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Sølvtrans ASA : First quarter results 2014


Date: 15 May 2014

Sølvtrans - First quarter results 2014

Sølvtrans reports operating revenues of NOK 78.3 million in the first quarter
of 2014, an increase of 11% compared to the first quarter last year. The
company has during the first quarter repaid the old fleet loan, and drawn up
new loan under the new agreement with DnB and Nordea. This new long-term
financing has resulted in a strengthening of the company's cash balance with
net NOK 137 mill.

Increased revenues of NOK 78.3 million, up from NOK 67.9 million last year, is
mainly due to the addition of the new well boat, Ronja Polaris, which came
into operation in October 2013. The operation profit was NOK 25.8 million, an
increase of 2 % from last year.

"We have during the first quarter laid a good foundation for the remainder of
the year. We have had five vessels at yards conducting regular maintenance
and certification work. Now I look forward to taking delivery of our new
vessel Ronjafisk in the third quarter. We continue to have a strong focus on
efficient operations of the vessels, which is essential for creating good
results", says Roger Halsebakk, CEO of Sølvtrans.

The utilization rate for the first quarter ended at 94 %, which is the same as
in the first quarter last year.

The construction of Ronjafisk goes according to plan, and the delivery of the
vessel will take place during the autumn this year.

Key figures

|mill NOK Q1-2014 Q1-2013 FY 2013 |
|Operating income 78.3 67.9 286.0 |
|Operating profit (EBIT) 25.8 25.3 104.9 |
|Profit before tax 11.3 24.0 90.6 |
|Utilisation rate % 94 % 94 % 98 % |
|Equity ratio % 31.5 % 34.2 % 34.0 % |
|Net interest-bearing debt 787.0 780.9 780.9 |
For more information, please contact:

Roger Halsebakk
CEO Sølvtrans ASA
Tel: +47 90 86 32 89

Jon Kvalø
CFO Sølvtrans ASA
Tel: +47 97 77 18 23

About Sølvtrans ASA

Sølvtrans ASA is one of the world's leading wellboat companies for
transportation of live salmon and trout.

The company is leading within the "closed technology", a cost efficient system
which also is positive for the environment and the animal welfare.

The fleet consists of 13 modern wellboats, mainly employed on long-term
contracts with leading fish-farming companies in Norway, Scotland, Canada and
Chile. The company has one wellboat of
3.200 m³ under construction, for delivery in the autumn of 2014.

Sølvtrans was established in 1986 and listed at the Oslo Axess in 2010. The
company has its head office in Ålesund, Norway.

For more information, please

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Solvtrans Q114
Presentation Q114
Stock exchangeENG


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Sølvtrans ASA via Globenewswire


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