Change % 2006 Proforma

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1 4 th Quarter 2006 Financial Statements DeepOcean ASA Continued growth in 4Q. Significant positive effects from the acquisition of CTC. Operating revenue 4Q totalling MNOK (MNOK 252.0). EBITDA MNOK 96.3 (MNOK 36.1). The investment program continues with the acquisition of Deep Endeavour. Order backlog at the end of 4Q MNOK (MNOK 2 700) Financial summary 4th quarter Acc. 4 th quarter MNOK Change % Change % Revenues EBITDA Pre-tax profit The Oceanteam Group was acquired in August 2005, and the CTC Group was acquired in October The 2005 and 2006 numbers in the table above are therefore presented on a proforma basis as if Oceanteam and CTC were acquired from the beginning of each period, to ease comparisons. Operations DeepOcean had a relatively high operational activity level in the 4 th quarter, with a utilization rate above 90 % for the vessel fleet in all regions. The usual large decline in North Sea activities during the 4 th quarter did not occur. The activity level was also influenced by relative much trenching due to delayed projects from earlier in During the period 14 vessels, 7 owned ROV-systems and 5 ploughs/trenchers have been in operation, in addition to 3 hired in ROVs. To gain more synergy effects within the Group, the ROV fleet location is being restructured by moving one vehicle to Mexico to replace an external rented ROV. All major contracts have been performed without any large deviations from plan. Both the Statoil projects in the North Sea, the survey and the IMR contract, continued their successful performance through the quarter, employing a total of four vessels. In addition, the trenching support project for Nexans was ongoing through the period with one vessel. The Pipeline Repair System (PRS) project commenced in the period and was fully organised per January 1st In Mexico, four vessels have been operating for Diavaz, and in the Holland/UK sector one vessel has been occupied with various spot works. The maintenance work on Acquanaut which started in the 3 rd quarter, continued in October causing some downtime. CTC Marine Projects had two pipeline ploughing spreads and two jetting and trenching spreads working on various projects in the North Sea region. In addition, one vessel has been operating in the Middle East. The accounts of CTC Marine Projects have been consolidated from October 1 st, The proforma accounts in this report are prepared to illustrate the effect on the financial statements as if acquisition had occurred on the first day in each period. Page 1 of 8

2 The ongoing recruitment campaign has resulted in 25 new employees in the quarter (in addition to the CTC employed) bringing the total number of employees in the Group to 523 persons. Including contracted people, the Group employs over 600 persons world wide. The recruitment activities that started in 2005 will continue in order to increase the company s onshore and offshore manpower resources. During the fourth quarter, DeepOcean s investment program has continued with purchasing the vessel Deep Endeavour which operates in a project for Diavaz in the Gulf of Mexico. At year end the vessel went off hire to do some maintenance and upgrading work, which is expected to be finalised in the middle of February In its ongoing investment program DeepOcean is purchasing equipment to be mobilised onboard the three new-builds; the IMR-, the Surveyand the Trenching vessel, which are all planned to be delivered in the end of Comments to the financial accounts Revenues and earnings in the fourth quarter show a significant increase compared to the same period in 2005 (+ 322 MNOK). The main reason behind this positive development is the effects of the CTC acquisition and the IMR project for Statoil. The steadily increased asset base during the last year causes increased depreciation figures with MNOK 16.7 in the 4 th quarter compared to 2005 proforma. Net finance has worsened with MNOK 11.5 compared to the same quarter last year, which is mainly due to the financing facilities related to the purchase of CTC and Deep Endeavour. The increase in the total balance in the quarter is mainly caused by the acquisition of two main assets, the Deep Endeavour and CTC. The investments were financed by two equity increases of totally NOK 434 mill. (including the sale of 824,000 own shares), a bond of NOK 300 mill. and a bank facility. Besides this there has been an increase in receivables due to the higher activity level and late payments from clients in Mexico. Net interest bearing debt at year end amounted to MNOK (798.4), and the equity ratio at December 31st was 43%. Future outlook In general, DeepOcean believes the subsea service market in all segments to remain strong during The Group had an order book of about NOK 3.0 billion by the end of 4th quarter Since the end of the quarter, new orders and extensions on charters worldwide have increased the order backlog. Board of Directors DeepOcean ASA February 22nd, 2007 Contacts: CEO Kåre Johannes Lie ( ) CFO Gerhard Skåleskog ( ) Page 2 of 8

3 4. kvartal 2006 rapport DeepOcean ASA Veksten fortsetter i 4. kvartal. Betydelig effekt fra oppkjøpet av CTC. Total inntekt i kvartalet var MNOK (MNOK 252.0). EBITDA MNOK 96.3 (MNOK 36.1) Investeringsprogrammet fortsetter med oppkjøp av MV Deep Endeavour. Ordreboken ved slutten av 4. kvartal var MNOK (MNOK 2 700). Økonomisk sammendrag 4. kvartal Akk. 4. kvartal MNOK Change % Endring % Inntekt EBITDA Fortjeneste f.skattt Oceanteam Gruppen ble kjøpt opp i august 2005 og CTC Gruppen ble kjøpt opp i oktober og 2006 tallene i tabellen ovenfor er derfor presentert på en proforma basis som om Oceanteam og CTC var kjøpt opp i begynnelsen av hver periode, for å lette sammenligningen. Drift DeepOcean hadde en relativt høy operasjonell aktivitet i 4. kvartal, med en utnyttelsesgrad for skipene på over 90% i alle regioner. Den vanlige markerte nedgangen i Nordsjøaktiviteten i kvartalet kom ikke. Aktivitetsnivået ble også påvirket av relativ mye trenche aktivitet forårsaket av forsinkede prosjekter tidligere i Gjennom perioden ble det benyttet 14 skip, 7 egne ROV-systemer og 5 ploger/trenchere, i tillegg til 4 innleide ROVer. For å ta ut mer synergi i gruppen er ROV flåtens lokalisering restrukturert ved å overflytte en farkost fra Nordsjøen til Mexico for å erstatte en innleid ROV. Alle hovedkontrakter er utført uten vesentlige avvik fra våre planer. Begge Statoil prosjektene i Nordsjøen, survey og IMR kontrakten, fortsatte med vellykkede operasjoner i kvartalet hvor det ble anvendt 4 fartøyer. I tillegg ble trenching support prosjektet for Nexans utført i kvartalet med ett fartøy. Pipeline Repair System (PRS) prosjektet ble startet i perioden og var fullt organisert pr. 1 januar I Mexico har fire skip operert for Diavaz og i Holland/UK sektoren har et skip vært opptatt med diverse spot arbeid. Vedlikeholdsarbeidet på Acquanaut som startet opp i 3. kvartal fortsatte i oktober og forårsaket noe nedetid. CTC Marine Projects hadde to pipeline plog spread og to jetting og trenche spreads i arbeid i forskjellige prosjekter i Nordsjø regionen. I tillegg har ett skip vært i operasjon i Midtøsten. Regnskapet til CTC Marine Projects er inkludert i gruppens konsolidering fra 1. oktober regnskap i denne rapporten er laget for å illustrere effekten i regnskapene som om oppkjøpet var skjedd den første dag i hver periode. Page 3 of 8

4 Det pågående rekrutterings programmet har resultert i 25 nyansettelser i kvartalet, i tillegg til alle CTC ansatte som fulgte med oppkjøpet. Dette bringer antall ansatte i gruppen opp til 523 personer ved årets utgang. Inkluderes innleid personnel, sysselsetter gruppen over 600 personer verden rundt. Rekrutteringsaktivitetene som ble startet i 2005 vil fortsette for å øke selskapets personnel ressurser både onshore og offshore. Gjennom 4. kvartal har DeepOceans investeringsprogram fortsatt ved kjøp av skipet Deep Endeavour som opererer i et prosjekt for Diavaz i Mexico gulfen. Ved årets slutt gikk skipet off hire for å gå gjennom vedlikehold og oppgradering, noe som forventes avsluttet i midten av februar Investeringsprogrammet inkluderer også kjøp av utstyr som skal mobiliseres ombord i de tre nybyggene; IMR skipet, survey skipet og trenche skipet, som alle forventes levert i slutten av Kommentarer til regnskapet Inntekter og fortjeneste i 4. kvartal viser en betydelig økning sammenlignet med samme periode i 2005 (+ 322 MNOK). Hovedårsaken til denne positive utviklingen er effekten av CTC oppkjøpet og aktiviteten i IMR prosjektet for Statoil. Den stadig økende aktivabase, inklusive CTC oppkjøpet, har forårsaket økte avskrivninger med 16,7 MNOK sammenlignet med 4. kvartal 2005 proforma. Netto finans har forverret seg med MNOK 11.5 sammenlignet med samme kvartal sist år, som i hovedsak skriver seg fra finansieringen relatert til kjøpet av CTC og Deep Endeavour. Økningen i totalbalansen i kvartalet skyldes hovedsakelig kjøpet av Deep Endeavour og CTC. Investeringene ble finansiert gjennom to egenkapitalutvidelser på totalt NOK 434 mill. (inkludert salg av 824,000 egne aksjer), et obligasjonslån på MNOK 300 og et banklån. I tillegg har kundefordringer økt forårsaket av høyere aktivitet og forsinkede betalinger fra Mexico kunder. Netto rentebærende gjeld ved årets slutt beløp seg til MNOK (798.4). Egenkapital andelen pr. 31. desember var 43%. Fremtidsutsikter Generelt tror DeepOcean at subsea service market vil være sterkt gjennom 2007 i alle segmenter. Gruppen har en ordrebeholdning på circa 3 milliarder kroner ved utgangen av 4. kvartal i Etter avsluttet kvartal har nye kontrakter og utvidelse av eksisternede charters økt ordrebeholdning. Contacts: CEO Kåre Johannes Lie ( ) CFO Gerhard Skåleskog ( ) Styret i DeepOcean ASA 22. februar 2007 Page 4 of 8

5 Income statement / Resultatregnskap MNOK Revenue Total revenue Project cost Employee benefits Other operating costs Total operating exp EBITDA Depreciation EBIT Net finance cost (14.9) 5.9 (3.4) Earnings before tax Taxes Net earnings Earnings per share MNOK Revenue Total revenue Project cost Employee benefits Other operating costs Total operating exp EBITDA Depreciation EBIT Net finance cost (20.1) 3.0 (45.4) (37.3) Earnings before tax Taxes Net earnings Earnings per share Page 5 of 8

6 Balance sheet / Balanse MNOK ASSETS Intangible fixed assets Tangible fixed assets Financial assets Total fixed assets Trade receivables Cash and cash equivalents Other current assets Total current assets TOTAL ASSETS MNOK Subscribed equity Retained earnings Total equity Long term debt Other long term liabilities Total long term liabilities Payables Short term debt Other short term liabilities Total short term liabilities TOTAL EQUITY AND LIABILITIES Page 6 of 8

7 Specification of changes in equity / Egenkapitalavstemming MNOK Equity at beginning of period Net earnings in period Capital increase Cost related to capital increase (13.1) (16.2) (13.3) (18.1) Hedging instruments (6.9) - (6.9) Dividend (5.0) Cost of share-based payment - (2.6) - (2.6) Currency translation differences (8.8) 9.5 (21.5) 11.7 Equity at end of period Cash flow statement / Kontantstrømsanalyse MNOK Cash flow from operations Cash flow from investment activities ( ) (41.3) ( ) (33.0) Cash flow from financial activities Currency effects (0.0) Changes in cash over the period (15.6) (169.3) Cash at beginning of period Cash at end of period Segment information / Segmentinformasjon MNOK Survey/ IMR Trenching Other/ Total constr. elimin. Revenue 4th quarter EBIT 4th quarter (18.1) 58.5 Revenue 4th quarter EBIT 4th quarter (16.8) 18.8 Revenue EBIT (41.9) Revenue EBIT Summary of significant accounting principles As from 1 January 2005, the company prepares its financial statements in accordance with International Financial Reporting Standards. This interim report is prepared in accordance with IAS 34. The consolidated financial statements have been prepared based on a historical cost convention, modified by the revaluation of financial assets and liabilities at fair value through profit and loss. The accounts of Oceanteam AS and its subsidiaries have been included in the consolidated accounts of DeepOcean ASA from 1 August 2005, and the accounts of CTC Marine Projects Ltd. and its subsidiary is included in the consolidated accounts from 1 October The Page 7 of 8

8 proforma financial information has been produced to illustrate the effect on the financial statements as if the business combination between the DeepOcean Group, the Oceanteam Group and the CTC Marine Projects Group had occurred on the first day in each period. Page 8 of 8