareboat contract in Gulf of Mexico in mid-March 2009.
Safe Caledonia operated for Total in the UK North Sea in the first quarter of 2009, interrupted by a period of 40 days due to a planned yard stay. All other vessels have been fully utilized in the first quarter, apart from MSV Regalia being at the Keppel Verolme yard in Rotterdam for refurbishment.
Net financial expenses for the first quarter were $8.9 million ($14.8 million), reflecting lower interest expenses due to lower interest-bearing debt. Excluding discontinued operations, net profit amounted to $26.3 million ($24.1 million), and earnings per share to $0.12 ($0.10).
Total assets at March 31, 2009 amounted to $1 343 million ($2 852 million), while the book equity ratio declined to 10.4% (37.5%) as a consequence of the distribution of the shares in Prosafe Production in May 2008.
Dividend
The annual general meeting on May 14, 2009 resolved to amend the articles of association to allow for interim dividend payments.
The board of directors resolved on May 14, 2009 to declare an interim dividend of NOK 0.30 per share to shareholders of record as of May 27, 2009. The shares will trade ex. dividend as from May 25, 2009. The dividend will be paid on June 10, 2009.
