Eidesvik Offshore Announces Operating Results for Third Quarter 2011

Eidesvik Offshore ASA’ operating result before depreciation (EBITDA) for 3rd quarter 2011 is MNOK 117,8 compared to MNOK 113,3 for the same period last year. Operating income is MNOK 255,7 compared to MNOK 254,7 for the same period last year.

Operating result before depreciation (EBITDA) for the first 9 months is MNOK 340,3 compared to MNOK 381,9 for the same period last year. The operating income

for the first 9 months is MNOK 755,2 compared to MNOK 793,3 for the same period last year.

“This has been a solid quarter for Eidesvik, were we are very satisfied with our operation. We are very satisfied with our solid contract coverage in 2012. Our vessels are secured very good contracts trough awinter that we expect will be challenging for ship owners with vessels in the spot market“, says Jan Fredrik Meling (CEO).

Profit before tax for 3rd quarter is MNOK -96,1 compared to MNOK 219,5 for the same period last year.

In the 3rd quarter this year EIOF has accounted unrealized loss on currency changes and derivatives of MNOK -93,5, compared to a gain of MNOK 176,9 on these same items last year.

For the first nine months this year the profit before tax is MNOK 75,1, compared to MNOK -29,7 in 2010.

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Offshore Nieuws Staff , December 5, 2011; Image: ulstein