Cyprus: Songa Offshore Announces 1Q Financial Results

Songa Offshore SE (“Songa”), Cyprus-based offshore drilling company, reports total comprehensive income for the first quarter of 2011 of USD 25.1 million. Operating revenue for the first quarter was USD 140.7 million. This includes mobilization and demobilization revenue of USD 1.0 million.

Total expenses for the first quarter were USD 90.0 million. The figure includes a non operational gain of USD 0.2 million posted under “other gain and loss”. The “other gain and loss” is split between a loss on flippable swap of USD 0.3 million, USD 1.8 million in currency loss, and USD 0.5 million in gain on disposal of short term investment.

EBITDA for the first quarter was USD 56.3 million.

Net financial expenses for the first quarter were USD 5.0 million.

Earnings per share (EPS) and diluted earnings per share (DEPS) for the first quarter were USD 0.15.

Average number of shares for the quarter was 167,712,544, and as per end of the period the outstanding number of shares was 167,712,544.

About Songa Offshore

Songa Offshore is an offshore drilling company operating 6 semi-submersible rigs. With a highly experienced management team, Songa Offshore’s vision is to provide efficient, safe and reliable drilling services. The company is headquartered in Limassol (Cyprus), and currently has operating offices in Oslo, Stavanger, Houston, Singapore, and Perth.

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Source: Songa Offshore , May 9, 2011;