27.02.2020

Financial report for the 4th quarter 2019

• The discussions with the financial creditors to find a consensus based long-term solution for the Company’s financial situation continues
• Revenues for the fourth quarter of 2019 was MNOK 1,247 vs MNOK 1,192 in 2018
• EBITDA (adjusted) for the fourth quarter was MNOK 319 vs MNOK 247 in 2018
• 2019 vs 2018 full year EBITDA (adjusted) improved by MNOK 471
• Impairment of MNOK 587 for Q4 2019 (MNOK 867 FY2019)
• Booked equity per 31 December 2019 was negative with MNOK 3,583
• The activity level in the market shows signs of improvement, but with seasonal variation, especially in the North Sea

Skudeneshavn, February 27^th, 2020

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