CXIPY Revenue Hits $999M

Wednesday, March 21, 2001
Coflexip Stena Offshore today reported net income of EUR17.1 million, or $0.85 per share ($0.42 per ADS), for the fourth quarter of 2000 and net income of EUR88.6 million excluding non-recurring items, or $4.40 per share ($2.20 per ADS), for the year ended December 31, 2000. This compares with net income of EUR30.0 million, or $1.62 per share ($0.81 per ADS), for the fourth quarter of 1999 and net income of EUR89.6 million, or $4.96 per share ($2.48 per ADS), for the year ended December 31, 1999. Excluding the non-recurring costs of the decommissioning of the FlexService 1 vessel for EUR5 million after tax, the recurring net income for the quarter would have come to EUR22.1 million in the fourth quarter of 2000. Net operating revenues for the fourth quarter of 2000 amounted to EUR266.8 million representing a decrease of 7 percent compared with EUR286.7 million for the fourth quarter of 1999.

With respect to the full year 2000, net operating revenues amounted to EUR1,064.5 million representing an increase of 5 percent compared to EUR1,017.0 million in 1999. Including the effect of the capital gains on the sale of the Cal Dive International shares, the sale of the CSO Installer and the charges due to the decommissioning of the vessel FlexService 1, net income for 2000 totaled EUR222.7 or 21 percent of net operating revenues or EUR11.79 per ordinary share ($11.07 per share and $5.54 per ADS).

Geographic Performance

Coflexip Stena Offshore recorded net operating revenues of EUR266.8 million for the fourth quarter of 2000 compared with EUR286.7 million for the same period in 1999, a decrease of 7 percent. For the full year 2000, net operating revenues totaled EUR1,064.5 million compared with EUR1,017.0 million for the full year 1999, representing a 5 percent increase. This increase reflects increased levels of activity in the Brazil segment and the favorable impact of the depreciation of the Euro, partly offset by a decrease of activity in the Asia Pacific, North Sea and Rest of the World segments. Excluding currency translation effects, the Company's net operating revenues decreased by 2 percent comparing 2000 to 1999.

Vessel utilization for the fourth quarter of 2000 was 69 percent compared with 66 percent for the same period in 1999, and represented 77 percent in the full year 2000 compared with 79 percent for the same period in 1999. 2000 vessel utilization rates were lowest in the first quarter at 59 percent which brought down the annual average.

Net operating revenues from Brazil for the fourth quarter of 2000 were EUR41.9 million, up 24 percent from the EUR33.8 million recorded during the same period in 1999. Excluding currency translation effects, net operating revenues from Brazil for the fourth quarter of 2000 would have increased by 12 percent compared with the same period in 1999. The relative contribution of the segment to Group revenues was also higher, increasing from 12 percent in 1999 to 16 percent in 2000.

For the full year 2000, net operating revenues from Brazil accounted for EUR197.0 million or 18 percent of the company's total net operating revenues, compared with EUR129.9 million or 13 percent of the company's total net operating revenues for 1999. This is a 52 percent increase in the segment's net operating revenues compared to 1999, or a 40 percent increase if currency translation effects are excluded. The strong progression in net operating revenues principally reflects the strong recovery in sales to PETROBRAS of flexible pipe manufactured in Brazil and in France as compared to 1999, when the level of flexible pipe sales was especially low at the Vitoria plant. Net operating revenues in 1999 had benefited from up to EUR12.0 million due to the payment of certain claims by PETROBRAS. In 2000, thanks to the charters of the Sunrise 2000 and FlexService 1, net operating revenues from vessels chartered to PETROBRAS remained stable in comparison with 1999, despite the fact that the CSO Installer, contrary to the first half of 1999, was not operating in the region and was sold in January 2000. The FlexService 1 charter to PETROBRAS was terminated early in November 2000 and the vessel was decommissioned in December 2000 Net operating revenues in the Asia Pacific segment for the fourth quarter of 2000 reached EUR21.9 million down by 45 percent, compared with EUR39.8 million for the same period in 1999. Excluding currency translation effects, net operating revenues for Asia Pacific in the fourth quarter of 2000 would have decreased by 46 percent compared with the fourth quarter of 1999.

For the full year 2000, net operating revenues from Asia Pacific decreased by 28 percent to EUR84.3 million or 8 percent of the company's total net operating revenues, compared with the EUR116.7 million or 11 percent of the Company's total net operating revenues for the full year 1999.

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