The spot market in Q3 started relatively tight, followed by a period of volatility, including a peak in August. Towards the end of the quarter, the market faced challenges again, primarily due to reduced activity in the UK sector and vessels returned from seasonal project work.
THIRD QUARTER
- Total revenue for continuing operations was MSEK 212 (101)
- EBITDA for continuing operations was MSEK 105 (34)
- Result after tax including discontinued operations was MSEK 45 (-5)
- Result after tax including discontinued operations per share was SEK 3.4 (-0.4)
YEAR-TO-DATE
- Total revenue for continuing operations was MSEK 585 (301)
- EBITDA for continuing operations was MSEK 266 (105)
- Result after tax including discontinued operations was MSEK 202 (-2)
- Result after tax including discontinued operations per share was SEK 15.4 (-0.1)
SUMMARY OF EVENTS IN Q3
- EBITDA for continuing operation was in Q3 MSEK 105 (34).
- The average fixture rates in Q3 for the AHTS-fleet was USD 48,900 (44,000) and the average utilization was 71% (53%).
- Viking Supply Ships decided to outsource the management of their six AHTS vessels to the Sea1. The initiative, which was concluded during October, is expected to result in significant cost savings.
- The previous segment Ship Management has from this financial report been classified as discontinued operations, in addition to the PSV-segment which from Q1 2024 has been reported as discontinued operations. The continuing operations consists of the Ice-classed AHTS segment and the Services segment which from this report have been merged and constitute the Group's sole and combined operations.
- Viking Supply Ships has in July 2024 signed a refinancing of the revolving credit facility. The new agreement, with improved pricing terms, has a final maturity date in second quarter of 2027.
SUBSEQUENT EVENTS
- Sea1 has secured a multi-well project for 3 AHTS' in Australia, commencing Q2-Q3 2025 for a firm period of 380 days up to 670 days per vessel. One of the vessels will be from Viking Supply Ships.
- Viking Supply Ships has signed a contract for four 100-ton heave-compensated offshore cranes to be installed on its fleet of ice classed AHTS-vessels. Total investment for the project is estimated to slightly above 50 MUSD and is expected to be financed with cash at hand and existing credit facility. The cranes are scheduled for delivery beginning in July 2026 and will be phased in thereafter.
For further information, please contact:
Trond Myklebust, CEO, ph. +47 95 70 31 78, e-mail trond.myklebust@vikingsupply.com
The Company's Certified Adviser is Eminova Fondkommission AB.
BRIEFLY ABOUT VIKING SUPPLY SHIPS
Viking Supply Ships AB is a leading provider of offshore anchor handling and ice-breaking services. Its fleet of high-end AHTS vessels is capable of working in the harshest and most demanding environments in the world. The Company's series B share is listed at Nasdaq First North Growth Market Stockholm. www.vikingsupply.com
This information is information that Viking Supply Ships AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-11-12 08:30 CET.
