Cecon ASA presents its Consolidated Interim Financial Report for First Quarter 2012.

Marine Equipment Products and Services — By on May 16, 2012 at 6:54 PM

Cecon ASA presents its Consolidated Interim Financial Report for First Quarter 2012.

Highlights of Q1 2012:

•             Successful completion of installation offshore Nigeria

•             Revenues Q1: NOK 93.4 million

•             EBITDA: for Q1 NOK 22.9 million

•             Pro forma result: Profit after tax NOK 13.2 million, given consummation of the EDC buy-out and yard start-up

End Q1 2012 the Group completed the installation of four flexible pipelines and umbilical’s in waters offshore Nigeria, West Africa. The project was successfully executed using the Groups installation spread and offshore crew from a third party chartered vessel.

Subsequent events:

•             Acceptance from Export Development Canada (EDC) of the Group’s offer for a buy-out of the 1. priority loan

The Group has received a formal accept from EDC on the offer submitted by the Group to buy out the current USD 200 million loan together with unpaid interest. The Purchase price will be fixed as a one term payment during June 2012.

About Cecon ASA

Cecon is a subsea contractor involved in the fields of project management, engineering and subsea installation for the offshore oil and gas and renewables industry. Our business is to carry out contracts (both EPIC and T&I) in both the SURF market and the rigid pipelay/heavy lift market. Cecon has completed a range of projects worldwide primarily involving the installation of rigid and flexible pipelines, umbilicals and cables.

The newbuild DPIII pipelay /heavy lift vessel Sampson, together with the three newbuild subsea construction vessels, Cecon Pride, Cecon Excellence and Cecon Sovereign, create a very powerful high spec construction fleet. The Sampson combines rigid pipelay capacity (375 t tension) for deep water with a large crane capacity (1600t), and the new subsea construction vessels bring flex lay capacity upto 400t in various configurations, subsea AHC crane capacity upto 400t, and superb deckspace and below deck carousel capacity.

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