Viking Supply Ships AB Interim report Q2 2016

Press release


  • Total revenue was MSEK 298 (553)
  • EBITDA was MSEK 57 (86)
  • Result after tax was MSEK -128 (36)
  • Result after tax per share was SEK -0.7 (0.2)


  • Total revenue was MSEK 617 (1,062)
  • EBITDA was MSEK 124 (144)
  • Result after tax was MSEK -168 (-35)
  • Result after tax per share was SEK -0.9 (-0.2)


  • With reference to the ongoing financial restructuring VSS A/S has on 12 July signed the term sheet which had previously been agreed with the banks. In August VSS A/S reached an agreement with the bondholders’ committee regarding a revised proposal for restructuring of the bond issue and a bondholders’ meeting will be summoned within short. Subject to approval of the proposal at the bondholders meeting, this finalizes the total financial restructuring of VSS A/S.
  • EBITDA for Q2 was MSEK 57 (86). 
  • The average fixture rate in Q2 was USD 51,400 (58,500) for the AHTS fleet and USD 0 (4,100) for the PSV fleet. The average utilization in Q2 was 68% (75) for the AHTS fleet and 0% (22) for the PSV fleet. 
  • As an effect of the deteriorated market conditions within the oil & gas industry and as a measure to further strengthen the focus on cost efficiency within VSS A/S, the Management has decided to close the office in St. John’s, Newfoundland with effect as of 28 April 2016.
  • In May 2016, VSS A/S agreed the main principles for a restructuring agreement with the bank lenders. Execution of a final agreement in the form of a term sheet (the “Agreement”) is pending certain conditions precedent, including that an amended agreement is negotiated and agreed with the bondholders in the senior unsecured bond in VSS A/S and that terms for the bareboat charter of Odin Viking are re-negotiated and amended. 
  • Due to the challenging market conditions, VSS A/S has recognized an impairment loss during Q2 2016 of MSEK 145 related to the PSV fleet.
  • TA AB has sold the two small bulk vessels TransAndromeda and TransCapricorn. The transaction, which was concluded in May 2016, brought positive cash effect of MSEK 24.
  • After a short temporary leave Christian W. Berg is back in his position as CEO of Viking Supply Ships A/S.


  • VSS A/S has received an early termination notice of the contract for the Ice-class 1A AHTS vessel Njord Viking. The vessel has been working for Eni Norge in the Barents Sea and has also been part of the extended towing-preparedness in the area on behalf of the Norwegian Coastal Administration. The vessel was according to the contract with Eni Norge firm until the end of 2016, with optional periods of 2 x 6 months thereafter. According to the contract VSS A/S will be entitled to a termination fee of approximately USD 13.300/day for the remainder of the firm period. The termination represents a loss of income during the remaining firm period of the contract of MUSD 3.3 in 2016. VSS A/S will off-set this loss by marketing the vessel in the North Sea spot market, while also searching for alternative contracts for the vessel.

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: