Wednesday, July 15, 2009

FOE Q2

Fred the Driller(Fred Olsen Energy) reports Q2 and H1/09:

Revenues 1,873 million (+55%)
Operating profit 907 million (+83%)
Operating margin 48%
EPS 13.1 NOK (+92%)

P/E
(ttm) 4.45

Balance sheet

Assets
Current 4 884.4 million
Total 14 592.4 million

Liabilities
Current 2 143.1 million
Total 9 169.3 million

Equity 5 432.1 million

P/B 2.53

Outlook
"Despite a recovery of the oil price during the quarter we have seen little improvement in the activity among oil companies for increased activity in 2009 and first half of 2010. They are still aiming at cutting costs and reduce or postponed spending plans by trying to sub let drilling units and defer additional rig commitments. However, in a longer perspective, the balance between supply and demand for offshore floating drilling units is believed to be healthy."


Result release(.pdf)

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