Update on financial situation in Viking Supply Ships AB

Press release

On 9 June 2016, Viking Supply Ships AB's subsidiary Viking Supply Ships A/S ("VSS A/S") was informed that Norseman Offshore AS has filed an application for bankruptcy against VSS A/S with the Maritime and Commercial High Court in Copenhagen. The company has not yet been officially notified of the petition by the Court. Norseman Offshore AS is the owner of the vessel Odin Viking which is on a bareboat charter with VSS A/S. The petition for bankruptcy is made on the basis of unpaid hire in an aggregate amount of approximately USD 2.5 million.

The parties have been in discussions for several months as part of the overall financial restructuring of the group. VSS A/S is of the view that there is no basis for the petition and will vigorously defend itself against it. VSS A/S will continue to pursue the process to achieve a restructuring of its debts as further described in the annual report for 2015.

The Q1 financial report which was scheduled for release today 08:30 will in light of the recent development be published later during today. The investor call scheduled for today 10:00 will be re-scheduled to Monday 13 June 10:00. 

For further information please contact:   

Christian W. Berg ,   CEO , ph. +45 41 77 83 80, e-mail christian.berg@vikingsupply.com  

Mo rten G. Aggvin ,   IR & Treasury Director , ph. +47 41 04 71 25, e-mail ir@vikingsupply.com  

Viking Supply Ships AB (publ) is a Swedish company with headquarter in Gothenburg, Sweden. Viking Supply Ships A/S is a subsidiary of Viking Supply Ships AB (publ). In addition Viking Supply Ships AB (publ) has the subsidiary TransAtlantic AB. The operations are focused on offshore and icebreaking primarily in Arctic and subarctic areas as well as on Shipping services mainly between the Baltic Sea and the Continent. The company has in total about 500 employees and the turnover in 2015 was MSEK 1,977. The company’s B-shares are listed on the NASDAQ Stockholm, Small Cap segment. For further information, please visit: www.vikingsupply.com  

Viking Supply Ships AB is obliged to make this information public according to the Financial Markets Act and/or the Financial Instruments Trading Act (Sw: lagen om värdepappersmarknaden and lagen om handel med finansiella instrument). The information was submitted for publication on 10 June 2016 at 08:30.  

About Us

Viking Supply Ships AB (publ) is a Swedish company with headquarter in Gothenburg, Sweden. Viking Supply Ships A/S is a subsidiary of Viking Supply Ships AB (publ). In addition Viking Supply Ships AB (publ) has the subsidiary TransAtlantic AB. The operations are focused on offshore and icebreaking primarily in Arctic and subarctic areas as well as on RoRo and container feeder services mainly between the Baltic Sea and the Continent. The company has in total about 800 employees and the turnover in 2014 was MSEK 3,190. The company’s B-shares are listed on the NASDAQ Stockholm, Small Cap segment. For further information, please visit: www.vikingsupply.com

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