OSLO, Norway, Sept. 1, 2003 (PRIMEZONE) -- Northern Offshore Ltd. (Other OTC:NOFSF) reports consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) of USD 6.6 million for the second quarter of 2003, down from USD 7.6 million in the first quarter. Revenues decreased from USD 15.3 million in the first quarter to USD 13.1 million in the second quarter. The decrease was mainly due to Energy Searcher being off-hire between March 27 and May 16. Revenues from Northern Producer were in line with the first quarter.
Operating costs reduced by USD 1.1 million from USD 7.6 million in the first quarter to USD 6.6 million in the second quarter. The significant factor was the Energy Searcher's period of off-hire, which resulted in reduced operating costs in the second quarter.
The net loss for the second quarter of 2003 was USD 1.7 million compared to a net loss of USD 0.2 million for the first quarter. In addition to the change in EBITDA the main reasons for the increased loss include exchange losses of USD 0.2 million on the Company's NOK denominated Notes payable. In addition, interest payable increased by USD 0.3 million as a result of changes to interest rates contained in the various loan extensions announced in May.
The complete report is enclosed on the following link: http://reports.huginonline.com/915908/122547.pdf