Bli medlem
Bli medlem

Du är här


Viking Supply Ships AB: Viking Supply Ships A/S Interim Report Q3 2016 and update on financial restructuring

Press release

Total revenue for Q3 was MUSD 27.6 (27.2), of which vessel operations
contribute with MUSD 23.5 (24.5) and Services and Ship Management
segments contribute with MUSD 4.1 (3.7). The EBITDA for Q3 was MUSD
10.4 (5.7).

The operating result (EBIT) for Q3 was MUSD -1.2 (-21.9). The net
result for Q3 was MUSD -9.0 (-29.5). The result for Q3 was negatively
impacted by an unrealized currency loss of MUSD 5.0 (loss of 3.9) and
an impairment loss on the PSV fleet of MUSD 6.5 (loss of 21.9).

The average fixture rate in Q3 was USD 53,300 (49,300) for the AHTS
fleet and USD 0 (5,700) for the PSV fleet. The average utilization in
Q3 was 65% (63%) for the AHTS fleet and 0% (39%) for the PSV fleet.
These figures exclude the laid-up vessels.

On 18 October 2016, a bankruptcy petition was approved towards the
owner of Odin Viking, Norseman Offshore AS. On 9 November, Odin
Viking SPV AS, a company owned by Kistefos AS, concluded on an
agreement with the bankruptcy trustee, where after Odin Viking SPV AS
purchased Odin Viking and acquired the bareboat charter party. On 9
November 2016, Odin Viking SPV AS and VSS A/S concluded on an
agreement to amend the terms in the bareboat charter party, including
a significant reduction in the bareboat rate.This finalizes the
financial restructuring of VSS A/S, subject to an equity issue at an
agreed level in Viking Supply Ships AB and a subsequent equity
injection by the parent company into VSS A/S. The equity issue is
expected to be finalized before year-end 2016. The restructuring will
provide VSS A/S with a stable financial platform until 2020, subject
certain vessel income levels.

For further information please contact:

Ulrik Hegelund, CFO, ph. +45 41 77 83 97, e-mail

Morten G. Aggvin, IR & Treasury Director, ph. +47 41 04 71 25, e-mail

Viking Supply Ships AB (publ) is a Swedish company with headquarter in
Gothenburg, Sweden. Viking Supply Ships A/S is a subsidiary of Viking
Supply Ships AB (publ).Viking Supply Ships AB (publ) is organized
into four segments: Anchor Handling Tug Supply vessels (AHTS),
Platform Supply Vessels (PSV), Services as well as Ship Management.
The operations are focused on offshore and icebreaking primarily in
Arctic and subarctic areas. The company has in total about 500
employees and the turnover in 2015 was MSEK 1,114. The company's
B-share is listed on NASDAQ OMX Stockholm, segment Small Cap,


Författare WKR

Tala om vad ni tycker

Tala om vad ni tycker

Ni är just nu inne på en betaversion av nya aktiespararna. Lämna gärna feedback på vad ni tycker i formuläret nedan.