Smedvig Reports Operating Profits For 2001

Tuesday, February 26, 2002
Smedvig reports preliminary consolidated operating profit for 2001 of $112 million, an increase of $16 million from the previous year. The operating profit is the best result ever posted by the company. The result reflects a high utilization of the company's fleet of drilling units, favorable market conditions and efficient operations. Operating profit for the fourth quarter was $25.4 million, a decrease of $5.8 million as compared to the previous quarter. Net financial expenses for the year was $61 million as compared to net financial expenses of $ 100 million in the previous year. Operating profit from the Mobile Units Division for the year amounted to NOK 650 million, up from NOK 599 million in 2000. The result is the best ever posted by this division. The improvement is due to higher utilization and increased average dayrates for the drilling units combined with a full year of operations for the newbuilds West Navion and West Venture, delivered in 2000. For the fourth quarter, operating profit amounted to $12.4 million as compared to $22 million in the previous quarter. The decrease is mainly due to off-hire of West Navion. The utilization rate for the mobile units averaged approximately 94 percent as compared to 92 percent in 2000.
Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Marine Electronics

Servowatch to Showcase New AMC Range at SMM

Servowatch Systems, a U.K.-based business unit of the Electrical and Automation division of India’s engineering giant Larsen & Toubro, said its exhibition stand

Krill Supplies VFMMS to Island Tug and Barge

Krill Systems Inc., a producer of Vessel Fuel Measurement and Monitoring Systems (VFMMS), announced delivery, installation and successful sea trials of three more systems to Island Tug and Barge Ltd.

Harris Secures Certification for its Multi-channel Manpack Radio

Harris Corporation (NYSE:HRS) has received Type-1 National Security Agency (NSA) certification for its Falcon III® RF-340M multi-channel manpack radio. The certification

Finance

Polynesian Shipping Sold to Neptune Pacific Line

The Board of Polynesian Shipping Line Limited, Apia informed   that the business and the Company’s associated investments have been sold to Neptune Pacific Line Limited.

Airbus May Sell Stake in Submarine Supplier

Airbus is considering a sale of its 49 percent stake in submarine supplier Atlas Elektronik as part of a reshuffle of its military business, German newspaper Die

W.Africa Crude Slow to Trade; Nigerian Glut Fading

Angolan cargoes for October loading are so far finding buyers slowly, traders said on Friday, while there were further signs that an overhang of September-loading Nigerian cargoes is being absorbed.

 
 
Maritime Security Naval Architecture Navigation Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0974 sec (10 req/sec)