Net profit for 2004 is USD 70.2 million as per IFRS, whereas the reported net profit under NGAAP was USD 65.6 million. The increase of USD 4.6 million relates primarily to the fact that goodwill is not amortised under IFRS, partly offset by higher pension and maintenance costs.
Book equity as at 31.12.2004 is USD 448.6 million as per the IFRS balance sheet, an increase of USD 14.7 million over the NGAAP equivalent. The increase is mainly due to differences relating to proposed dividends and goodwill, partly offset by higher pension liabilities.
More information can be found in the attached document.
Prosafe is the world's leading owner and operator of semi-submersible service rigs, a leading platform drilling contractor in Norway and a major owner and operator of floating production and storage vessels outside the North Sea. Operating revenues reached USD 470 million in 2004. The company employs approx. 1,450 people. Prosafe operates in the North Sea, South-East Asia, India, Egypt, West Africa and the Gulf of Mexico. The company is headquartered in Stavanger, Norway. Prosafe is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com.
Tananger, 26 April 2005
