Annual Report 2013 for Songa Offshore SE

Annual Report 2013 for Songa Offshore SE

Please note that following the agreement with Opus Offshore for the sale of the two drilling rigs Songa Mercur and Songa Venus on 25 April 2014, the following adjustments have been made in the 2013 financial statements compared to the fourth quarter 2013 interim reporting:
The two rigs have been valued at an estimated net selling price of USD 180 million in accordance with the requirements of IFRS, and have been classified as short term assets held for sale. An additional impairment loss of USD 20 million has thus been recognized in the 2013 financial statements
Non-current Bank loans of USD 24.3 million have been reclassified to Current Bank loans, reflecting mandatory loan prepayment under the loan facility
A non-cash tax expense of USD 21.8 million related to Norwegian exit tax has been provided for
Annual Report
songa

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