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Press release


Viking Supply Ships AB (publ) Interim Report Q4 2021

The market conditions within offshore oil and gas are still hampered by low drilling activity. Despite this, the demand for AHTS vessels in the North Sea improved during the quarter, increasing revenue levels compared to previous quarters. Revenue for the fourth quarter was MSEK 86 (56), EBITDA was MSEK -11 (-32), and the net result was MSEK -27 (-45). Year-to-date revenue was MSEK 312 (286), EBITDA was MSEK -49 (-101), and the net result was MSEK -118 (-191).

FOURTH QUARTER

  • Total revenue was MSEK 86 (56)
  • EBITDA was MSEK -11 (-32)
  • Result after tax was MSEK -27 (-45)
  • Result after tax per share was SEK -2.3 (-4.8)

YEAR-TO-DATE

  • Total revenue was MSEK 312 (286)
  • EBITDA was MSEK -49 (-101)
  • Result after tax was MSEK -118 (-191)
  • Result after tax per share was SEK -11.9 (-20.5)

SUMMARY OF EVENTS IN Q4

  • EBITDA for Q4 was MSEK -11 (-32).
  • For the AHTS-fleet the average fixture rate in Q4 was USD 38,600 (14,000) and the average utilization was 44% (48). The average fixture rates for the PSV-vessels in Q4 was USD 14,600 (-), and the average utilization was 100% (-).
  • The fully subscribed rights issue of net MSEK 100 after issue costs was completed early November.

SUBSEQUENT EVENTS

  • After the end of the quarter, VSS entered into a seasonal contract with a major construction company for its four anchor-handling tug supply (AHTS) vessels of 1A and 1A Super ice classes. The vessels will assist in a major industrial project in a harsh environment region in the summer of 2022 and 2023, with an option to extend operation for 2024. The contract testifies that Viking Supply ships has a strong presence in the market for complex marine operations in the Arctic and harsh environment regions. The estimated contract value for the fixed days, including mobilization and demobilization fees is MEUR 18.5.
  • After the end of the quarter, CFO Morten G. Aggvin informed the company that he would resign from his position to pursue challenges outside Viking Supply Ships. Mr. Aggvin will remain in his position until 1 March 2022 and the company has initiated a recruitment process to identify Mr. Aggvin’s successor.

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