Vermilion Energy records operating profits of €15.4m
ONE of the Corrib Gas Partners, Vermilion Energy, last year recorded operating profits of €15.4m.
New accounts filed show that Vermilion Energy Ltd recorded the operating profits after revenues increased by 38.6pc, going from €75m to €104m. The company did record a pre-tax loss of €5m after paying interest charges of €12m and incurring gas-hedging losses of €7.9m.
The pre-tax losses take account of non-cash depletion and depreciation of assets costs of €68.9m.
The Corrib Gas Partners are made up of Shell, which has a 45pc share in the field, with Statoil having a 36.5pc share and Canadian-owned Vermilion owning the remaining 18.5pc share.
However, in July of last year, Shell Ireland disposed of its shareholding to the Canadian Pension Plan Investment Board in a strategic partnership with Vermilion. That deal is potentially worth as much as €1.08bn.
As part of the agreement, Vermilion is to increase its stake to 20pc and become the operator of the project when the deal closes before the end of this year.
The directors state that the revenues from the development of the field will be sufficient to make the company profitable in future. At the end of December last, Vermilion had a shareholders’ deficit of €50.82m.