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Viking Supply Ships AB: Viking Supply Ships AB Interim report Q2 2016

Press release


· Total revenue was MSEK 298 (553)
· EBITDA was MSEK 57 (86)
· Result after tax was MSEK -128 (36)
· Result after tax per share was SEK -0.7 (0.2)


· Total revenue was MSEK 617 (1,062)
· EBITDA was MSEK 124 (144)
· Result after tax was MSEK -168 (-35)
· Result after tax per share was SEK -0.9 (-0.2)


· With reference to the ongoing financial restructuring VSS A/S has
on 12 July signed the term sheet which had previously been agreed
with the banks. In August VSS A/S reached an agreement with the
bondholders' committee regarding a revised proposal for restructuring
of the bond issue and a bondholders' meeting will be summoned within
short. Subject to approval of the proposal at the bondholders
meeting, this finalizes the total financial restructuring of VSS A/S.

· EBITDA for Q2 was MSEK 57 (86).
· The average fixture rate in Q2 was USD 51,400 (58,500) for the
AHTS fleet and USD 0 (4,100) for the PSV fleet. The average
utilization in Q2 was 68% (75) for the AHTS fleet and 0% (22) for the
PSV fleet.

· As an effect of the deteriorated market conditions within the oil
& gas industry and as a measure to further strengthen the focus on
cost efficiency within VSS A/S, the Management has decided to close
the office in St. John's, Newfoundland with effect as of 28 April

· In May 2016, VSS A/S agreed the main principles for a
restructuring agreement with the bank lenders. Execution of a final
agreement in the form of a term sheet (the "Agreement") is pending
certain conditions precedent, including that an amended agreement is
negotiated and agreed with the bondholders in the senior unsecured
bond in VSS A/S and that terms for the bareboat charter of Odin
Viking are re-negotiated and amended.

· Due to the challenging market conditions, VSS A/S has recognized
an impairment loss during Q2 2016 of MSEK 145 related to the PSV

· TA AB has sold the two small bulk vessels TransAndromeda and
TransCapricorn. The transaction, which was concluded in May 2016,
brought positive cash effect of MSEK 24.

· After a short temporary leave Christian W. Berg is back in his
position as CEO of Viking Supply Ships A/S.


· VSS A/S has received an early termination notice of the contract
for the Ice-class 1A AHTS vessel Njord Viking. The vessel has been
working for Eni Norge in the Barents Sea and has also been part of
the extended towing-preparedness in the area on behalf of the
Norwegian Coastal Administration. The vessel was according to the
contract with Eni Norge firm until the end of 2016, with optional
periods of 2 x 6 months thereafter. According to the contract VSS A/S
will be entitled to a termination fee of approximately USD 13.300/day
for the remainder of the firm period. The termination represents a
loss of income during the remaining firm period of the contract of
MUSD 3.3 in 2016. VSS A/S will off-set this loss by marketing the
vessel in the North Sea spot market, while also searching for
alternative contracts for the vessel.


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