28.05.2019

Financial report for the 1st quarter 2019

• Revenues for the first quarter of 2019 was MNOK 1,146 vs MNOK 875 in 2018, while Adjusted EBITDA improved to MNOK 217 from MNOK -16 in 2018
• The average utilization of the Group’s operating fleet during the 1st quarter was 80% (70% 1Q18)
• Equity at 31 March 2019 negative MNOK 1,334
• Market recovery is still slow, but with some signs of improvement
• Agreement with certain financial creditors to suspend and defer payments of principal and interest until June 20th, 2019, while negotiations with financial creditors and other stakeholders continue

Skudeneshavn, May 28th, 2019

Contacts
Lars Peder Solstad CEO, at +47 91 31 85 85
Anders Hall Jomaas CFO, at +47 40 04 29 18