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Polarcus’ 2Q Revenues Up 74 Pct (UAE)

Polarcus’ 2Q Revenues Up 74 Pct (UAE)| Offshore Energy Today

Polarcus Limited, a UAE-based owner of hi-tech seismic fleet has announced second quarter 2012 financial results.

The second quarter 2012 was characterized by improved market conditions. This was reflected in the high utilization of 89% in the quarter. Revenues increased largely due to having two more vessels in operation and profitability rose as a function of improved utilization.

Rolf Ronningen, CEO Polarcus, commented on the results: “The second quarter has seen the start of another very active North West Europe season giving rise to a healthy improvement in market conditions, with further stimulus expected to come from major license rounds in both the UK and Norway. Coupled with our continuing focus on operational performance and the efficient and timely delivery of Polarcus Amani and Polarcus Adira, Polarcus has delivered a record utilization in the quarter of 89%, up from 72% in the same quarter last year.”

 Looking ahead, Ronningen continued: “We continue to see tangible evidence of a globally developing market underscored by exceptionally high tender activity by the oil companies in the second quarter across all regions, including new exploration frontiers. We expect these tenders on award will contribute to maintaining a robust market outlook through the fourth quarter 2012 and first quarter 2013, effectively reducing some of the market’s traditional cyclicality.”

Highlights in the second quarter 2012:

Revenues of USD 114.3 million, up 74% from Q2 11

EBITDA of USD 42.9 million, up 157% from Q2 11

EBIT of USD 21.9 million, up 657% from Q2 11

Net Cash Flow from operating activities of USD 48.1 million

Polarcus Adira delivered on time and on budget

Fleet backlog extended to an estimated total value of USD 325 million

Vessel utilization at 89%, comprising Contract 81% and Multi-Client 8%

Repaid USD 55 million 13% bond and partly replaced by a USD 410 million fleet bank facility

Successful transfer of shares to the Oslo Stock exchange main list

Polarcus’ 2Q Revenues Up 74 Pct (UAE)| Offshore Energy Today.

USA: Vantage Drilling Reports Record Revenues

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Offshore drilling contractor, Vantage Drilling Company, reports a net loss of $9.3 million for the 4th quarter, 2011 as compared to a net loss of $13.0 million for the 4th quarter, 2010.

Net loss for the full year, 2011 was $54.8 million, excluding approximately $25.2 million of charges for the early retirement of debt as compared to a loss of $19.8 million in the prior year period, excluding approximately $27.8 million of acquisition and refinancing charges. Including the acquisition and refinancing charges, Vantage reported a net loss $80.0 million for the full year 2011 as compared to a net loss of $47.6 million in 2010.

The company reported record revenues of $485 million for full year 2011 compared to $278 million in 2010.

Paul Bragg, Chairman and Chief Executive Officer, commented, “We are very pleased to announce record annual revenues and income from operations. Vantage continues to deliver operational excellence. Our jackup fleet had outstanding productive time for the year in excess of 99% and the Platinum Explorer completed its initial year of operations with productive time in excess of 92%. Market conditions are improving, particularly for new, modern rigs like ours.”

Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with an owned fleet of four Baker Marine Pacific Class 375 ultra-premium jackup drilling rigs and the ultra-deepwater drillship, the Platinum Explorer, as well as an additional ultra-deepwater drillship, the Tungsten Explorer, now under construction. Vantage’s primary business is to contract drilling units, related equipment and work crews primarily on a dayrate basis to drill oil and natural gas wells. Vantage also provides construction supervision services for, and will operate and manage, drilling units owned by others. Through its fleet of seven owned and managed drilling units, Vantage is a provider of offshore contract drilling services globally to major, national and large independent oil and natural gas companies.

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USA: Helix’s Oil & Gas Revenues Rise on High Prices and Lift in Production

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Helix Energy Solutions Group, Inc., reported net income of $16.8 million, for the fourth quarter of 2011 compared with a net loss of $49.8 million, for the same period in 2010. Net income for the year ended December 31, 2011 was $129.9 million, compared with a net loss of $127.1 million, for the year ended December 31, 2010.

Owen Kratz, President and Chief Executive Officer of Helix, stated, “when filtering out the impairments, much of which were associated with declining economics on our natural gas properties, Helix booked another strong operational quarter and generated a relatively significant amount of free cash flow.”

Subsea Construction and Robotics revenues decreased in the fourth quarter of 2011 compared to the third quarter of 2011 primarily due to decreased utilization of our mobile pipelay equipment and lower activity levels at our onshore spoolbase facility. Overall our utilization rate for our owned and chartered vessels increased to 91% in the fourth quarter of 2011 from 86% in the third quarter of 2011. ROV and trenching utilization increased to 69% in the fourth quarter of 2011 compared to 67% in the third quarter of 2011.

Well Intervention revenues decreased in the fourth quarter of 2011 due primarily to lower day rate work performed in the North Sea coupled with the mobilization of the Well Enhancer to West Africa. Vessel utilization in the North Sea decreased to 96% in the fourth quarter of 2011 from 98% in the third quarter of 2011. Vessel utilization in the Gulf of Mexico (Q4000) was 100% in the fourth quarter of 2011. On a combined basis, vessel utilization decreased slightly to 98% in the fourth quarter of 2011 compared to 99% in the third quarter of 2011.

Oil and Gas revenues increased in the fourth quarter of 2011 compared to the third quarter of 2011 due primarily to slightly higher oil and gas production and higher oil prices. Production in the fourth quarter of 2011 totaled 2.24 MMboe compared to 1.95 MMboe in the third quarter of 2011.

The average price realized for oil, including the effects of settled oil hedge contracts, totaled $110.75 per barrel in the fourth quarter of 2011 compared to $100.93 per barrel in the third quarter of 2011. For natural gas and natural gas liquids, including the effect of settled natural gas hedge contracts, we realized $6.16 per thousand cubic feet of gas (Mcf) in the fourth quarter of 2011 compared to $6.15 per Mcf in the third quarter of 2011.

Oil and gas production has averaged approximately 24 thousand barrels of oil equivalent per day (Mboe/d) year-to-date through February 21, 2012, compared to an average of 24 Mboe/d in the fourth quarter of 2011.

Helix Energy Solutions Group, headquartered in Houston, Texas, is an international offshore energy company that provides development solutions and other key life of field services to the energy market as well as to its own oil and gas business unit.

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