Songa Offshore: Cat D refinancing influences 4Q results

Songa Offshore SE reports operating revenue for the fourth quarter of USD 154.3 million and an EBITDA of USD 59.8 million.

Net loss for the quarter was USD 137.3 million including the recognition of an impairment charge for Songa Mercur and Songa Venus of USD 72.3 million in the quarter, and non-recurring cost of USD 48 million related to the restructuring process.

“The Company has during the quarter completed a comprehensive refinancing to prepare for the delivery of the Cat D new buildings in 2014 and 2015. The quarter is negatively impacted by this, but we have strengthen the balance sheet, reduced cost of debt and improved the commercial terms on the Cat D contracts considerably. The Cat D project is progressing well, both in respect of delivery and costs. We are also very satisfied with the operation of our existing fleet. The Company’s five rigs had excellent operational uptime during the fourth quarter, with an average of 99.8% operating efficiency. We have this quarter put in place the fundament for a solid Songa Offshore going forward,” says CEO, Bjørnar Iversen.

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Press Release, February 17, 2014