The Board of Directors of Ability Drilling has approved the financial
statements for 2008. Compared to the preliminary results for 2008,
which was published on February 27, 2009, there are certain material
changes to the company's operating results, totaling to NOK 121.6
million, e.g. change from NOK - 260.3 million to NOK - 381.9 million,
related to the following items:
* Write-down of rigs increased with NOK 108.4 million, of which NOK
33 million is related to annualized value of rig 5 - 9, which the
company no longer believe will be effectuated, and NOK 75,4
million in reassessed value of other rigs.
* Other operating costs increased with NOK 13.2 million related to
increased loss provisions
The reassessment of values is a consequence of the latest conflict
escalation with supplier TTS.
For more details, see attached annual report where the changes are
commented both in the board of director's report and the accounts.
Contact person
Hans Petter Eikeland, tlf. + 47 932 08 177
Kenneth Tunes, tlf. + 47 915 44 901
This announcement was originally distributed by Hugin. The issuer is
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http://hugin.info/138570/R/1314091/305195.pdf
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