28.02.2019

Financial report for the 4th quarter 2018

• Revenues for the full year of 2018 was MNOK 4,830 vs MNOK 3,776 in 2017, while EBITDA amounted to MNOK 1,017 vs MNOK 983 in 2017
• Impairment of book value of vessels results in a write down of MNOK 2,046 for Q4 2018 and MNOK 2,896 for the full year
• Year-end equity negative with MNOK 631
• Revenues for Q4 2018 was MNOK 1,192 and EBITDA MNOK 247
• The Company’s combined cash position increased by MNOK 21 to MNOK 1,351 during Q4 2018
• Market recovery is slow and charter rates are not at sustainable levels
• 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

The full Q4-2018 report is enclosed, together with the full restated Q3-2018 report as communicated on January 23rd, 2019.

Skudeneshavn, February 28th, 2019

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