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Viking Supply Ships AB (publ) Interim report Q2 2018

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Press release

10 August 2018

SECOND QUARTER

  •  Total revenue from continuing operations was MSEK 92 (81)
  •  EBITDA from continuing operations was MSEK -29 (-44)
  •  Result after tax including discontinued operations was MSEK -268 (-99)
  •  Result after tax per share including discontinued operations was SEK -28.7 (-23.8)

YEAR TO DATE

  •  Total revenue from continuing operations was MSEK 176 (171)
  •  EBITDA from continuing operations was MSEK -60 (-101)
  •  Result after tax including discontinued operations was MSEK -353 (-101)
  •  Result after tax per share including discontinued operations was SEK -39.5 (-24.5)

SUMMARY OF EVENTS IN Q2

  •  EBITDA for Q2 from continuing operations was MSEK -29 (-44).
  •  The average fixture rate in Q2 was USD 33,400 (22,000) for the AHTS fleet and USD 0 (0) for the PSV fleet. The average utilization in Q2 was 68% (40) for the AHTS fleet and 0% (0) for the PSV fleet.
  •  In late 2016 Viking Supply Ships entered into a strategic cooperation with Sevnor Ltd. to explore future market opportunities in the Russian market. Both parties are satisfied with how the cooperation has worked and have thus decided to further develop the cooperation. As a result, Mr. Tom Babinski, Chief Commercial Officer (CCO) in Sevnor will as of now also act as CCO for Viking Supply Ships. Viking Supply Ships will as part of the cooperation also provide certain services to Sevnor.
  •  Viking Supply Ships has during the second quarter entered into an agreement to sell the three medium sized PSV-vessels Freyja Viking, Nanna Viking and Sol Viking. Because of the sale of the three vessels an impairment loss of MSEK 172 (MUSD 19.7) was recognized on the PSV-fleet during the second quarter. The sale will have no impact on the Group´s liquidity (for further information see note 2 and 5). Viking Supply Ships has a clear ambition to sell the last two vessels and has consequently classified the PSV segment as discontinued operations as of Q2.
  •  Morten G. Aggvin was appointed interim CFO in Viking Supply Ships AB and Viking Supply Ships A/S with effect from 1 July 2018.
  •  In accordance with the previously communicated decision to relocate the Copenhagen office to Kristiansand, Norway, the existing office in Denmark was closed in late June. However, until the vessels can be formally sold to its new Norwegian entities, Viking Supply Ships A/S will continue to operate its fleet from Copenhagen. A new office has been acquired together with an interim management team. It is expected that the exit from Denmark can be fully completed during second half of 2018.

For further information, please contact:  

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

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

Viking Supply Ships AB is the parent company of a Swedish shipping group with its main office in Gothenburg, Sweden. The Group conducts its business in three segments: Anchor Handling Tug Supply ships (AHTS), Services and Ship Management. The business is focused within offshore and ice-breaking primarily in Arctic and subarctic areas. The Group has approximately 400 employees and its revenue for 2017 amounted to MSEK 331. The Company’s series B share is listed at Nasdaq Stockholm, Small Cap segment. For further information, please visit: 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 16:10 CET on 10 August 2018.

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