Drilling contractor Songa Offshore SE (OSE: SONG) reported fourth operating profit of 3.8 million USD loss before tax of 8.9 million USD and after tax profit of 35.8 million (EPS 0.21 USD) on a 44.6 million income tax credit. Fleet utilization was down to 86% in Q4 due to bad weather and repairs. In January the situation has rectified.
Order backlog has USD 4.39 billion of firm orders and 4.77 billion in options. An unsecured bond issue of 1.4 billion NOK was completed in November. Liquidity situation needs to be improved by third quarter this year and the company is considering various measures such as rig divestments and joint ventures to address that. The stock opened with a clear plus but has since dived to trade at -3%.
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