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Viking Supply Ships AB (publ) Interim Report Q3 2019

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Press release

7 November 2019

The financial result improved from MSEK (-113) in the corresponding period in 2018 (adjusted for sale of Tor, Balder and Vidar) till MSEK 33 in the second quarter of 2019. Revenue has increased compared to both last quarter and corresponding period in 2018 totalling MSEK 159 (72) for the quarter. EBITDA is positive for the quarter at MSEK 67 (-20).

THIRD QUARTER

  • Total revenue from continuing operations was MSEK 159 (72)
  • EBITDA from continuing operations was MSEK 67 (2 476)
  • Result after tax including discontinued operations was MSEK 33 (2 227)
  • Result after tax per share including discontinued operations was SEK 3.5 (238.7)

YEAR-TO-DATE 

  • Total revenue from continuing operations was MSEK 348 (248)
  • EBITDA from continuing operations was MSEK 51 (2 433)
  • Result after tax including discontinued operations was MSEK -3 (1 874)
  • Result after tax per share including discontinued operations was SEK -0.3 (206.9)

SUMMARY OF EVENTS IN Q3

  • EBITDA for Q3 from continuing operations was MSEK 67 (2 476).
  • The average fixture rate in Q3 was USD 39,300 (27,100) and the average utilization was 89% (56).
  • Loke Viking has since mid-May been on-hire to Gazprom for a medium term contract in the Pechora Sea. The contract has now been extended, and the vessel is now firm till December, with further options to extend the contract till Mid-January. Njord Viking and Brage Viking were for the majority of the quarter on a medium-term charter with Shell UK, but returned to the spot market in mid-September.
  • Odin Viking was during the third quarter sold for MSEK 43. The sale did not have any material effect on the results. As the vessel did not have any mortgages the full amount has contributed positively to the Groups liquidity.
  • During the third quarter the Group entered into an agreement for commercial and operational management for a newbuilt, modern PSV. The vessel entered into operation in the beginning of September.

SUBSEQUENT EVENTS

  • After the end of the quarter, the Group in partnership with funds managed by Borealis Maritime, entered into a contract to purchase two ice-classed PSV vessels currently under construction. In addition to the partial ownership, the Group has been awarded full operational and commercial management of the vessels by Borealis Maritime. The vessels are set to deliver from the shipyard in Q4 2020 and Q1 2021 respectively.

 

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 7 November 2019.

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