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Annual report 2002
In 2002, Solstad Offshore ASA (Group) achieved operating revenues of NOK 1.010 mill. This is an increase of 16% compared to the previous year. Profit was NOK 327 mill, which is second best in the Company’s history. Booked equity at the turn of the year was NOK 1.910 mill (41%) equivalent to NOK 54 per share.
The increasing global demand for modern offshore service vessels was maintained during 2002. Brazil, West Africa, Gulf of Mexico, Mediterranean and the Far East/Australia have been significant areas for employment. Furthermore, it contributed to a high general utilization of the North Sea fleet (AHTS and PSV) at over 90%.
For Solstad Offshore ASA, the internationalization has continued, and in 2002 more than 50% of the revenues originated in activities outside the North Sea.
At the turn of the year, the fleet was composed of 28 vessels, whereof 2 newbuilds due for delivery in the beginning of 2003. In addition, the Company owns 50% of NorSkan Offshore Ltda., Brazil. This company has 2 vessels under construction for the Brazilian market and 1 vessel in operation.
TERMS AND CONDITIONS SOLSTAD OFFSHORE ASA · P.O.BOX 13 · N-4297 SKUDENESHAVN · NORWAY · T:(+47) 52856500 · FIRMAPOST@SOLSTAD.NO