Siem Offshore Releases Third Quarter Results

Siem Offshore, a company which serves the global oil and gas industry with a modern, environment friendly and technically advanced fleet, has announced the results for the third quarter 2013.

The operating revenues for the quarter were USD 96.7 million (2012: USD 104.4 million). The operating margin was USD 44.1 million (2012: USD 39.2 million) and the operating margin as a percentage of revenues was 46% (2012: 38%).

Operating profit was USD 33.1 million (2012: USD 22.6 million) after depreciation and amortisation of USD 18.8 million (2012: USD 20.5 million). Net currency exchange gains of USD 7.7 million (2012: USD 5.7 million) were recorded on currency forward contracts of which USD 5.2 million is unrealised.

Net financial items were USD (9.3) million (2012: USD (1.4) million) and includes a net revaluation gain(loss) of non-USD currency items of USD (0.8) million (2012: USD 9.0 million) due to changes in the rate of exchange during the quarter.

Non-USD currency items are held to match short- and long-term liabilities, including off-balance sheet liabilities, in similar currency.

The financial expenses of USD 10.3 million include a net unrealised gain of USD 0.4 million for interest swap agreements (mark-to-market adjustment) which were entered into for hedging long-term interest rate exposure on floating rate borrowing.

The net profit attributable to shareholders was USD 22.4 million, or USD 0.06 per share (2012: USD 18.2 million, or USD 0.05 per share).

The Company had twelve PSVs in operation at the end of the quarter (2012: eleven). Six PSVs operated on long-term contracts, of which one was on a bareboat contract and a second vessel had completed a contract and commenced a five-year class docking. One PSV was operated in the North Sea spot market. The remaining five PSVs were operated on short-term contracts outside West Africa and Brazil, of which one entered an upgrade and mobilisation phase for a long-term contract in Brazil with commencement in September 2013.

The PSV fleet earned operating revenues of USD 25.4 million and had 83% utilisation (2012: USD 21.2 million and 88%). The operating margin for the PSV fleet was USD 12.0 million, (2012: USD 9.7 million) and the operating margin as a percentage of revenue was 47% (2012: 47%).

The Company had three OSCVs in operation at the end of the quarter (2012: three) of which one was delivered during August.

The three OSCVs operated on long-term contracts. The OSCV fleet earned operating revenues of USD 10.3 million and had 100% utilisation (2012: USD 12.2 million and 100%). The operating margin for the OSCV fleet was USD 6.1 million (2012: USD 7.2 million) and the operating margin as a percentage of revenue was 59% (2012: 59%).

The Company had ten AHTS vessels in operation at the end of the quarter (2012: ten), of which two are owned by a pool partner. During the quarter, five AHTS vessels operated on long-term contracts in Brazil and two AHTS vessels operated on short-term contracts in the Baltic Sea and outside Canada. The remaining three AHTS vessels operated in the North Sea spot market. The revenue and utilization for the AHTS vessels in the North Sea spot market has improved compared to previous quarter, but remains very volatile. The AHTS fleet earned operating revenues of USD 41.4 million and had 91% utilisation (2012: USD 31.3 million and 86%). The operating margin for the AHTS fleet was USD 25.3 million (2012: USD 16.0 million) and the operating margin as a percentage of revenue was 61% (2012: 52%).

The Company had a fleet of nine smaller Brazilian-flagged vessels (fast supply and crew boats and oil spill recovery vessels) in operation at the end of the quarter (2012: eleven), of which nine vessels operated on term contracts. The fleet earned operating revenues of USD 4.9 million and had 89% utilisation (2012: USD 7.5 million and 87%).

The operating margin for the fleet was USD 3.1 million (2012: USD 1.8 million) and the operating margin as a percentage of revenue was 63% (2012: 24%).

A provision for a potential contract price adjustment which is now finished was reverted with a positive impact in P&L of USD 2,4 million.

The scientific core-drilling vessel, “JOIDES Resolution”, recorded operating revenues of USD 10.3 million (2012: USD 25.9 million) with an operating margin of USD 5.9 million (2012: USD 12.7 million) and the operating margin as a percentage of revenue was 57% (2012: 40%). The charterer of the vessel has declared the first of ten yearly options with effect from 1st October 2013.

October 24, 2013

 

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