Norway: Eidesvik Posts Q2 Results

Eidesvik today announced second quarter results for 2011.

Operating result before depreciation (EBITDA) for Q2 2011 is MNOK 114,7 compared to MNOK 137,6 for the same period last year. Operating income is MNOK 252,0 compared to MNOK 271,8 for the same period last year.

Operating result before depreciation (EBITDA) for the first half year is MNOK 222,5 compared to MNOK 268,6 for the same period last year. The Operating income in the first half year is MNOK 499,5 compared to MNOK 538,6 for the same period last year.

“Operating income, and consequently EBITDA are influenced by a substantially weaker USD this year compared to 2010. The EBITDA is also influenced by the seismic vessel Geo Searcher which is in layup.

We are very satisfied with the new contracts for Viking Lady and Viking Avant that we entered into with Statoil in 2nd Quarter, which will strengthen future revenue reserves”, says Jan Fredrik Meling (CEO).

Profit before tax for 2Q is MNOK 38,5 compared to MNOK -202,1 for the same period last year. For the first half year profit before tax is MNOK 171,2 compared to MNOK -249,2 in 2010.

The improvement in profit before tax is positively influenced by unrealized currency gain on debt as a consequence of the weaker USD.

1 Norwegian krone = 0.183496 U.S. dollars

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Source: Eidesvik, August 23, 2011;