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Viking Supply Ships AB Interim Report January – March 2015

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First quarter 2015

  • Total revenue was MSEK 509 (729)
  • EBITDA was MSEK 58 (10)
  • Result after tax was MSEK -71 (-112)
  • Result after tax per share was SEK -0.4 (-0.8)

Summary of events in Q1

  • EBITDA for the first quarter was MSEK 58 (10), which is an improvement of MSEK 48 compared to last year.
  • A contract with an Oil-major for the charter of Brage Viking has been entered into. The vessel is firm until December 2017, with options to extend the contract until June 2019.
  • In order to remain competitive and reduce costs, management has decided to close down the Aberdeen office with effect from July 2015. The change in the organisation will reduce the overhead costs, and ensure that the financial position remains strong.
  • The average fixture rate for the AHTS fleet in Q1 was NOK 423,000 (390,000) and GBP 5,000 (10,000) for the PSV fleet. The average utilisation for the AHTS fleet for Q1 was 71% (68) and 33% (81) for the PSV fleet.
  • The sale of the small bulk vessel TransForte was concluded in February 2015. The transaction brought positive cash effects of net MSEK 3 after repayment of related ship loans.

Subsequent events

  • A new contract with an oil and gas company for Vidar Viking has been entered into. The vessel is now firm until August 2016, with options to extend the vessel until February 2017.
  • At Rederi AB Transatlantic’s (RABT) Annual General Meeting it was resolved, in accordance with the proposal of the Board of Directors, to amend the Articles of Association resulting in the change of name from Rederi AB Transatlantic to Viking Supply Ships AB (VSS AB). The Board of VSS AB has decided to appoint Christian W. Berg as CEO of VSS AB with immediate effect. Mr. Berg will also continue as CEO of the subsidiary Viking Supply Ships A/S (VSS A/S).

Earnings call

In conjunction with the publication of this interim report, an earnings call will take place on May 7, 2015 at 10.00 am (CET) with Viking Supply Ships AB’s CEO, Christian W. Berg and CFO Tomas Bergendahl. In connection with the conference, a presentation will be available on the company’s website, www.rabt.se. Please see Investor Relations/presentations.

Phone: +46 (0) 8 50520424

Password: Viking

  
Please dial in 5-10 minutes before the call starts.

  
Investor Relations
Christian W. Berg, CEO, ph. +45 41 77 83 80

Viking Supply Ships AB (publ) is a Swedish company with headquarter in Gothenburg, Sweden. Viking Supply Ships AB (publ) is organised into five segments: Anchor Handling Tug Supply vessels (AHTS), Platform Supply Vessels (PSV), Services, Ship Management as well as the subsidiary TransAtlantic AB. The operations are focused on offshore and icebreaking primarily in Arctic and subarctic areas as well as on RoRo and container feeder services mainly between the Baltic Sea and the Continent. The company has in total about 800 employees and the turnover in 2014 was MSEK 3,190. The company’s B-shares are listed on the NASDAQ Stockholm, Small Cap segment. For further information, please visit: www.rabt.se.

Viking Supply Ships AB is obliged to make this information public according to the Financial Markets Act and/or the Financial Instruments Trading Act (Sw: lagen om värdepappersmarknaden and lagen om handel med finansiella instrument). The information was submitted for publication on May 7th, 2015 at 08:30 am.

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Viking Supply Ships Q1 2015

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