Best Ever Operating Profit for Smedvig in 2000.Business Editors STAVANGER Stavanger (stäväng`ər), city (1995 est. pop. 103,496), capital of Rogaland co., SW Norway, a port on the Stavangerfjord (an arm of the Boknfjord). , Norway--(BUSINESS WIRE)--Feb. 26, 2001 Smedvig Smedvig ASA, ("Smedvig"), (OSE: SME, NYSE: SMVA) was a Norwegian offshore oil rig company headquartered in Stavanger until it was acquired (January 2006) by rig new-commer SeaDrill. reports preliminary consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. for 2000 of NOK NOK In currencies, this is the abbreviation for the Norwegian Krone. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 852 million, an increase of NOK 66 million from the previous year. The operating profit is the best result ever posted by the Company. The result reflects a larger fleet of drilling units, favourable market conditions and efficient operations. Operating profit for the fourth quarter was NOK 256 million, an increase of NOK 12 million as compared to the previous quarter. Net financial expenses for the year was NOK 895 million. Effective January January: see month. 1, 2000, Smedvig changed the accounting principle for foreign currency translation. Long-term liabilities Long-Term Liabilities Recorded on the balance sheet, a company's liabilities for leases, bond repayments and other items due in more than one year. Notes: A company's long-term liabilities are accounted for by its debt obligations to other parties which last longer than in foreign currencies are translated at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. exchange rates, and corresponding losses or gains are recorded under financial items. As a consequence of the appreciation of the U.S. dollar, the Company recorded a foreign exchange loss of NOK 585 million related to the net debt. Consolidated net income for the year was NOK 76 million, as compared to NOK 425 million in 1999. Net income for the fourth quarter was NOK 292 million, as compared to a net loss of NOK 123 million for the previous quarter. The accounts for 1998 and 1999 have been restated in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the new accounting principle, see appendix appendix, small, worm-shaped blind tube, about 3 in. (7.6 cm) long and 1-4 in. to 1 in. (.64–2.54 cm) thick, projecting from the cecum (part of the large intestine) on the right side of the lower abdominal cavity. . In 2000, the Company generated a cash flow of NOK 787 million, down from NOK 1,020 million in 1999. For the fourth quarter the cash flow amounted to NOK 156 million, up from NOK 153 million in the previous quarter. Cash flow per share for the year was NOK 9.59, down from NOK 12.27 in 1999. Net earnings per share for 2000 amounted to NOK 0.99, as compared to NOK 5.09 in 1999. The Board proposes a dividend of NOK 1.25 per share for 2000, up from NOK 1.00 in 1999. Operating profit from the Mobile Units Division for the year amounted to NOK 599 million, up from NOK 420 million in 1999. The improvement is due to start-up Start-up The earliest stage of a new business venture. of the new deepwater Deepwater or Deep Water may refer to:
Operating profit from the Platform Drilling Division for the year amounted to NOK 63 million, as compared to NOK 36 million in 1999. The increase is due to improved operational efficiency. For the fourth quarter, operating profit amounted to NOK 17 million, as compared to NOK 25 million in the previous quarter. Operating profit from the Tender Rigs Division for the year amounted to NOK 238 million, as compared to NOK 365 million in 1999. The decrease is primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to four units being idle for periods of the year. For the fourth quarter, operating profit amounted to NOK 83 million, as compared to NOK 54 million in the previous quarter. "Smedvig's strong operating profit for 2000 reflects improved operational performance and expanded capacity. The Company is well positioned for an expected continued favourable offshore market", says Christian Christian flees the City of Destruction. [Br. Lit.: Pilgrim’s Progress] See : Escape Christian travels to Celestial City with cumbrous burden on back. [Br. Lit. Bull Eriksson The surname Eriksson (also spelled Erikson or Ericsson) is a historically famous Scandinavian appellation. The most famous bearer of this name was Erik the Red, father of Leif Erikson, who found the Americas before Christopher Columbus's supposed discovery; though , CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Smedvig. "In particular, we have high expectations for the deepwater drilling market", says Bull Eriksson. Smedvig asa is an offshore drilling Offshore drilling typically refers to the act of extracting resources, primarily oil, in an ocean or lake. Controversy As with all oil drilling, there has been a certain level of controversy surrounding the issue. contractor contractor n. 1) a person or entity that enters into a contract. 2) commonly, a person or entity that agrees to construct a building or to provide or install specialized portions of the construction. headquartered in Stavanger, Norway Norway, Nor. Norge, officially Kingdom of Norway, constitutional monarchy (2005 est. pop. 4,593,000), 125,181 sq mi (324,219 sq km), N Europe, occupying the western part of the Scandinavian peninsula. . The company provides services within well construction and well services Well services is a department within a petroleum production company through which matters concerning existing wells are handled. Having a shared well services department for all (or at least multiple) assets operated by a company is seen as advantageous as it allows the pooling of in the North Sea and South East Asia East Asia A region of Asia coextensive with the Far East. East Asian adj. & n. . Smedvig's main activities are divided into mobile units, platform drilling and tender rigs. Smedvig has a fleet of five modern drilling rigs, one deepwater drillship
A drillship is a maritime vessel that has been fitted with drilling apparatus. It is most often used for exploratory drilling of new oil or gas wells in deep water but can also be used for scientific drilling. and eight tender rigs. In addition, the company holds contracts for production drilling, well services and maintenance on fixed installations. A telephone conference regarding Smedvig's preliminary results will be arranged Tuesday Tuesday: see week. February February: see month. 27, at 10:00 a.m. New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of time, 4:00 p.m. Norwegian Norwegian associated in some way with Norway. Norwegian buhund, Norwegian sheepdog a medium-sized (26-40 lb), spitz-type dog with a short, dense coat in wheaten, black, red or sable, sometimes with black markings on the face, ears time. Call-in call-in adj. Being in a format such that listeners or viewers are invited to have their telephone conversations with the host or guests on a show broadcast to other listeners: a call-in radio show. n. numbers are: USA (800) 230 1092, Norway and Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). (612) 332 0720. Replays are available from February 27, 12:00
p.m. (NY) until March 6, 5:00 p.m. at (800) 475 6701 (USA), (320) 365
3844 (Europe). Access code 572680.
Smedvig
Income statement
Unaudited accounts in NOK mill 3Q00 4Q00 2000 4Q99 1999
Revenues
Revenues 967 1,042 3,588 763 3,119
Total revenues 967 1,042 3,588 763 3,119
Operating expenses
Personnel expenses (323) (357)(1,252) (254)(1,084)
Operating expenses (279) (302)(1,042) (225) (967)
Depreciation (121) (127) (442) (66) (282)
Total operating expenses (723) (786)(2,736) (545)(2,333)
Operating profit 244 256 852 218 786
Interest income 17 20 65 12 51
Interest expense (121) (112) (375) (12) (54)
Other financial items (344) 131 (585) (178) (311)
Net financial items (448) 39 (895) (178) (314)
Income (loss) before income taxes (204) 295 (43) 40 472
Income taxes 81 (3) 119 12 (47)
Net income (loss) (123) 292 76 52 425
Earnings per share (1.47) 3.55 0.99 0.66 5.09
Mobile Units Division
NOK million 3Q00 4Q00 4Q99 2000 1999
Revenues 594 621 366 2,113 1,351
Operating expenses (327) (353) (198) (1,180) (772)
Depreciation (94) (99) (38) (334) (159)
Operating profit 173 169 130 599 420
Cash flow 267 268 168 933 579
Excluding gains on
sale of asset
Platform Drilling Division
NOK million 3Q00 4Q00 4Q99 2000 1999
Revenues 175 202 152 698 602
Operating expenses (146) (180) (140) (619) (541)
Depreciation (4) (5) (6) (16) (25)
Operating profit 25 17 6 63 36
Cash flow 29 22 12 79 61
Excluding gains on
sale of assets
Tender Rigs Division
NOK million 3Q00 4Q00 4Q99 2000 1999
Revenues 198 219 228 774 892
Operating expenses (121) (113) (107) (444) (439)
Depreciation (23) (23) (22) (92) (88)
Operating profit 54 83 99 238 365
Cash flow 77 106 121 330 453
Excluding gains
on sale of assets
Smedvig
Balance sheet
Unaudited accounts in NOK million
12/31/2000 12/31/1999
Long-term assets
Deferred tax asset 192 39
New buildings 4,923
Mobile units and tender rigs 7,805 3,021
Other long-term assets 645 528
Total long-term assets 8,642 8,511
Current assets
Other current assets 1,231 866
Short-term investments 176 176
Cash and cash equivalents 1,045 672
Total current assets 2,452 1,714
Total assets 11,094 10,225
Shareholders' equity 4,145 4,071
Provisions 80 42
Other long-term liabilities
Long-term debt 5,596 5,070
Other long-term liabilities 91 53
Total long-term liabilities 5,687 5,123
Current liabilities 1,182 989
Total shareholders' equity and liabilities 11,094 10,225
Income statement - previous accounting principle
Unaudited accounts in NOK mill 1Q98 2Q98 3Q98 4Q98 Total 98
Revenues
Revenues 873 930 958 918 3,679
Total revenues 873 930 958 918 3,679
Operating expenses
Personnel expenses (389) (388) (380) (323) (1,480)
Operating expenses (315) (319) (346) (358) (1,338)
Depreciation (67) (71) (75) (75) (288)
Total operating expenses (771) (778) (801) (756) (3,106)
Operating profit 102 152 157 162 573
Interest income 14 11 12 10 47
Interest expense (18) (17) (15) (10) (60)
Other financial items 14 24 (51) 33 20
Net financial items 10 18 (54) 33 7
Termination expenses and gains
on sale of assets -- (695) 13 310 (372)
Income before income taxes 112 (525) 116 505 208
Income taxes (20) 51 (8) (7) 16
Net income (loss) 92 (474) 108 498 224
Earnings per share 1.07 (5.77) 1.27 6.02 2.59
Unaudited accounts in NOK
mill 1Q98 1Q99 2Q99 3Q99 4Q99 Total 99
Revenues
Revenues 836 754 740 725 3,055
Total revenues 836 754 740 725 3,055
Operating expenses
Personnel expenses (313) (266) (251) (254) (1,084)
Operating expenses (270) (243) (229) (225) (967)
Depreciation (72) (70) (74) (66) (282)
Total operating expenses (655) (579) (554) (545) (2,333)
Operating profit 181 175 186 180 722
Interest income 14 13 12 12 51
Interest expense (18) (16) (8) (12) (54)
Other financial items 16 13 39 (39) 29
Net financial items 12 10 43 (39) 26
Termination expenses and gains
on sale of assets -- -- -- -- --
Income before income taxes 193 185 229 141 748
Income taxes (26) (7) (32) (16) (81)
Net income (loss) 167 178 197 125 667
Earnings per share 1.99 2.11 2.39 1.54 8.03
Unaudited accounts in
NOK mill 1Q00 2Q00 3Q00 4Q00 Total 00
Revenues
Revenues 655 844 913 991 3,403
Total revenues 655 844 913 991 3,403
Operating expenses
Personnel expenses (259) (313) (323) (357) (1,252)
Operating expenses (188) (273) (279) (302) (1,042)
Depreciation (76) (118) (121) (127) (442)
Total operating expenses (523) (704) (723) (786) (2,736)
Operating profit 132 140 190 205 667
Interest income 12 16 17 20 65
Interest expense (30) (101) (108) (100) (339)
Other financial items (99) (31) (140) 7 (263)
Net financial items (117) (116) (231) (73) (537)
Termination expenses and gains
Income before income taxes 15 24 (41) 132 130
Income taxes (3) (5) 35 38 65
Net income (loss) 12 19 (6) 170 195
Earnings per share 0.17 0.25 (0.07) 2.08 2.43
Mobile Units Division - previous accounting principle
NOK million 1Q98 2Q98 3Q98 4Q98 Total 98
Revenues 287 291 291 288 1,157
Operating expenses (178) (169) (175) (165) (687)
Depreciation (37) (36) (40) (41) (154)
Operating profit 72 86 76 82 316
NOK million 1Q99 2Q99 3Q99 4Q99 Total 99
Revenues 331 293 338 334 1,296
Operating expenses (200) (183) (191) (198) (772)
Depreciation (39) (40) (42) (38) (159)
Operating profit 92 70 105 98 365
NOK million 1Q00 2Q00 3Q00 4Q00 Total 00
Revenues 345 491 549 582 1,967
Operating expenses (202) (298) (327) (353) (1,180)
Depreciation (50) (91) (94) (99) (334)
Operating profit 93 102 128 130 453
Platform Drilling Division - previous accounting principle
NOK million 1Q98 2Q98 3Q98 4Q98 Total 98
Revenues 289 313 319 295 1,216
Operating expenses (264) (262) (278) (266) (1,070)
Depreciation (9) (9) (8) (7) (33)
Operating profit 16 42 33 22 113
NOK million 1Q99 2Q99 3Q99 4Q99 Total 99
Revenues 179 141 130 152 602
Operating expenses (155) (127) (119) (140) (541)
Depreciation (7) (5) (7) (6) (25)
Operating profit 17 9 4 6 36
NOK million 1Q00 2Q00 3Q00 4Q00 Total 00
Revenues 139 182 175 202 698
Operating expenses (127) (166) (146) (180) (619)
Depreciation (4) (3) (4) (5) (16)
Operating profit 8 13 25 17 63
Tender Rigs Division - previous accounting principle
NOK million 1Q98 2Q98 3Q98 4Q98 Total 98
Revenues 134 158 177 193 662
Operating expenses (100) (107) (110) (110) (427)
Depreciation (13) (17) (17) (19) (66)
Operating profit 21 34 50 64 169
NOK million 1Q99 2Q99 3Q99 4Q99 Total 99
Revenues 199 232 230 222 883
Operating expenses (106) (115) (111) (107) (439)
Depreciation (19) (22) (25) (22) (88)
Operating profit 74 95 94 93 356
NOK million 1Q00 2Q00 3Q00 4Q00 Total 00
Revenues 168 171 189 207 735
Operating expenses (98) (112) (121) (113) (444)
Depreciation (22) (24) (23) (23) (92)
Operating profit 48 35 45 71 199
Income statement - new accounting principle
Unaudited accounts 1Q98 2Q98 3Q98 4Q98 Total98
in NOK mill
Revenues
Revenues 881 937 967 922 3,707
Total revenues 881 937 967 922 3,707
Operating expenses
Personnel expenses (389) (388) (380) (323) (1,480)
Operating expenses (315) (319) (346) (358) (1,338)
Depreciation (67) (71) (75) (75) (288)
Total operating expenses (771) (778) (801) (756) (3,106)
Operating profit 110 159 166 166 601
Interest income 14 11 12 10 47
Interest expense (18) (17) (15) (10) (60)
Other financial items (44) (21) 128 (69) (6)
Net financial items (48) (27) 125 (69) (19)
Termination expenses and gains
on sale of asset (695) 13 310 (372)
Income before income taxes 62 (563) 304 407 210
Income taxes (6) 62 (61) 20 15
Net income (loss) 56 (501) 243 427 225
Earnings per share 0.63 (6.10) 2.90 5.16 2.59
Unaudited accounts
in NOK mill 1Q99 2Q99 3Q99 4Q99 Total99
Revenues
Revenues 842 762 752 763 3,119
Total revenues 842 762 752 763 3,119
Operating expenses
Personnel expenses (313) (266) (251) (254) (1,084)
Operating expenses (270) (243) (229) (225) (967)
Depreciation (72) (70) (74) (66) (282)
Total operating expenses (655) (579) (554) (545) (2,333)
Operating profit 187 183 198 218 786
Interest income 14 13 12 12 51
Interest expense (18) (16) (8) (12) (54)
Other financial items (65) (31) (37) (178) (311)
Net financial items (69) (34) (33) (178) (314)
Termination expenses and gains
on sale of asset
Income before income taxes 118 149 165 40 472
Income taxes (5) 3 (57) 12 (47)
Net income (loss) 113 152 108 52 425
Earnings per share 1.33 1.79 1.31 0.66 5.09
Unaudited accounts
in NOK mill 1Q00 2Q00 3Q00 4Q00 Total00
Revenues
Revenues 688 891 967 1,042 3,588
Total revenues 688 891 967 1,042 3,588
Operating expenses
Personnel expenses (259) (313) (323) (357) (1,252)
Operating expenses (188) (273) (279) (302) (1,042)
Depreciation (76) (118) (121) (127) (442)
Total operating expenses (523) (704) (723) (786) (2,736)
Operating profit 165 187 244 256 852
Interest income 12 16 17 20 65
Interest expense (30) (112) (121) (112) (375)
Other financial items (307) (65) (344) 131 (585)
Net financial items (325) (161) (448) 39 (895)
Termination expenses and gains
on sale of asset
Income before income taxes (160) 26 (204) 295 (43)
Income taxes 46 (5) 81 (3) 119
Net income (loss) (114) 21 (123) 292 76
Earnings per share (1.36) 0.27 (1.47) 3.55 0.99
Mobile Units Division - new accounting principle
NOK million 1Q98 2Q98 3Q98 4Q98 Total 98
Revenues 295 298 300 292 1,185
Operating expenses (178) (169) (175) (165) (687)
Depreciation (37) (36) (40) (41) (154)
Operating profit 80 93 85 86 344
NOK million 1Q99 2Q99 3Q99 4Q99 Total 99
Revenues 337 301 347 366 1,351
Operating expenses (200) (183) (191) (198) (772)
Depreciation (39) (40) (42) (38) (159)
Operating profit 98 78 114 130 420
NOK million 1Q00 2Q00 3Q00 4Q00 Total 00
Revenues 369 529 594 621 2,113
Operating expenses (202) (298) (327) (353) (1,180)
Depreciation (50) (91) (94) (99) (334)
Operating profit 117 140 173 169 599
Excluding gains on sale of assets
Platform Drilling Division - new accounting principle
NOK million 1Q98 2Q98 3Q98 4Q98 Total 98
Revenues 289 313 319 295 1,216
Operating expenses (264) (262) (278) (266) (1,070)
Depreciation (9) (9) (8) (7) (33)
Operating profit 16 42 33 22 113
NOK million 1Q99 2Q99 3Q99 4Q99 Total 99
Revenues 179 141 130 152 602
Operating expenses (155) (127) (119) (140) (541)
Depreciation (7) (5) (7) (6) (25)
Operating profit 17 9 4 6 36
NOK million 1Q00 2Q00 3Q00 4Q00 Total 00
Revenues 139 182 175 202 698
Operating expenses (127) (166) (146) (180) (619)
Depreciation (4) (3) (4) (5) (16)
Operating profit 8 13 25 17 63
Tender Rigs Division - new accounting principle
NOK million 1Q98 2Q98 3Q98 4Q98 Total 98
Revenues 134 158 177 193 662
Operating expenses (100) (107) (110) (110) (427)
Depreciation (13) (17) (17) (19) (66)
Operating profit 21 34 50 64 169
NOK million 1Q99 2Q99 3Q99 4Q99 Total 99
Revenues 199 232 233 228 892
Operating expenses (106) (115) (111) (107) (439)
Depreciation (19) (22) (25) (22) (88)
Operating profit 74 95 97 99 365
NOK million 1Q00 2Q00 3Q00 4Q00 Total 00
Revenues 177 180 198 219 774
Operating expenses (98) (112) (121) (113) (444)
Depreciation (22) (24) (23) (23) (92)
Operating profit 57 44 54 83 238
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