Stolt Offshore Reports Third Quarter Results.Business Editors LONDON--(BUSINESS WIRE)--Sept. 26, 2000 Stolt Offshore S.A. (Nasdaq: SCSWF, SCSAY; Oslo Stock Exchange Oslo Stock Exchange An exchange founded in 1819 and trading stocks, bonds, and stock options that is considered the options market of Norway. : SCS SCS, n strain/counterstrain, an approach of applying pressure to certain tender points in the muscles or joints to decrease or remove the pain sensed at the point of palpation. , SCSA (Signal Computing System Architecture) An open architecture for transmitting voice and video signals. Its backbone is the SCbus, a 131 Mbps data path that provides up to 2,048 time slots, the equivalent of 1,024 two-way voice conversations at 64 Kbps. ) today announced results for the third quarter and nine months ended August 31, 2000. Net income for the latest quarter was $0.2 million, or $0.00 per share, on net operating revenue operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. of $279.8 million. This compares with a net income of $13.4 million, or $0.23 per share on net operating revenue of $184.1 million for the same period in 1999. The net profit for the quarter includes $0.6 million of non-recurring costs relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the integration of ETPM ETPM Entrepose GTM Pour les Travaux Petroliers et Maritimes (French oil and gas industry installation contractor, now Stolt Offshore) . The average number of shares outstanding for the latest quarter was 87.1 million compared with 59.1 million for the same quarter last year. For the latest nine-month period, the company reported a net loss of $32.1 million or $0.42 per share, on net operating revenue of $683.9 million. This compares with a net income of $17.7 million or $0.30 per share, on net operating revenue of $491.3 million for the same period last year. The results for the nine months to date include non-recurring costs of $6.0 million relating to the integration of ETPM. The average number of shares outstanding for the latest nine-month period was 76.0 million, compared with 59.0 million for the first nine months of 1999. Commenting on these results, Bernard Ber·nard , Claude 1813-1878. French physiologist noted for his study of the digestive and nervous systems. Vossier, Chief Executive Officer said, "The high oil price has now resulted in higher oil company investment in exploration, which is already showing in the drilling market, but this has not yet worked through to the offshore construction sector. "During the quarter, work commenced on two projects in West Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. which were awarded earlier in the year but had their start dates delayed until recently. The first of these projects, the Elf elf, in Germanic mythology, a type of fairy. Usually represented as tiny people, elves are said to dwell in forests, in the sea, and in the air. Although they can be friendly to man, they are more frequently vengeful and mischievous. Petroleum Nigeria Nigeria (nījĭr`ēə), officially Federal Republic of Nigeria, republic (2006 provisional pop. 140,003,542), 356,667 sq mi (923,768 sq km), W Africa. Amenam and Kpono contract, is for the fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. and installation of two well head platforms, an accommodation platform jacket, a bridge link and associated pipelines. The second project which started in the quarter is the Shell EA project in Nigeria for the fabrication and installation of four platforms, and their associated pipelines. The platforms for both projects will be fabricated fab·ri·cate tr.v. fab·ri·cat·ed, fab·ri·cat·ing, fab·ri·cates 1. To make; create. 2. To construct by combining or assembling diverse, typically standardized parts: at the Stolt Offshore yard in Warri Warri (wô`rē), city (1991 est. pop. 111,000), S Nigeria, a port on the Warri River. It is a transshipment point where oceangoing vessels meet Niger River boats. , Nigeria. "The fast track Triton Energy La Ceiba La Ceiba is a port city on the northern coast of Honduras, Central America on the Caribbean Sea on the south eastern edge of the Gulf of Honduras. With a population of about 250,000, it is the third largest city in the country and the capital of the Honduran department of project offshore Equatorial Guinea Equatorial Guinea (gĭn`ē), officially Republic of Equatorial Guinea, republic (2005 est. pop. 536,000), 10,830 sq mi (28,051 sq km), W central Africa. , with just nine months between contract award and first oil, is proceeding to plan. The project involves the installation of eight production pipelines, a 700 ton subsea Subsea is a general term frequently used to refer to equipment, technology, and methods employed to explore, drill, and develop oil and gas fields that exist below the ocean floors. This may be in "shallow" or "deepwater". support structure fabricated at the Warri yard and the installation and connection of four subsea manifolds This is a list of particular manifolds, by Wikipedia page. See also list of geometric topology topics. For categorical listings see and its subcategories. Generic families of manifolds
FPSO Foster Parent Society of Ontario FPSO Fleet Publication Supply Office on schedule for completion in Korea Korea (kôrē`ə, kə–), Korean Hanguk or Choson, region and historic country (85,049 sq mi/220,277 sq km), E Asia. by 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. . Construction of the riser towers is now in progress in our Lobito Lobito (lōbē`tō, l  vē`tō), city (1983 est. pop. 150,000), W central Angola, on the Atlantic Ocean. yard, which will see a very high level of
activity from now until well into next year. We will also have a number
of ships and barges employed on the offshore installation phase of the
Girassol project from the first quarter of next year."In France, work on the wreck WRECK, mar. law. A wreck (called in law Latin, wreccum maris, and in law French, wrec de mer,) signifies such goods, as after a shipwreck, are cast upon land by the sea, and left there within some county, so as not to belong to the jurisdiction of the admiralty, but to the common law. of the tanker Erika The name Erika is Old Norse for "ever powerful" or "ruler of the people." It is also frequently spelled Erica. Its masculine forms are Erik, Eric and Derek. It is a common name in many European countries, and in Australia, North America, and Japan. has now been completed. The cargo was removed by hot tapping connections into the oil tanks on the wreck to enable the cargo to be pumped out. This technically challenging project for Total Fina Elf, was undertaken successfully against a very tight schedule. "In the UK sector North Sea, we completed the flowline installation on BP's South Everest field. This flowline was supplied by NKT Flexibles NKT Flexibles is a supplier of flexible pipelines for the offshore and chemical industries based in Denmark. The company was formed in 1999 when it split off from NKT Cables. It is owned 51% by the NKT Holding group and 49% by Acergy. . The installation of the BP fibre-optic Adj. 1. fibre-optic - of or relating to fiber optics fiber-optic, fiberoptic, fibreoptic cable network between Cruden Bay Cruden Bay (Scottish Gaelic: Inbhir Chruidein) is a village in Scotland, on the north coast of the Bay of Cruden in Aberdeenshire.[1] Just south of Slains Castle, Cruden Bay was the site of a battle between Danes and Scots , under King Máel Coluim mac to the Forties field commenced during the quarter and we completed the installation of Burlington Burlington, town, Canada Burlington, town (1991 pop. 129,575), SE Ont., Canada, on Lake Ontario. First settled (1798) by Mohawk Loyalist Joseph Brandt, Burlington's economy was built on the shipment of wheat, lumber, and quarried rock by waterway. Resources' Millom West minimal facilities platform. Work was also carried out in the Dutch sector where we completed pipelay work for Wintershall Wintershall AG is the largest crude oil and natural gas producer in Germany. The company is based in Kassel, Germany. Wintershall is a wholly owned subsidiary of BASF, based in Ludwigshafen. . "In the 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 sector we have completed pipeline tie-in tie-in n. One thing that is related to or connected with another. Noun 1. tie-in - a fastener that serves to join or connect; "the walls are held together with metal links placed in the wet mortar during construction" works using the MATIS MATIS Modular Advanced Tie-In System MATIS Makler Tele Information System remote flange flange (flanj) a projecting border or edge; in dentistry, that part of the denture base which extends from around the embedded teeth to the border of the denture. flange n. 1. connection tool and a welded hot-tap on Statoil's Gullfaks Satellite export pipeline and we have progressed the Aasgard field installation works also for Statoil Statoil ASA (OSE: STL, NYSE: STO) is a Norwegian petroleum company established in 1972. It is the largest petroleum company in the Nordic countries and Norway's largest company, employing over 25,000 people. . The LB200 has completed the installation of the 78km, 16" diameter trunkline A trunkline is a designation given over a given transportation route, such as over a set of roads, and is identified as such for the purpose of providing ease with respect to guiding transportation along the route over which it covers. linking the Shell Draugen platform to the Aasgard Transport System. This project was completed ahead of schedule. "The Seaway Eagle, which was working towards the end of the quarter for Statoil on the Aasgard field, was chartered by the Norwegian Government to assist in the attempted rescue of the crew of the stricken Russian Russian associated in some way with Russia. Russian blue a breed of cats with short, dense, silver-tipped blue-colored coat and vivid green eyes. nuclear submarine submarine, naval craft capable of operating for an extended period of time underwater. Submarines are almost always warships, although a few are used for scientific or business purposes (see also submersible). Kursk Kursk (k rsk), city (1989 pop. 424,000), capital of Kursk region, W European Russia, at the confluence of the Tuskor and Seim rivers. in the Barents Sea Barents Sea, arm of the Arctic Ocean, N of Norway and European Russia, partially enclosed by Franz Josef Land on the north, Novaya Zemlya on the east, and Svalbard on the west. . This rescue attempt
was made with the full co-operation of Statoil."In the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east the level of activity in the shallow water See:
Swiss physiologist. He shared a 1949 Nobel Prize for his research on the brain's control of the body. North West project pipelay in a water depth of 488 metres, our deepest pipelay from the Seaway Falcon to date, and we were successful in winning a number of other deepwater installation projects. These include the Santa Fe Santa Fe, city, Argentina Santa Fe, city (1991 pop. 341,000), capital of Santa Fe prov., NE Argentina, a river port near the Paraná, with which it is connected by canal. Pecten pecten: see scallop. project subsea tree and riser tie-in work and other deepwater umbilical umbilical /um·bil·i·cal/ (um-bil´i-k'l) pertaining to the umbilicus. um·bil·i·cal adj. 1. Of or relating to the navel. 2. Relating to the umbilical region of the abdomen. lay and tie-in work. "The company has completed the refinancing Refinancing An extension and/or increase in amount of existing debt. of its three major existing credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities by putting in place a new five year $440 million revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility. This new facility provides for an increase in available funds and a longer term than the facilities being replaced. "Our backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. is now $1,002 million, of which $274 million is for work to be completed in the fourth quarter. This compares with a combined Stolt Comex Seaway and ETPM backlog of $1,064 million at this time last year, of which $245 million was for the balance of 1999. The level of bids outstanding is now at $2.1 billion. This is 18% up on twelve months ago. "The future outlook is encouraging. The level of bidding for new work in the UK sector of the North Sea, the Gulf of Mexico and West Africa is at a record level. Based on field development plans announced by our customers, we expect to see significant growth in the markets for which we compete in both of the next two years. This should result in higher asset utilisation and improved pricing." concluded Mr Vossier. Stolt Offshore is a leading offshore contractor to the oil and gas industry, specialising in technologically sophisticated offshore and subsea engineering, flowline and pipeline lay, construction, inspection and maintenance services. The Company operates in 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). , the Middle
East, West Africa, Asia Pacific, and the Americas.This news release contains forward looking statements as defined in the U.S. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Actual future results and trends could differ materially from those set forth in such statements due to various factors. Additional information concerning these factors is contained from time to time in the Company's U.S. SEC filings, including but not limited to the Company's report on form 20-F for the year ended November 30, 1999. Copies of these filings may be obtained by contacting the Company or the SEC.
STOLT OFFSHORE S.A. AND SUBSIDIARIES
CONSOLIDATED UNAUDITED STATEMENTS OF INCOME
(in thousands, except per share data)
Three Months Ended
August 31, August 31,
2000 1999
----------------- ----------------
Net operating revenue $ 279,778 $ 184,051
Operating expenses (255,133) (153,406)
--------- ---------
Gross profit 24,645 30,645
Equity in net income
of non-consolidated
joint ventures 3,088 3,294
Administrative and
general expenses (1) (16,016) (14,411)
--------- ---------
Income (Loss)
from operations 11,717 19,528
Non-operating
(expense) income:
Interest expense, net (6,946) (3,525)
Foreign exchange (loss) gain (1,109) 120
Minority interest (904) --
Other (expense) income, net (1,437) 546
--------- ---------
Profit (Loss) before taxes 1,321 16,669
Income tax (provision) benefit (1,082) (3,255)
--------- ---------
Net income (loss) $ 239 $ 13,414
========= =========
PER SHARE DATA
Net (loss) income per share
Basic $ (0.00) $ 0.23
Diluted $ (0.00) $ 0.22
Common Shares and Common Share
equivalents outstanding:
Basic 87,086 59,103
Diluted 87,786 59,733
SELECTED CASH FLOW INFORMATION
Capital expenditures $ 19,627 $ 12,794
Depreciation and amortization $ 20,470 $ 13,547
Nine Months Ended
August 31, August 31,
2000 1999
-------------- --------------
Net operating revenue $ 683,896 $ 491,300
Operating expenses (656,108) (427,492)
--------- ---------
Gross profit 27,788 63,808
Equity in net income
of non-consolidated
joint ventures 9,002 6,838
Administrative and
general expenses (1) (50,015) (41,281)
--------- ---------
Income (Loss)
from operations (13,225) 29,365
Non-operating
(expense) income:
Interest expense, net (20,693) (12,941)
Foreign exchange (loss) gain (841) (492)
Minority interest (2,622) --
Other (expense) income, net 683 86
--------- ---------
Profit (Loss) before taxes (36,698) 16,018
Income tax (provision) benefit 4,558 1,696
--------- ---------
Net income (loss) $ (32,140) $ 17,714
========= =========
PER SHARE DATA
Net (loss) income per share
Basic $ (0.42) $ 0.30
Diluted $ (0.42) $ 0.30
Weighted average number of
Common Shares and Common Share
equivalents outstanding:
Basic 76,004 59,071
Diluted 76,004 59,796
SELECTED CASH FLOW INFORMATION
Capital expenditures $ 375,133 $ 60,501
Depreciation and amortization $ 63,479 $ 42,115
STOLT OFFSHORE S.A. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)
Unaudited Audited
August 31, August 31, November 30,
2000 1999 1999
--------------- ----------- -------------
ASSETS
Cash and cash equivalents $ 28,631 $ 5,627 $ 5,852
Other current assets 382,905 260,925 246,312
Fixed assets, net of
accumulated depreciation 817,690 424,112 436,063
Other non-current assets 208,904 163,168 155,156
-------------- -------------- --------------
Total assets $ 1,438,130 853,832 $ 843,383
============== ============== ==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Bank overdrafts $ 5,300 $ 8,095 $ 22,326
Current portion of
long-term debt and
capital lease
obligations 53,776 8,623 50,585
Accounts payable and
accrued liabilities 388,758 173,883 147,401
Long-term debt and
capital lease obligations 263,662 231,410 200,116
Other non-current
liabilities 52,840 24,035 14,512
Shareholders' equity
Common Shares 45,370 44,877 44,913
Class A Shares 94,841 39,418 39,422
Class B Shares 68,000 68,000 68,000
Paid-in-surplus 463,205 178,463 178,551
Retained earnings 68,942 102,583 101,082
Cumulative translation
adjustments (66,564) (25,555) (23,525)
-------------- --------------- ------------
Total shareholders' equity 673,794 407,786 408,443
-------------- ------------------ ---------
Total liabilities and
shareholders' equity $ 1,438,130 $ 853,832 $ 843,383
============== ================== =========
Total interest-bearing
debt and capital lease obligations
net of cash and cash
equivalents and
receivables from
related parties $ 322,738 $ 239,348 $ 265,079
================ ================== =========
STOLT OFFSHORE S.A. AND SUBSIDIARIES SEGMENTAL segmental /seg·men·tal/ (seg-men´t'l) 1. pertaining to or forming a segment or a product of division, especially into serially arranged or nearly equal parts. 2. undergoing segmentation. ANALYSIS (in thousands) In 1999 the Company adopted SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System No. 131 "Disclosures about Segments of an Enterprise and Related Information" which changes the way the Company reports information about its operating segments. The Company has four reportable segments: Field Development, Subsea Construction, Regional Services and Conventional EPIC & Pipelay (Engineering, Procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. , Installation and Commissioning). Regional Services represents regional business and is therefore reported by geographical location. Management may from time to time change the segmentation of the business, which will result in a restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. of the figures. Therefore year to date results may not be a direct combination of quarterly information. Large projects are allocated to the three worldwide product lines, Field Development, Subsea Construction and Conventional EPIC & Pipelay at the tender stage. Field Development projects are those which include EPIC, requiring multiple skills which may include subsea construction, pipelay, procurement, fabrication and installation of FPSO's, Spars and TLPs. Field Development also incorporates the activity of the NKT Flexibles I/S I/S Information Systems I/S Income Statement joint venture. Subsea Construction projects generally involves welding welding, process for joining separate pieces of metal in a continuous metallic bond. Cold-pressure welding is accomplished by the application of high pressure at room temperature; forge welding (forging) is done by means of hammering, with the addition of heat. , hot-tapping, decommissioning Decommissioning is a general term for a formal process to remove something from operational status. Some specific instances include:
Sport of plunging into water, usually headfirst and often following the execution of one or more acrobatic maneuvers. It emerged as a competitive sport in the late 19th century and became part of the Olympic Games in 1904. and diverless techniques. Conventional EPIC & Pipelay incorporates large pipelay projects, the activity of the construction yards in West Africa which were acquired as part of the ETPM acquisition and the activity of the joint venture Seaway Heavy Lifting Limited. The Girassol activity in West Africa is included in Field Development. All other projects are managed in the region where they take place. Inter segment trading is not significant.
----------------------------------------------------------------------
Subsea Field Subsea Conventional
Development Construction EPIC & Pipelay
----------------------------------------------------------------------
For the quarter ended
August 31, 2000
Net operating revenue $ 54,679 $ 80,887 $ 54,137
(Loss) income from
operations $ (4,872) $ 11,250 $ 15,923
Interest expense, net
Foreign exchange loss
Other expense, net
Minority interest
Income before tax
----------------------------------------------------------------
For the nine months ended
August 31, 2000
Net operating revenue $ 105,398 $ 197,763 $ 168,302
(Loss) income
from operations $ (1,254) $ (10,854) $ 21,411
Interest expense, net
Foreign exchange gain
Other income, net
Minority interest
Loss before tax
---------------------------
Regional Total
Services
---------------------------
For the quarter ended
August 31, 2000
Net operating revenue $ 90,075 $ 279,778
(Loss) income from
operations $ (10,584) $ 11,717
Interest expense, net (6,946)
Foreign exchange loss (1,109)
Other expense, net (1,437)
Minority interest (904)
Income before tax $ 1,321
--------------------------------------------------
For the nine months ended
August 31, 2000
Net operating revenue $ 212,433 $ 683,896
(Loss) income
from operations $ (22,528) (13,225)
Interest expense, net (20,693)
Foreign exchange gain (841)
Other income, net (2,622)
Minority interest 683
------------------------ ---------
Loss before tax $ (36,698)
----------------------------------------------------------------------
Subsea Field Subsea Conventional
Development Construction EPIC & Pipelay
----------------------------------------------------------------------
For the quarter ended
August 31, 1999
Net operating revenue $ 708 $ 88,183 $ -
(Loss) income from operations $ (1,088) $ 12,283 $ 431
Interest expense, net
Foreign exchange loss
Other income, net
Income before tax
----------------------------------------------------------------------
For the nine months ended
August 31, 1999
Net operating revenue $ 6,213 $ 230,457 $ -
(Loss) income
from operations $ (2,951) $ 20,887 $ 1,896
Interest expense, net
Foreign exchange loss
Other income, net
----------------------------------------------------------------------
Income before tax
----------------------------------------------------------------------
----------------------------------------------------------------------
Regional Total
Services
----------------------------------------------------------------------
For the quarter ended
August 31, 1999
Net operating revenue $ 95,160 $ 184,051
(Loss) income from operations $ 7,902 $ 19,528
Interest expense, net (3,525)
Foreign exchange loss 120
Other income, net 546
----------------------------------------------------------------------
Income before tax $ 16,669
----------------------------------------------------------------------
For the nine months ended
August 31, 1999
Net operating revenue $ 254,630 $ 491,300
(Loss) income
from operations $ 8,334 $ 28,166
Interest expense, net (12,941)
Foreign exchange loss (492)
Other income, net 1,285
----------------------------------------------------------------------
Income before tax - $ 16,018
----------------------------------------------------------------------
Subsea Field Subsea Conventional
As of August 31, 2000 Development Construction EPIC & Pipelay
----------------------------------------------------------------------
Segment assets $ 268,251 $ 396,160 $ 265,057
Unallocated amounts:
Cash and cash equivalents
Restricted cash deposits
Other intangible assets not
attributable to reportable
segments
----------------------------------------------------------------------
Total assets
----------------------------------------------------------------------
Regional Total
As of August 31, 2000 Services
----------------------------------------------------------------------
Segment assets $ 464,916 1,394,384
Unallocated amounts:
Cash and cash equivalents 28,631
Restricted cash deposits 6,188
Other intangible assets not
attributable to reportable
segments 8,927
----------------------------------------------------------------------
Total assets $ 1,438,130
----------------------------------------------------------------------
----------------------------------------------------------------------
Subsea Field Subsea Conventional
As of August 31, 1999 Development Construction EPIC & Pipelay
----------------------------------------------------------------------
Segment assets $ 108,003 $ 332,165 $ 14,012
Unallocated amounts:
Cash and cash equivalents
Restricted cash deposits
Other intangible assets not
attributable to reportable
segments
----------------------------------------------------------------------
Total assets
----------------------------------------------------------------------
----------------------------------------------------------------------
Regional Total
As of August 31, 1999 Services
----------------------------------------------------------------------
Segment assets $ 381,534 $ 835,714
Unallocated amounts:
Cash and cash equivalents 5,627
Restricted cash deposits 3,153
Other intangible assets not
attributable to reportable
segments 9,338
----------------------------------------------------------------------
Total assets $ 853,832
----------------------------------------------------------------------
The analysis of the Regional Services segment, which is managed on
a regional basis, is as follows:
The analysis of the Regional Services segment, which is managed on
a regional basis, is as follows:
---------------------------------------------------------------------------
UK Norway SEAME(a) Asia Pacific
-------------------------------------------------------------------------
For the quarter
ended August 31, 2000
Net operating
revenue $ 11,961 $ 13,378 $ 16,293 $ 6,451
(Loss) income
from operations $ (3,591) $ 1,431 $ (8,392) $ 454
For the nine months
ended August 31, 2000
Net operating
revenue $ 24,583 $ 30,705 $ 27,705 $ 16,041
(Loss) income
from operations $ (3,340) $ 2,760 $ (8,967) $ (8,898)
As of August 31, 2000
Segment assets $ 70,605 $ 29,826 $ 101,622 $ 31,199
--------------------------------------
North South
America America Total
--------------------------------------
For the quarter
ended August 31, 2000
Net operating
revenue $ 29,853 $ 12,139 $ 90,075
(Loss) income
from operations $ (2,684) $ 2,198 $ (10,584)
For the nine months
ended August 31, 2000
Net operating
revenue $ 76,798 $ 36,601 $ 212,433
(Loss) income
from operations $ (9,569) $ 5,486 $ (22,528)
As of August 31, 2000
Segment assets $ 162,545 $ 69,119 $ 464,916
UK Norway SEAME(a) Asia Pacific
-------------------------------------------------------------------------------------------------------
For the quarter
ended August 31, 1999
Net operating revenue $ 9,864 $ 16,081 $ 4,985 $ 10,416
Income (loss)
from operations $ 2,641 $ 1,341 $ 436 $ (799)
For the nine months
ended August 31, 1999
Net operating revenue $ 25,847 $ 43,998 $ 24,074 $ 28,204
Income (loss)
from operations $ 1,973 $ 2,782 $ 3,613 $ (1,867)
As of August 31, 1999
Segment assets $ 56,088 $ 29,026 $ 23,042 $ 34,337
North South
America America Total
-----------------------------------------------
For the quarter
ended August 31, 1999
Net operating revenue $ 41,103 $ 12,711 $ 95,160
Income (loss)
from operations $ (170) $ 4,453 $ 7,902
For the nine months
ended August 31, 1999
Net operating revenue $ 96,836 $ 35,671 $ 254,630
Income (loss)
from operations $ (5,040) $ 6,873 $ 8.334
As of August 31, 1999
Segment assets $ 209,565 $ 29,476 $ 381,534
(a) SEAME is defined as Southern Europe, Africa and the Middle East
Revenue can be split by geographical region as follows:
-------------------------------------------------------------------------
August 31, August 31,
For the quarter ended 2000 1999
-------------------------------------------------------------------------
UK $ 42,881 $ 57,530
Norway 34,631 48,308
Other North Sea 7,662 4,164
Asia Pacific 4,365 11,611
SEAME 142,660 5,801
South America (1) 11,325 12,681
North America 36,254 43,956
-------------------------------------------------------------------------
Total $ 279,778 $ 184,051
-------------------------------------------------------------------------
August 31, August 31,
For the nine months ended 2000 1999
-------------------------------------------------------------------------
UK $ 86,627 $ 150,837
Norway 120,493 109,533
Other North Sea 17,932 4,202
Asia Pacific 32,901 29,214
SEAME 286,804 46,608
South America(1) 39,607 44,182
North America 99,532 106,724
-------------------------------------------------------------------------
Total $ 683,896 $ 491,300
-------------------------------------------------------------------------
(1) Due to reclassification Reclassification The process of changing the class of mutual funds once certain requirements have been met. These requirements are generally placed on load mutual funds. Reclassification is not considered to be a taxable event. of certain revenue types, the year to date geographical split may not be a direct combination of the quarterly information. One customer accounted for more than 10% of revenue in quarter 3, 2000 and the year to date 2000. The revenue from this customer was $44.5 million for the quarter and $106.2 million for the year to date. This revenue is attributable to the Field Development, Conventional EPIC & Pipelay and Regional Services reportable segments. In quarter 3, 1999 one customer accounted 10% of revenue. The revenue from this customer was $26.7 million for the quarter and $65.0 million for the year to date. The revenue was attributable to Subsea Construction and Regional Services reportable segments. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion