18th Sep 2009 07:00
Cosalt plc
("Cosalt" or the "Group")
Interim Management Statement
Cosalt (www.cosalt.com), the leading provider of critical safety equipment and services for the Offshore Oil & Gas and Marine industries, announces its Interim Management Statement in respect of the period from 3 May 2009 to 17 September 2009.
During the third quarter to 3 August 2009, revenues in Cosalt Marine were at a level consistent with the comparable period last year at £15.5 million whilst Cosalt Offshore saw revenues increase by 28% to £12.5 million.
Trading to date in the second half has remained in line with Board expectations.
During the period, the Group has been awarded a number of contracts including:
A three-year contract with BP, worth up to £4.5 million each year, to supply all lifting equipment to BP and its subcontractors in the North Sea.
A three-year extension to its existing contract with CNR for lifting and inspection services in the North Sea.
A one-year contract for crane inspection services with Subsea 7 in Norway.
Following the approval of the Placing and Open Offer and Firm Placing at the General Meeting on 1 September 2009, the Group has received the net proceeds of £17.1 million which has enabled it to reduce net indebtedness and achieve a more stable, long term funding structure. The strengthened financial position will facilitate the long term development of the Group's strategy.
The Board is confident of the long term prospects for Cosalt and believes the Group is well placed to take advantage of both specific opportunities in its offshore and marine markets and a general upturn in economic activity.
18 September 2009
ENQUIRIES:
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Cosalt plc |
Tel: 01472 504504 |
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Mark Lejman, Chief Executive |
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Mike Reynolds, Finance Director |
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College Hill |
Tel: 020 7457 2020 |
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Mark Garraway |
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Adam Aljewicz |
For further information, visit the website www.cosalt.com
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