BW Offshore: Interim Financial Report Q1 - 2006

The Bergesen Worldwide Offshore Group`s total revenue in Q1 2006 was USD 19.4 million compared to USD 6.9 million in the same period in 2005.
The Group had an EBITDA of USD 7.1 million in 1Q 2006 compared to USD 0.9 million in 1Q 2005.
The Group had an operating profit (EBIT) of USD 2.5 million and a net loss of USD 3.9 million in the first quarter of 2006, after an unrealised currency exchange loss of USD 1.0 million.
Investments in first quarter 2006 amount to USD 52.7 million, which mainly relate to ongoing conversion projects.
On 24 February 2006, the FPSO Berge Helene started operations at the Chinguetti Field, offshore Mauritania.
For further details, see enclosed Financial Statements and Management`s Discussion and Analysis for Q1 2006