Revenue $583.6 million (+3.7%)
Net operating profit $73.3 million(-8.6%)
Pre-tax profit 91.0 million (+12.7%)
EPS(diluted) $0.38(+5.5%)
Balance Sheet on 31.12.2008
Assets
Current 892.0 million
Total $2,012 million (goodwill $98.5 million)
Liabilities
Current $648.7 million
Total $1,313 million
P/B, with today's market value(NOK 5.4 billion=$772 million) 1.11, 1.28 ex-goodwill.
P/E on 2008 earnings($1.74) 2.9
Backlog
Global backlog of $3.3 billion on 31.12.2008, which based 2008 revenues is ~17 month worth of revenue.
Outlook
"Whilst the market outlook will retain a degree of uncertainty for the medium term as a result of the current economic climate, there has been no dramatic deterioration in the subsea market sector. Current indications are that National Oil Companies and major operators are generally maintaining spending levels. The recent announcement from Petrobras advising of a projected increase in Exploration & Production spending over the next 5 years from USD 65 billion to USD 105 billion supports this view.
However, as expected, the anticipated spending of smaller operators has been reduced and, as a consequence, a number of development plans have been re-evaluated and deferred. This has particularly affected the UK Sector of the North Sea (Norway remaining stable) and the Gulf of Mexico where a number of tie-back projects have been postponed.
There are indications of decreases in costs throughout the supply chain and, in conjunction with this, the Company is focused on reducing its costs and improving efficiencies in order to remain competitive in the current market."
Report(.pdf)
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