Viking Supply Ships AB (publ) Interim Report Q1 2020

Press release

18 May 2020

The financial net result was impacted by lower revenue and weaker development of financial items. Revenue decreased to MSEK 70 (78) for the quarter. EBITDA is negative for the quarter at MSEK -37 (-22). Due to net financial items of MSEK  -20 (positive 25), the net result was MSEK -78, which is MSEK 61 worse than corresponding quarter in 2019.

FIRST QUARTER                                                                                               

• Total revenue was MSEK 70 (78)
• EBITDA was MSEK -37 (-22)
• Result after tax was MSEK -78 (-17)
• Result after tax per share was SEK -8.4 (-1.8)

SUMMARY OF EVENTS IN Q1

• EBITDA for Q1 was MSEK -37 (-22).
• The average fixture rate in Q1 was USD 31,300 (41,800) and the average utilization was 31% (35).

SUBSEQUENT EVENTS

• The COVID-19 situation has given significant operational impact for all shipowners, with especially travel restrictions and quarantine regulations making daily operations more challenging. In addition, the market activity is impacted as several rigs have been suspended due to the situation. The reduced demand for oil has also created a significant uncertainty for the future market outlook within the OSV industry. As a result of these factors, VSS decided to put Loke Viking in temporary lay-up after the end of the quarter.
• After the end of the quarter, the Group has entered into a medium-term contract for Magne Viking with a major oil company in a harsh environment region. The vessel is expected to commence the contract in Mid-June, and the duration is 80 days firm + 80 days optional period.
• After the end of the quarter, Geir Karlsen was appointed Chief Operational Officer in the Group. He will be overall responsible for all operations within the Group and take part in the senior management team.

FOR FURTHER INFORMATION, PLEASE CONTACT

Trond Myklebust, CEO, ph. +47 95 70 31 78, e-mail trond.myklebust@vikingsupply.com

Morten G. Aggvin, CFO, ph. +47 41 04 71 25, e-mail morten.aggvin@vikingsupply.com

Viking Supply Ships AB is a world leading company within offshore and ice-breaking services, with activities primarily in Arctic and subarctic areas. The Company also has the operational and technical management for the five Swedish state owned ice-breakers (Swedish Maritime Administration). The Company’s series B share is listed at Nasdaq Stockholm, Small Cap segment. www.vikingsupply.com.  

This information is information that Viking Supply Ships AB is obliged to make public pursuant to the Securities Markets Act. The information was submitted for publication at 08:30 CET on 18 May 2020.