Saturday, January 06, 2007 9:27:08 PM
Please change my one year pick to:
SIOFF.ol $2.00 Norwegian Harsh Water Driller..
http://www.newsweb.no/index.asp?symbol=SIOFF&date_start=01.01.1900&interval=20
The net profit attributable to shareholders for
the third quarter was USD 7.8 million, or USD
0.05 per share. The operating revenues and
EBITDA were USD 21.8 million and USD 12.2
million, respectively. The EBITDA figure
includes net result from affiliated companies of
USD 3.2 million for the third quarter 2006.
-------------------------
Prices below are in NOK... Aprox 6.1 NOK per USD...
---------------------------
Results for the third quarter
The net profit attributable to shareholders for
the third quarter was USD 7.8 million, or USD
0.05 per share. The operating revenues and
EBITDA were USD 21.8 million and USD 12.2
million, respectively. The EBITDA figure
includes net result from affiliated companies of
USD 3.2 million for the third quarter 2006.
Depreciation and amortisation were USD 3.1
million. The EBIT was USD 15.6 million, and
includes a net gain on sale of assets of USD 6.5
million.
Net financial items were negative USD 7.4
million and include a net currency loss of USD
6.0 million due to realised and unrealised
foreign exchange losses arising from the
revaluation to market of open foreign exchange
contracts during the quarter. Such foreign
exchange contracts have been entered into in
order to fix the NOK commitment in relation to
the vessels under construction at Norwegian
yards.
The operating revenues and EBITDA for the first
nine months were USD 49.3 million and USD 24.3
million, respectively, and the net profit
attributable to shareholders was USD 29.0
million, or USD 0.18 per share.
Cash, Debt and Share Capital per third quarter
2006
The cash position at 30 September 2006 was USD
22 million. The gross interest-bearing debt was
USD 125 million and includes USD 89 million in
debt financing of four mid-size PSVs and one
large-size PSV, pre-delivery financing of two
Multi Functional Field & ROV Support Vessels,
USD 5 million in loan from the Brazilian
Development Bank, USD 7 million in debt
financing related to vessels acquired as part of
the Rovde-transaction and USD 24 million related
party loans.
Future yard instalments for vessels under
construction totalled NOK 1.3 billion at the end
of third quarter.
The Board resolved to issue a total of 2,070,000
shares to certain key employees of which
1,650,000 were issued in third quarter and
420,000 will be issued in fourth quarter.
Following such issues, the number of outstanding
Company shares will be 167,930,900.
Related party transactions
At 30 September, the Company held short term
loans from Siem Industries Inc. in the aggregate
amount of USD 24 million. The loan falls due
within year-end 2006.
At 30 September 2006, the Company held USD 1.8
million as a dividend prepayment from Overseas
Drilling Limited.
MAIN EVENTS DURING THIRD QUARTER 2006
- 17 August - The Company agreed to
acquire the vessel Ocean Carrier from the
limited partnership KS Ocean Carrier at a price
of NOK 183 million. The Ocean Carrier is a
large-size PSV of Vik Sandvik 483 design built
in 1996. Siem Offshore Inc has held a 20%
ownership in the limited partnership KS Ocean
Carrier from February 2006.
- 23 August - The Company and Kleven Verft
AS entered into a shipbuilding contract for the
construction of one multi-functional large-size
PSV of MT 6017 Mk II design. The contract price
is NOK 295 million and the delivery will be in
fourth quarter 2008. The vessel will have an
accommodation for 68 persons, moonpool,
removable cargo rail, mezzanine deck for launch
and recovery of ROV and will be prepared for a
crane of up to 100 tons and for a helideck.
- 1 September - The Company entered into
an agreement for the sale of one platform supply
vessel of VS 470 mk II design at a price of NOK
193 million. The Company took delivery from the
yard on 13 October 2006 and the vessel was
delivered to the new owner on 16 October 2006.
- 20 September - The Company entered into
a 5 year firm charter contract for one Multi
Functional Field & ROV Support Vessel, of MT
6016L design, to be delivered from the yard in
June 2007, . The contract value is
approximately USD 80 million. The charterer has
an option to purchase the vessel at the end of
the 5 years firm charter at a price of
approximately USD 50 million.
- 25 September - The Company entered into
an agreement with Sartor Shipping AS for the
sale of the three standby vessels Ocean Flower
(built 1974), Sølvbas (built 1974) and Ocean
Star (built 1975) for a total amount of NOK 60
million. The vessels will be delivered to the
new owner during fourth quarter 2006.
EMPLOYMENT OF THE FLEET
The two mid-size PSVs, Siem Sasha and Siem
Sophie, continued on their charter contracts
during third quarter. The firm period for the
Siem Sasha is extended until January 2007. The
third mid-size PSV, Siem Danis, was delivered
from Aker in early July. The vessel was
immediately mobilised and commenced a 3 month
contract. The fourth mid-size PSV, Siem Louisa,
was delivered from the yard in early September.
Following some weeks with supply services in the
spot market, the vessel was mobilised and
commenced its contract to be performed in
campaigns for a total of 160 days (non
consecutive).
Aker Yards has informed that the two mid-size
PSVs to be delivered in 2007 will be delayed
from May and June to June and October,
respectively.
The Company has entered into a 5 year firm
charter contract for one Multi Functional Field
& ROV Support Vessel as described above.
The Siem Carrier continued on its contract until
mid-September, from which date the vessel
commenced its 10 years class survey. The vessel
will be available in the market at the end of
October.
The Ocean Commander, which is on a bareboat
charter to the Company, commenced its 18 months
contract in August 2006.
The standby vessels continued on their contracts
during third quarter. The three vessels that
are agreed to be sold will be prepared for
delivery to their new owner in fourth quarter.
The JOIDES Resolution completed its contract
with DGH India in August. The conversion of the
vessel, prior to the commencement of the seven
years contract with Texas A&M Research
Foundation (TAMRF) for the Integrated Ocean
Drilling Program`s Phase II, will commence in
fourth quarter 2006 and is scheduled for a
period of approximately 12 months.
The 10 supply/crew vessels in Brazil, owned and
operated by the subsidiary, Siem Consub S.A.,
continued on contracts with Petrobras and
performed well during the second quarter. The
utilisation rate for the third quarter 2006 was
98%.
MARKET AND OUTLOOK
The PSV market has come off an exceptionally
high level as expected for this time of the
year. The activity level is however expected to
stay higher than normal during the winter.
The market for subsea construction vessels
remains strong. Charterers continue to demand
vessels with high specifications for their
programs for 2007 and beyond and the number of
available vessels for commencement within 2007
is limited.
For further information, contact Terje Sørensen,
CEO, +47 38 14 30 06.
SIOFF.ol $2.00 Norwegian Harsh Water Driller..
http://www.newsweb.no/index.asp?symbol=SIOFF&date_start=01.01.1900&interval=20
The net profit attributable to shareholders for
the third quarter was USD 7.8 million, or USD
0.05 per share. The operating revenues and
EBITDA were USD 21.8 million and USD 12.2
million, respectively. The EBITDA figure
includes net result from affiliated companies of
USD 3.2 million for the third quarter 2006.
-------------------------
Prices below are in NOK... Aprox 6.1 NOK per USD...
---------------------------
Results for the third quarter
The net profit attributable to shareholders for
the third quarter was USD 7.8 million, or USD
0.05 per share. The operating revenues and
EBITDA were USD 21.8 million and USD 12.2
million, respectively. The EBITDA figure
includes net result from affiliated companies of
USD 3.2 million for the third quarter 2006.
Depreciation and amortisation were USD 3.1
million. The EBIT was USD 15.6 million, and
includes a net gain on sale of assets of USD 6.5
million.
Net financial items were negative USD 7.4
million and include a net currency loss of USD
6.0 million due to realised and unrealised
foreign exchange losses arising from the
revaluation to market of open foreign exchange
contracts during the quarter. Such foreign
exchange contracts have been entered into in
order to fix the NOK commitment in relation to
the vessels under construction at Norwegian
yards.
The operating revenues and EBITDA for the first
nine months were USD 49.3 million and USD 24.3
million, respectively, and the net profit
attributable to shareholders was USD 29.0
million, or USD 0.18 per share.
Cash, Debt and Share Capital per third quarter
2006
The cash position at 30 September 2006 was USD
22 million. The gross interest-bearing debt was
USD 125 million and includes USD 89 million in
debt financing of four mid-size PSVs and one
large-size PSV, pre-delivery financing of two
Multi Functional Field & ROV Support Vessels,
USD 5 million in loan from the Brazilian
Development Bank, USD 7 million in debt
financing related to vessels acquired as part of
the Rovde-transaction and USD 24 million related
party loans.
Future yard instalments for vessels under
construction totalled NOK 1.3 billion at the end
of third quarter.
The Board resolved to issue a total of 2,070,000
shares to certain key employees of which
1,650,000 were issued in third quarter and
420,000 will be issued in fourth quarter.
Following such issues, the number of outstanding
Company shares will be 167,930,900.
Related party transactions
At 30 September, the Company held short term
loans from Siem Industries Inc. in the aggregate
amount of USD 24 million. The loan falls due
within year-end 2006.
At 30 September 2006, the Company held USD 1.8
million as a dividend prepayment from Overseas
Drilling Limited.
MAIN EVENTS DURING THIRD QUARTER 2006
- 17 August - The Company agreed to
acquire the vessel Ocean Carrier from the
limited partnership KS Ocean Carrier at a price
of NOK 183 million. The Ocean Carrier is a
large-size PSV of Vik Sandvik 483 design built
in 1996. Siem Offshore Inc has held a 20%
ownership in the limited partnership KS Ocean
Carrier from February 2006.
- 23 August - The Company and Kleven Verft
AS entered into a shipbuilding contract for the
construction of one multi-functional large-size
PSV of MT 6017 Mk II design. The contract price
is NOK 295 million and the delivery will be in
fourth quarter 2008. The vessel will have an
accommodation for 68 persons, moonpool,
removable cargo rail, mezzanine deck for launch
and recovery of ROV and will be prepared for a
crane of up to 100 tons and for a helideck.
- 1 September - The Company entered into
an agreement for the sale of one platform supply
vessel of VS 470 mk II design at a price of NOK
193 million. The Company took delivery from the
yard on 13 October 2006 and the vessel was
delivered to the new owner on 16 October 2006.
- 20 September - The Company entered into
a 5 year firm charter contract for one Multi
Functional Field & ROV Support Vessel, of MT
6016L design, to be delivered from the yard in
June 2007, . The contract value is
approximately USD 80 million. The charterer has
an option to purchase the vessel at the end of
the 5 years firm charter at a price of
approximately USD 50 million.
- 25 September - The Company entered into
an agreement with Sartor Shipping AS for the
sale of the three standby vessels Ocean Flower
(built 1974), Sølvbas (built 1974) and Ocean
Star (built 1975) for a total amount of NOK 60
million. The vessels will be delivered to the
new owner during fourth quarter 2006.
EMPLOYMENT OF THE FLEET
The two mid-size PSVs, Siem Sasha and Siem
Sophie, continued on their charter contracts
during third quarter. The firm period for the
Siem Sasha is extended until January 2007. The
third mid-size PSV, Siem Danis, was delivered
from Aker in early July. The vessel was
immediately mobilised and commenced a 3 month
contract. The fourth mid-size PSV, Siem Louisa,
was delivered from the yard in early September.
Following some weeks with supply services in the
spot market, the vessel was mobilised and
commenced its contract to be performed in
campaigns for a total of 160 days (non
consecutive).
Aker Yards has informed that the two mid-size
PSVs to be delivered in 2007 will be delayed
from May and June to June and October,
respectively.
The Company has entered into a 5 year firm
charter contract for one Multi Functional Field
& ROV Support Vessel as described above.
The Siem Carrier continued on its contract until
mid-September, from which date the vessel
commenced its 10 years class survey. The vessel
will be available in the market at the end of
October.
The Ocean Commander, which is on a bareboat
charter to the Company, commenced its 18 months
contract in August 2006.
The standby vessels continued on their contracts
during third quarter. The three vessels that
are agreed to be sold will be prepared for
delivery to their new owner in fourth quarter.
The JOIDES Resolution completed its contract
with DGH India in August. The conversion of the
vessel, prior to the commencement of the seven
years contract with Texas A&M Research
Foundation (TAMRF) for the Integrated Ocean
Drilling Program`s Phase II, will commence in
fourth quarter 2006 and is scheduled for a
period of approximately 12 months.
The 10 supply/crew vessels in Brazil, owned and
operated by the subsidiary, Siem Consub S.A.,
continued on contracts with Petrobras and
performed well during the second quarter. The
utilisation rate for the third quarter 2006 was
98%.
MARKET AND OUTLOOK
The PSV market has come off an exceptionally
high level as expected for this time of the
year. The activity level is however expected to
stay higher than normal during the winter.
The market for subsea construction vessels
remains strong. Charterers continue to demand
vessels with high specifications for their
programs for 2007 and beyond and the number of
available vessels for commencement within 2007
is limited.
For further information, contact Terje Sørensen,
CEO, +47 38 14 30 06.
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