Hunter Group ASA - Q3 2017 report

Highlights

  • Increased attention from the market with respect to WOR and well intervention cantilever (WIC) due to enhanced value proposition
  • Change in sales focus towards high value products and systems, materializing in increased opportunities, however with longer decision processes
  • Sound cash collection in Dwellop, documenting results of implemented account receivable follow-up – Q3 2017 cash position NOK 287m, equal to Q2 2017 cash position
  • Concluded reorganization and cost reduction in Indicator AS, providing minimal costs going forward 
  • Business opportunities for Indicator currently being evaluated 
  • No material development in the patent infringement accusations from WellPartner. Hunter Group is, as disclosed earlier, held harmless should a negative outcome materialize. Management still believes that these accusations will not impact the business negatively
  • Continuously in process of assessing transactions 

Financial highlights

  • Total consolidated revenues was NOK 10m in Q3 2017 and NOK 33m YTD 2017 (Dwellop included from May 2017).
  • EBITDA was negative with NOK 9m in Q3 2017 and negative with NOK 20m YTD 2017.
  • EBIT was negative with NOK 12m in Q3 2017 and negative with NOK 97m YTD 2017, including a write off of NOK69m (please see note 3 for further details).
  • Net income was negative with NOK 13m in Q3 2017, equivalent to negative earnings per share of NOK 0.01. Net income YTD 2017 was negative with NOK 79m equivalent to negative earnings per share of NOK 0.08.
  • Cash position as of 30.09.2017 was NOK 287m, identical to last quarter, and total interest bearing debt was NOK 16m.

Hunter Group ASA invites to a presentation of its 3q 2017 results Thursday 16. November 2017 at 09.00. The presentation will be held by Vegard Urnes, Ola Beinnes Fosse and Eirik Bergsvik and will take Place at ABG Sundal Collier, Munkedamsveien 45, Oslo. RSVP to carine.kyrkjebo@abgsc.no. Please provide your name, company, contact information and any comments you may have regarding the event. 

This information is subject of the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.

Oslo, 15. November 2017

For further information, please contact:
Vegard Urnes, interim CEO, +47 90 58 54 32, vu@huntergroup.no
Ola Beinnes Fosse, CFO, +47 97 53 12 27, obf@huntergroup.no

Tags:

About Us

The Badger Explorer is a technology for exploring and mapping hydrocarbon resources. The tool is equipped with logging sensors and communication solutions. The tool drills into and buries itself in the underground. It operates at a lower risk, lower costs and less complexity than a drilling rig.