Petrojarl ASA (OSE: PETRO) announced today that it has consented to the sale by Alliance & Leicester of a controlling interest in the leasing company (the "Lessor") containing the UK finance lease of the topsides and other equipment of the Petrojarl Banff (the "Lease"). The Lessor has been sold to a subsidiary of Dresdner Bank AG ("Dresdner").
Following the sale, Dresdner may effect certain restructurings of the Lease, none of which will adversely impact upon Petrojarl. Petrojarl has received a Dresdner indemnity in respect of these restructurings.
As part of the consent process, Petrojarl has negotiated improvements to the terms of the Lease, primarily that any termination of the Lease will be at nil cost to Petrojarl and that Petrojarl will no longer need to make interest variation payments with respect to the Lease. Petrojarl will be releasing the liability currently recorded in the balance sheet for such interest variation payments, which was USD 9.4 million at 30 June 2006. The released liability will be recorded as financial income in Petrojarl Q3 2006 accounts.
**** The information included herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on various assumptions made by the Company which are beyond its control and are subject to certain additional risks and uncertainties. As a result of these factors, actual events may differ materially from those indicated in or implied by such forward-looking statements. Petrojarl ASA is one of the largest operators of floating production storage and offloading vessels in the North Sea. Petrojarl owns and operates four FPSO vessels in addition to operating two shuttle tankers and one storage tanker. Petrojarl is currently evaluating projects outside of the North Sea and has ambitions to double its fleet within 2010. Petrojarl's revenues for the year ended 31 December 2005 amounted to USD 280.7 million. The company employs approximately 524 people. The headquarters are located in Trondheim. Petrojarl also has an operations office in Aberdeen. For more information about Petrojarl visit www.petrojarl.com.
FOR DETAILS, CONTACT:
Erik Evjen Chief Financial Officer Phone: +47 48264314
Viðskiptablaðið er 25 ára og af því tilefni býðst nýjum áskrifendum að kaupa áskrift á 50% afslætti.
Afmælisverðið er aðeins 2.500 krónur.
Tilboðið er fyrir nýja áskrifendur. Núverandi áskrifendur geta bætt við sig áskrift á þessu verði. Gildir í 4 mánuði. Áskrifendur fá Viðskiptablaðið, Frjálsa verslun og Fiskifréttir sent ásamt vefaðgangi að vb.is og fiskifrettir.is