Songa Offshore reported consolidated earnings results for the year ended December 31, 2014. For the period, the company reported operating revenue of $495 million against $562 million a year ago. EBITDA was $197 million against $213 million a year ago.

EBIT was $17 million against LBIT of $19 million a year ago. Net loss before tax was $57 million against $102 million a year ago. Net loss was $57 million or $0.07 per basic and diluted share against $159 million or $0.74 per basic and diluted share a year ago.

Cash flow from operations was $42 million against $46 million a year ago. The main reasons for the decrease are reduced working capital and higher fee expenditures related to financing of the Cat Ds. The main reason for the decrease in revenue, is the lower revenue contribution from the Songa Mercur and the Songa Venus, as well as the Songa Dee out of service period in relation to its SPS.

Net cash used in investing activities for the year was $126.3 million, compared to net cash received from investing activities of $367.5 million in 2013. This is mainly driven by the capital expenditures of $237.8 million related to the Cat D new-builds and the Songa Dee SPS, partly offset by the cash portion of the sale of the Songa Mercur and the Songa Venus of $112.5 million.