Update on financial situation in Viking Supply Ships A/S

Press release

Reference is made to previous stock exchange releases regarding the ongoing discussions with the company’s stakeholders to agree a revised long term financial platform.

The in-principle agreement with the banks as previously informed has now been finalized, but remains subject to final credit committee approval. The company will continue its negotiations with its investors and remaining financial creditors with an aim to reach a final agreement with them as well.

In accordance with the principle agreements with the banks, the company will not fully pay interest, amortizations or other commitments to neither its financial creditors nor under the Odin Viking bareboat charter contract, other than where an agreement for a long term financial platform has been reached. As a consequence of this, the company has received a notice of default from Nordic Trustee (on behalf of the bondholders).

The company has for some time been engaged in a dialogue with a few core bondholders and their advisor. The company would like to invite all bondholders to engage in such dialogue to reach an agreement, and ask that the holders of the bonds contact Nordic Trustee on the contact details below.

If an acceptable solution is not reached with all relevant financial creditors, Viking Supply Ships will consider all structural and strategic alternatives.

Contact details to Nordic Trustee:

Jørgen Andersen

Tel: +47 22 87 94 00

Email: Andersen@nordictrustee.com

For further information please contact:  

Ulrik Hegelund, CFO, ph. +45 41 77 83 97, e-mail ulrik.hegelund@vikingsupply.com 

Morten 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 24 June 2016 at 11:10.