Financial report for the 1[st] quarter 2020
· The Company’s revenue in 2020 is expected to be negatively affected by the COVID-19 pandemic and sharp decline in the oil price. · On May 8th, 2020, Solstad signed a Restructuring Implementation Agreement with a vast majority of its creditors for a financial restructuring of the Group. Following implementation and effective date, this agreement will significantly improve the company’s overall ability to handle the uncertain markets ahead. · Revenues for the first quarter of 2020 was MNOK 1,203 vs MNOK 1,146 in 2019, while EBITDA (adjusted) for the first quarter was MNOK 284 vs MNOK