Financial report for the 4th quarter 2020
This report is reflecting the changes to the Company following the closing of the restructuring.
Equity strengthen with MNOK 12,212 compared to previous quarter and booked equity end of year of MNOK 4,200
- Successful restructuring of the Company was approved by an extraordinary general meeting on 20 October 2020
- This report is reflecting the changes to the Company following the closing of the restructuring.
- Equity strengthen with MNOK 12,212 compared to previous quarter and booked equity end of year of MNOK 4,200
- Liquidity strengthen with MNOK 1,358 compared to previous quarter and year end cash position of MNOK 2,412
- The effects of a lower oil price are that E&P companies are re- scrutinizing their spending plans and postponing or canceling projects resulting in reduced utilization in the quarter
- Revenues for the fourth quarter of 2020 was MNOK 1,175 vs MNOK 1,247 in 2019, while EBITDA adjusted for the fourth quarter was MNOK 204 vs MNOK 265 in 2019
- EBITDA adjusted for 2020 was MNOK 1,293 vs MNOK 1,411 in 2019
- The COVID-19 pandemic and the decline in the offshore activity will affect the Company’s revenues, utilization and increased cost, also going forward
Skudeneshavn, February 25th, 2021
Lars Peder Solstad CEO, at +47 91 31 85 85
Kjetil Ramstad CFO, at +47 90 75 94 89
Solstad Offshore ASA
This information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.