Financial report for the 1st quarter 2020
The Company’s revenue in 2020 is expected to be negatively affected by the COVID-19 pandemic and sharp decline in the oil price.
- On May 8th, 2020, Solstad signed a Restructuring Implementation Agreement with a vast majority of its creditors for a financial restructuring of the Group. Following implementation and effective date, this agreement will significantly improve the company’s overall ability to handle the uncertain markets ahead.
- Revenues for the first quarter of 2020 was MNOK 1,203 vs MNOK 1,146 in 2019, while EBITDA (adjusted) for the first quarter was MNOK 284 vs MNOK 223 in 2019
- The quarter was significantly impacted by non-cash currency losses and termination of financial leases on four vessels.
Skudeneshavn, May 27th, 2020
Lars Peder Solstad CEO, at +47 91 31 85 85
Anders Hall Jomaas CFO, at +47 40 04 29 18
Solstad Offshore ASA