Norway: Cecon ASA Presents First Quarter Financial Report

Cecon ASA presents its Consolidated Interim Financial Report for First Quarter 2012.

Highlights of Q1 2012:

Highlights of the quarter Q1/2012

• Successful completion of installation offshore Nigeria

• Revenues Q1: NOK 93.4 million

• EBITDA: for Q1 NOK 22.9 million

• Pro forma result: Profit after tax NOK 13.2 million, given consummation of the EDC buy-out and yard start-up

End Ql 2012 the Group completed the installation of four flexible pipelines and umbilical’s in waters offshore Nigeria, West Africa. The project was initially awarded as a fast-track subsea tieback project for the management, transport, installation and tie-ins of two flexible pipelines and two umbilicals between two wells in 130 m water depth and the Okwori FPSO.

The scope was in Ql increased to connect two additional wells, with two additional flexible pipelines and umbilicals, all within a single operation in Ql 2012. The project was successfully executed using the Group’s installation spread and offshore crew from a third party chartered vessel, OIG’s Giant II, all executed under the Groups’ management.

Significant work continues in preparations and submissions offenders and other market activities.

The Ql period result for operations shows an EBITJ of NOK 22.9 million from revenue of NOK 93.4 million. Net financial loss amounts to NOK 44.4 million giving a pre tax loss of NOK 22.2 million.

The net financial loss of NOK 44.4 million in Ql 2012 is mostly related to interest on the Ist priority shipbuilding loan from EDC (NOK 24.7 million).

Subsea World News Staff , May 16, 2012;  Image: Cecon