Stolt Offshore announces third quarter resultsNews // October 24, 2003
For the nine-month period ended August 31, 2003 the company reported a net loss of US$132.0 million, or US$1.42 per share, on net operating revenue of US$1.2 billion. This compares with a net loss of US$12.1 million, or US$0.14 per share, on net operating revenue of US$996.4 million for the same period last year.
Tom Ehret, Chief Executive Officer, Stolt Offshore, said: "A net loss for the quarter, while in line with our expectations, is still disappointing. That said, we are putting Stolt Offshore back on track and the Board is focused on returning the Company expeditiously to profit."
"Despite the demanding market conditions, experienced throughout the industry, we continued to make substantial progress on four fronts since the period end. We have taken important steps towards settlements on legacy contracts, implemented the bulk of the changes required under the Blueprint for recovery, we are working towards an agreement with the banks on financial restructuring and are making commercial progress in our target markets."
"We are on track to complete the worldwide implementation of the Blueprint model by November 30. The Board is targeting second half 2004 for improved earnings resulting from the Blueprint reforms.
"All of us at Stolt Offshore are working hard to complete this period of restructuring. We have excellent people, assets and systems in Stolt Offshore but it will take time to demonstrate our full potential. I am however, confident that we will succeed."