19.11.2020
Financial report for the 3rd quarter 2020
Successful restructuring of the Company was approved by an extraordinary general meeting on 20 October 2020
- This report is made based on the Company not being restructured as of 30 September 2020, the fourth quarter 2020 will be reflecting the strengthen balance sheet and positive equity
- The effects of the prolonged COVID-19 pandemic resulted in pressure on rates, increased cost and reduced utilization in the quarter
- Revenues for the third quarter of 2020 was MNOK 1,316 vs MNOK 1,480 in 2019, while EBITDA (adjusted) for the second quarter was MNOK 395 vs MNOK 515 in 2019
- Adjusted EBITDA reduction of MNOK 89 year to date 2020 compared to similar period in 2019 (MNOK 1,089 vs MNOK 1,178)
- Impairment of MNOK 862 in the quarter mainly related to Normand Maximus
- The COVID-19 pandemic and the decline in the offshore activity will affect the Company’s performance also going forward
Skudeneshavn, November 19th, 2020
Contacts
Lars Peder Solstad CEO, at +47 91 31 85 85
Kjetil Ramstad CFO, at +47 90 75 94 89
Solstad Offshore ASA
www.solstad.com