Consolidated Interim Financial Report Q3/23.11.2011
23.11.2011
Highlights of Q3 2011:
- Davie Yards Inc. assets acquired by Davie Canada Inc., subsidiary of Upper Lakes Group
- Cecon’s existing shipbuilding contracts transferred to new yard operating company
- Revenues Q3: NOK 0.037 million
- EBITDA: NOK -35.648 million end Q3, for Q3 NOK -12.052 million
- Loss for the period: NOK 43.431 million whereof NOK 33.871 million is non-capitalized interest on vessels under construction loan
- Profit end Q3: NOK 232.084 million
Subsequent events:
- NOK 100 mill Subsea Installation Contract in West-Africa awarded
- Prospectus approved by the Financial Supervisory Authority of Norway
- Davie takeover completed. New financial structure and new owner in place.
- Renegotiation of amendments to existing shipbuilding contracts commenced
- Smaller part-payments from earlier clients have been received
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For further information contact:
CFO - Ivar Halvorsen - Phone: (+47) 48132245
