Smedvig Announces 1Q Results
Smedvig reported consolidated operating profit of NOK 161 million for the first quarter as compared to NOK 226 million in the previous quarter. The decrease is primarily attributable to lower utilization of the mobile units. Net financial expenses for the first quarter was NOK 9 million as compared to NOK 68 million in the previous quarter. Net income for the first quarter was NOK 129 million as compared to NOK 144 million in the previous quarter. Earnings per share were NOK 1.57 for the first quarter. Cash flow for the quarter amounted to NOK 225 million. Cash flow per share after minority interests was NOK 2.73. Operating profit from the Mobile Units Division amounted to NOK 23 million as compared to NOK 111 million in the previous quarter.
Smedvig Reports Operating Profits For 2001
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. 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. to NOK 650 million, up from NOK 599 million in 2000. the best ever posted by this division. in 2000.
