Investor Relations.

Financial report 2015 3Q

CEO Statement

The third quarter brought a negative result for the Group, with the main reasons being impairment of the PSV fleet and costs related to the restructuring of TransAtlantic AB.

(excerpt only, full version in report.) 

Viking Supply Ships A/S was impacted by the weak market conditions within the offshore segment, but still has a solid contract coverage going into 2016, despite Shell US cancelling the 2016 drilling season in Alaska. The restructuring process of TransAtlantic AB is giving positive effects, and excluding costs related to restructuring, TransAtlantic AB is contributing with a net result of MSEK -3. For the third quarter, profit after tax for the Group was MSEK -282.

Viking Supply Ships A/S had a net result of MSEK -255 in the third quarter. The negative result was mainly caused by an impairment of the PSV fleet of MSEK -185. Further, the result was reduced compared to last quarter due to a weaker spot market and off-hire related to the upgrade of Brage Viking, as well as a negative impact from unrealized currency effects.

Despite more vessels being laid up during the third quarter, the PSV segment did not see any significant increase in rate levels. As a result, Viking Supply Ships A/S decided to lay up the three PSV vessels Idun, Frigg and Nanna Viking as a measure to reduce operational costs and give further aid to the market balance.

The Services and Ship Management segments progressed as planned during the period, with Viking Ice Consultancy working to increase their contract backlog and pursuing potential contract opportunities. After the end of the third quarter TransAtlantic AB has signed agreements to divest its container and ship management operations, both transactions are expected to be closed in the fourth quarter of 2015.


VSS is well positioned to pursue several contract opportunities

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