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 August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Marine Electronics

Aage Hempel to Service and Distribution Simrad Products Aage Hempel Netherlands b.v. signed an agreement with Navico Europe b.v. for service and distribution

Biofouling Foiled: UV Light Harnessed for Biofouling Control

Since the first deployment of in-situ monitoring instrumentation, biofouling has been a problem. Without an effective solution, people have historically had to

Lilaas Engages Imtra for North American Distribution

Prospects in the North American marine equipment market have triggered a new and distribution agreement between control specialist Lilaas AS and marine and offshore

Finance

Barge Operator Fined for Releasing Dangerous Gas

The operator of a Portsmouth-based barge has today been made to pay almost £111,000 in fines and costs after pleading guilty to a breach of maritime legislation.

Charterers Remain Optimistic Despite Small Downturn

Overall confidence levels in the shipping industry fell slightly during the three months to August 2014, according to the latest Shipping Confidence Survey from

Insights: New York Canal Director Brian Stratton

Brian U. Stratton was appointed Director of the New York State Canal Corporation in April 2011, to oversee the operation and development of New York’s 524-mile Canal System,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Pod Propulsion Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.1174 sec (9 req/sec)