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Viking Supply Ships AB (publ) Year-end report 2019

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Press release 

13 February 2020

The financial net result improved by MSEK 178 from MSEK (-123) in the corresponding period in 2018 to MSEK 55 in the fourth quarter of 2019. Revenue increased to MSEK 156 (52) for the quarter, which was in line with the previous quarter. EBITDA is positive for the quarter at MSEK 63 (-51). For the full year 2019, revenue from continuing operations was MSEK 504, which is a significant improvement of the corresponding figure for 2018 (300). EBITDA for the full year 2019 was MSEK 114, while the net result was MSEK 52. Both EBITDA and net result are significant improvements of corresponding figures in 2018, when adjusting for the sale of Tor, Balder and Vidar.

Fourth quarter

  • Total revenue from continuing operations was MSEK 156 (52)
  • EBITDA from continuing operations was MSEK 63 (-51)
  • Result after tax including discontinued operations was MSEK 55 (-123)
  • Result after tax per share including discontinued operations was SEK 5.9 (-13.2)

Year-to-date

  • Total revenue from continuing operations was MSEK 504 (300)
  • EBITDA from continuing operations was MSEK 114 (2 382)
  • Result after tax including discontinued operations was MSEK 52 (1 751)
  • Result after tax per share including discontinued operations was SEK 5.5 (191.7)

Summary of events in Q4

  • EBITDA for Q4 from continuing operations was MSEK 63 (-51).
  • The average fixture rate in Q4 was USD 45,100 (17,500) and the average utilization was 70% (39).
  • Loke Viking has since May 2019 been on-hire to Gazprom for a medium term contract in the Pechora Sea. The contract was completed in late December, and the vessel has since been conducting periodical maintenance in Norway. The vessel is thereafter expected to return to the North Sea spot market.
  • As previously communicated, The Group has 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. 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 13 February 2020.

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