Report 2nd quarter 2019

  •  Revenues for the second quarter of 2019 was MNOK 1,372 vs MNOK 1,359 in 2018, while Adjusted EBITDA amounted to MNOK 440 vs MNOK 356 in 2018
  •  Adjusted EBITDA improvement of MNOK 216 in 1H 2019 (MNOK656 vs MNOK440)
  •  Equity per June 30th negative with MNOK 1,655
  •  The activity level in the market shows some signs of improvement
  •  Agreement with certain financial creditors to suspend and defer payments of principal and interest extended until October 31th, 2019

Skudeneshavn, August 28th, 2019

Contacts
Lars Peder Solstad CEO, at +47 91 31 85 85
Anders Hall Jomaas CFO, at +47 40 04 29 18

Solstad Offshore ASA
www.solstad.com

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

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About Us

Philosophy, Objectives and StrategiesSolstad Offshore ASA’s (SOFF) philosophy is to run a profitable and integrated shipping company with high specification vessels in its market segment, using owned or chartered vessels. The core business is to offer services to petroleum related offshore activities.The Company aims to be a significant player and offer a wide range of services based on high quality vessels, equipment and maritime personnel with extensive experience. In the North Sea the aim remains to be one of the heavy weights in the industry, and internationally, a major player in deep waters, subsea- and construction related activities. Based on extensive market knowledge and maritime experience within the offshore industry, SOFF will continuously seek for profitable investments in areas closely related to the core business. The Company continues to focus on Health, Safety and Environment (HSE) as well as profitability and aims to meet the targets set in these areas. The most important target within HSE is to avoid injury to personnel and equipment, and any uncontrolled spillage from the vessels. SOFF’s strategy is to be customer-focused and deliver high quality services in accordance with customer demands and furthermore to actively develop services in close co-operation with existing and new customers. In general, the Company manages the total operation of the vessels including freight, crewing and technical management. The Company will evaluate where it is possible to operate cost effective operations with an optimal return on capital employed, in co-operation with suppliers and clients, particularly with a view to long-term strategic co-operations. This co-operation is important with regards to both risk and capital injection.