Financial report for the 1st quarter 2022

Mon, May 09, 2022 20:09 CET

High order intake in 1Q 2022, with signed new contracts worth approximately NOK 2.6 billion. The market outlook for the Company’s services continue to improve.
During the quarter, 78 vessels have been in operation at an average utilization of 81 precent.
The quarter affected by high maintenance and docking activity.
Revenues for 1Q 2022 decreased by 7% to MNOK 1,245 vs MNOK 1,337 in 1Q 2021. Adjusted EBITDA decreased by 52% to MNOK 208 vs MNOK 432 in 1Q 2021.
The decrease in revenue and EBITDA is due to a one-time termination fee of MNOK 378 booked in 1Q 2021. Adjusted for this, revenue and EBITDA in 1Q 2022 increased compared to last year.
The divestment program of non-strategic vessels has been completed and represent a total reduction of the Company’s debt by approximately MNOK 778.

Skudeneshavn, May 9^th, 2022

Contacts
Lars Peder Solstad CEO, at +47 91 31 85 85
Kjetil Ramstad CFO, at +47 90 75 94 89

This information is subject of the disclosure requirements according to the Norwegian Securities Trading Act section § 5-12.