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Viking Supply Ships AB (publ) Interim Report Q2 2020

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Press release 

20 August 2020

As with the previous quarter, the financial net result for the second quarter was negatively impacted by low oil price and the Covid-19 situation. Revenues for the second quarter decreased to MSEK 60 (111) and EBITDA was negative with MSEK -34 (6) The net result was MSEK -54 (-19). Year-to-date, revenue was MSEK 130 (189), while EBITDA was MSEK -71 (-16). The net result was MSEK -132 Year-to-date, down from MSEK -36 in the corresponding period in 2019.

SECOND QUARTER         

  • Total revenue was MSEK 60 (111)
  • EBITDA was MSEK -34 (6)
  • Result after tax was MSEK -54 (-19)
  • Result after tax per share was SEK -5.8 (-2.0)

YEAR-TO-DATE

  • Total revenue was MSEK 130 (189)
  • EBITDA was MSEK -71 (-16)
  • Result after tax was MSEK -132 (-36)
  • Result after tax per share was SEK -14.2 (-3.8)

SUMMARY OF EVENTS IN Q2

  • EBITDA for Q2 was MSEK -34 (6).
  • The average fixture rate in Q2 was USD 23,100 (32,300) and the average utilization was 28% (72).
  • The COVID-19 situation has significantly impacted the operations for all ship-owners, with especially travel restrictions and quarantine regulations making daily operations more challenging. In addition, the market activity has been 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 has during the quarter decided to put one of its AHTS vessels in temporary lay-up.
  • The Group has during the quarter entered into a medium-term contract for Magne Viking with a major oil company in a harsh environment region. The vessel commenced the contract in Mid-June, and the duration is 80 days firm + options representing additional 80 days.
  • Geir Karlsen was appointed Chief Operational Officer in the Group. He is overall responsible for all operations within the Group and is a member of the senior management team.
  • The Group has received termination of the management contract for Defender, the PSV the Group has been operating on behalf of Vard. The vessel has been returned to its owner after the end of the quarter.

SUBSEQUENT EVENTS

  • After the end of the quarter the Group has entered into a medium-term contract for Loke Viking with a major oil company in a harsh environment region. The contract is expected to commence in mid-November, with total duration being up till 165 days including options.

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 14 August 2020.

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