FINANCIAL REPORT. 3 rd Quarter 2006 Financial Statements DeepOcean ASA

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1 3 rd Quarter 2006 Financial Statements DeepOcean ASA Continued growth in 3rd quarter Operating revenues totalled MNOK Pro-forma revenues for the same period in 2005 was NOK (The effect of CTC Marine Projects is not included in any of these periods). EBITDA was MNOK 67.4 compared to pro-forma EBITDA of MNOK 35.3 in 2005 (not including CTC Marine Projects) All major projects have been in operation. The decommissioning project on Frigg was successfully completed One of the vessels operating in Mexico have been through some maintenance during the quarter Large efforts have been put in acquiring CTC Marine Projects in UK, which will give effects in 4th quarter Order book at the end of 3rd quarter was MNOK 2,100 (excluding CTC Marine Projects) Financial summary 3 rd quarter Acc. 3 rd quarter MNOK Change % Change % Revenues EBITDA Pre-tax profit The Oceanteam Group was acquired in August The 2005 numbers in the table above is presented on a proforma basis as if Oceanteam was consolidated from , to ease comparisons. CTC Marine Project accounts are not included in the proforma numbers in the summary table above. However, in the detailed tables at the end of this report the effect of CTC Marine Projects is included (please see below). Operations The third quarter for DeepOcean (DEEP) is characterized by ongoing operations in all major projects with satisfactory utilisation of the vessel fleet. During the period 10 vessels and 9 owned ROV-systems, in addition to 3 hired in ROVs, have been in operation. Both framework contracts with Statoil in the North Sea, the survey and the IMR contract, proceeded according to plan employing a total of four vessels. In addition, the trenching support project for Nexans was ongoing through the quarter with one vessel. The decommissioning project for Total on the Frigg field was completed successfully in the quarter. In Mexico, four vessels have been operating for Diavaz, and in the Holland/UK sector one vessel has been occupied with various spot works. Maintenance work on Acquanaut has caused some downtime during the quarter. DeepOcean has acquired the British trenching company CTC Marine Projects Ltd. The acquisition makes DeepOcean the world s leading provider of subsea trenching services. The accounts of CTC Marine Projects will be consolidated from October 1 st, Unless otherwise stated, the proforma accounts in this report is prepared to illustrate the effect on the financial statements as if acquisition had occurred on the first day in each period. The recruitment campaign that has been ongoing since 2005 continued in the third quarter. During the period 27 new employees have been recruited, which makes the total number of Page 1 of 7

2 employees in the Group approximately 300 persons (excluding employees of CTC Marine Projects). The recruitment activities will continue in order to increase the company s onshore and offshore manpower resources. During the third quarter, DeepOcean s investment program has continued with the delivery of 1 new work class ROV system. In addition, DeepOcean is in the process of investing in equipment to be mobilised onboard the new IMR vessel, which is estimated to be delivered in the end of Comments to the financial accounts Revenues and earnings in the third quarter show a significant increase compared to the same period in The main reason behind this positive development is the IMR project for Statoil, which was mobilised for the first time this season, and DeepOcean s generally increased capacity to run additional projects in all regions. The equipment acquired during the last year cause an increased fixed asset base, and thus increased the depreciation figures with MNOK 5.8 compared to Net finance has improved with MNOK 1.0 compared to the same quarter last year. The increase in the total balance is due to the new investments through the period, increased receivables due to the higher activity and increased cash position. Net interest bearing debt at the end of 3rd quarter amounted to MNOK (5.2), and the equity ratio on September 30th was 65%. Future outlook The North Sea market is expected to decline during the winter season (fourth and first quarter). However, operations in the Gulf of Mexico are expected to be stabile. The fourth quarter of 2006 will be affected by the acquisition of CTC Marine Projects, which will be consolidated from October 1st. Overall, DeepOcean believes the subsea service market for the remainder of 2006 and for 2007 to be strong. The company has an order book of about NOK 2.1 billion by the end of 3rd quarter Including CTC Marine Projects, the order back log is approximately NOK 2.5 billion. Since the end of the quarter extensions on charters in the Gulf of Mexico have increased the order back log with an additional NOK 250 million. Board of Directors DeepOcean ASA November 24th, 2006 Contacts: CEO Kåre Johannes Lie ( ) CFO Gerhard Skåleskog ( ) Page 2 of 7

3 3. kvartal 2006 rapport DeepOcean ASA Veksten fortsetter i 3. kvartal Driftsinntekter på MNOK 348,6. Proforma inntekt for samme periode i 2005 var NOK 191,4 (Effekten av CTC Marine Projects er ikke inkludert i noen av disse periodene) EBITDA var MNOK 67,4 sammenlignet med proforma EBITDA på MNOK 35,3 i 2005 (ikke inkludert CTC Marine Projects) Virksomhet i alle hovedprosjekter gjennom kvartalet Vellykket avslutning av decommissioning prosjektet på Frigg En av båtene som selskapet opererer i Mexico har gjennomgått vedlikeholdsarbeid/reperasjoner i løpet av kvartalet Det ble nedlagt mye arbeid i oppkjøpet av CTC Marine Projects i England som forventes å gi gode effekter på resultatene fra og med 4. kvartal. Ordreboken viser ved slutten av 3. kvartal MNOK (eksklusiv CTC Marine Projects) Finansiell oppsummering 3. kvartal Akkumulert 3. kvartal MNOK Endring % Endring % Inntekter EBITDA Resultat før skatt Oceanteam Gruppen ble kjøpt opp i August tallene i tabellen ovenfor er vist på en proforma basis som om Oceanteam var konsolidert fra , for å forenkle sammenligningen. CTC Marine Project regskap er ikke inkludert i proformatallene i den summariske tabellen ovenfor. I de detaljerte tabellene bak i rapporten er imidlertid effekten av CTC Marine Projects inkludert (vennligst se bak). Drift For DeepOcean (DEEP) er 3. kvartal preget av virksomhet i alle hovedprosjekter, med tilfredsstillende utnyttelse av flåten. I løpet av perioden har 10 skip, 9 egne ROVsystemer og 3 innleide ROVer vært i bruk. Begge rammekontraktene med Statoil i Nordsjøen, Survey og IMR kontrakten, har gått som planlagt hvor i alt 4 fartøyer er benyttet. I tillegg har trenche støtte prosjektet for Nexans pågått i hele kvartalet med ett skip. Decommissioning prosjektet for Total på Frigg feltet ble fullført med suksess i kvartalet. I Mexico har fire fartøyer vært i operasjon for Diavaz, og i Holland/Storbritannia har ett fartøy vært beskjeftiget med forskjellige spot jobber. Vedlikeholdsarbeidet/reperasjoner på Aquanaut har medført noe nedetid i løpet av kvartalet. DeepOcean har kjøpt det britiske trenche selskapet CTC Marine Projects Ltd. Dette oppkjøpet gjør DeepOcean til verdens ledende leverandør av undervanns trenche tjenester. CTC Marine Projects sine regnskap vil bli konsolidert inn i DeepOcean gruppen fra 1. oktober Hvis ikke annet er angitt, er proforma tallene i denne rapporten tatt med for å illustrere den regnskapsmessige effekten som om oppkjøpet hadde funnet sted første dag i perioden. Page 3 of 7

4 Rekrutteringsprogrammet som har pågått siden 2005 fortsatte i 3. kvartal. I løpet av dette kvartalet er 27 nye medarbeidere rekruttert, noe som bringer det totale antall ansatte i gruppen opp til ca. 300 (eksklusiv ansatte i CTC Marine Projects). Rekrutteringsprogrammet vil fortsette for å øke selskapets personell både på land og offshore. Gjennom 3. kvartal har DeepOcean sitt investeringsprogram fortsatt med levering av en ny WorkROV. I tillegg er selskapet i gang med investeringer i utstyr som skal installeres ombord i det nye IMR fartøyet som er planlagt levert i slutten av Kommentarer til regnskapet Både inntekter og fortjeneste viser i 3. kvartal en betydelig vekst sammenlignet med samme periode i Hovedforklaringen til denne positive utviklingen kan forklares med IMR prosjektet for Statoil, som har hatt sin oppstart i denne sesongen, samt generelt større kapasitet for DeepOcean til å operere flere prosjekter i alle regioner. Utstyret som er anskaffet gjennom det siste året danner en økt kapitalbase som forårsaker økte avskrivninger med MNOK 5.8 sammenlignet med Netto finanskoster er forbedret med MNOK 1,0 sammenlignet med same kvartal i fjor. Økningen i totalbalansen skyldes nyinvesteringer, økte kundefordringer pga. høyere aktivitet og en økt kontantbeholdning. Netto rentebærende gjeld ved utgang av 3. kvartal var på MNOK (5.2), og egenkapitalandelen pr. 30. september var 65 %. Fremtidsutsiktene Som vanlig forventes Nordsjømarkedet å være noe svakere gjennom vintersesongen (fjerde og første kvartal). Virksomheten i Mexicogulfen forventes imidlertid å være stabil gjennom denne perioden. 4. kvartal vil bli påvirket av oppkjøpet av CTC Marine Projects, som vil konsolideres inn i regnskapene fra 1. oktober Generelt tror selskapet på et sterkt subsea service marked for resten av 2006 og Selskapet har en ordrebok på ca. NOK 2,1 milliard ved utgang av 3. kvartal. Inkluderes CTC Marine Projects er ordreboken omtrent NOK 2,5 milliard. Etter utløpet av kvartalet har forlengelse på charter i Mexicogulfen økt ordrereserven med ytterligere MNOK 250. Styret i DeepOcean ASA 24. november 2006 Kontakter: CEO Kåre Johannes Lie ( ) CFO Gerhard Skåleskog ( ) Page 4 of 7

5 Income statement / Resultatregnskap MNOK Revenue Total revenue Project cost Employee benefits Other operating costs Total operating exp EBITDA Depreciation EBIT Net finance cost (0.0) (1.6) (5.1) (2.9) 3.0 Earnings before tax Taxes Net earnings Earnings per share Proforma Proforma Proforma Proforma Proforma MNOK Revenue Total revenue Project cost Employee benefits Other operating costs Total operating exp EBITDA Depreciation EBIT Net finance cost (6.1) (5.3) (17.1) (19.9) (18.6) Earnings before tax Taxes Net earnings Earnings per share Page 5 of 7

6 Balance sheet / Balanse Proforma Proforma Proforma 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 EQUITY AND LIABILITIES 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 7

7 Specification of changes in equity / Egenkapitalavstemming MNOK Equity at beginning of period Net earnings in period Capital increase Cost related to capital increase - (1.9) (18.1) Dividend - - (5.0) Cost of share-based payment - - (2.6) Currency translation differences Equity at end of period Cash flow statement / Kontantstrømsanalyse MNOK Cash flow from operations Cash flow from investment activities (34.5) 15.3 (33.0) Cash flow from financial activities (6.1) (22.9) Currency effects 0.8 (0.0) (0.0) Changes in cash over the period Cash at beginning of period Cash at end of period Segment information / Segmentinformasjon MNOK Survey/ IMR Trenching Other/ Total constr. elimin. Revenue 3rd quarter (2.8) EBIT 3 rd quarter (7.2) 50.1 Revenue 3 rd quarter EBIT 3 rd quarter (0.3) 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 will be included in the consolidated accounts from 1 October The 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 7 of 7