Operating revenues in the quarter were USD 30.2 million (USD 27.1 million including a USD 1.3 million capital gain). Revenues in the quarter included a USD 2.5 million compensation from Maersk Oil Qatar Ltd relating to the redelivery condition of FSO Knock Nevis when her contract expired in August 2009. This was the final settlement of a dispute reported in previous quarters. EBITDA was USD 14.9 million (USD 11.4 million).
After depresiation of USD 8.3 million (USD 10.8 million) and USD 11.5 million as impairment write down on FSO Knock Dee the 2nd quarter operating loss (EBIT) was USD 4.9 million (profit USD 0.5 million). The Knock Dee impairment down to scrap value was taken in the quarter as the option to employ Knock Dee on a contract at the Pinauna field offshore Brazil expired without being declared.
Half year revenues including the compensation on Knock Nevis, were USD 57.9 million (USD 48.2 million) with an EBITDA of USD 26.4 million (USD 20.4 million). EBIT for the first six months was negative USD 1.7 million (positive USD 1.3 million).
Net financial expenses were USD 4.7 million (USD 0.7 million). For the half year net financial expenses were USD 8.6 million (USD 1.7 million). Net financial expenses were charged with USD 2.2 million inunrealized market-to-market revaluation of fixed rate interest swap and foreign exchange contracts in q2 and USD 3.3 million for the half year. Loss before tax was USD 9.6 million (loss USD 0.1 million) in the quarter and USD 10.3 million (loss USD 0.4 million) for the first six months.
Net loss after estimated tax was USD 11.4 million (loss USD 0.3 million) in 2nd quarter and half-yearly USD 14.4 million (loss 0.8 million).