Press release

Release of Annual report in Viking Supply Ships AB (publ)

Press release 26 April 2018

The group’s net sales decreased year-on-year to MSEK 331 (760), net result after tax was MSEK -332 (-406).


  •  The bond settlement by way of cash redemption and the set-off equity issue in VSS AB was completed on 12 January 2017. Under the settlement, bondholders of record as of 30 December 2016 (the “Record Date”) received 36,821,058 new class B-shares in VSS AB and NOK 34,419,682.96 in cash as payment of the total outstanding principal amount – NOK 199,341,169, and holders as of the date of the Record Date of the right to receive interest coupon due on the bonds on 21 June 2016 (“Eligible Coupon holders”) (in total NOK 9,232,561.83) have received 870,650 new class B-shares and NOK 813,868.94 in cash. The cash redemption is partly funded by a loan of MNOK 20 provided by one of VSS A/S’ existing lenders. The bond settlement generated a gain of MSEK 110 which was recognized in January 2017.
  •  Mr. Trond Myklebust took over the responsibilities as CEO of VSS AB on 24 January 2017. As intended, Mr. Bengt A. Rem was reinstated as Chairman of the Board of VSS AB. Mr. Folke Patriksson returned to his previous position as Deputy Chairman.
  •  During January 2017 the number of shares increased by 204,059,888, of which 9,049,402 class A shares and 195,010,486 class B shares, through the issuances of new shares. The number of votes increased by 285,504,506. As of 31 January 2017, there were in total 409,592,960 shares in VSS AB, of which 20,684,348 class A shares, corresponding to 206,843,480 votes, and 388,908,612 class B shares, corresponding to 388,908,612 votes, 595,752,092 votes in total.
  •  In 2016 Magne Viking was certified according to the IMO Polar Code. As soon as the Polar Code entered into force on 1 January 2017 the work of certifying the rest of the fleet began. By early April 2017 all four Loke-class vessels were fully compliant and certified in accordance with the Polar Code.


  •  Shortly after the end of the second quarter, the process to re-flag seven AHTS vessels to NOR-flag was completed. All of the Groups’ AHTS vessels are now flying NOR-flag. Through a very positive dialogue with union representatives the Group has managed to keep close to all crew members employed on the vessels. As previously communicated this is a further step in streamlining the organization and to reduce the operational expenses, while at the same time also emphasizing the Groups’ focus on the harsh environment offshore market in general and the Norwegian Continental Shelf in particular.


  •  The continued challenging market conditions, including downward pressure on rates and utilization, have impacted the Group’s liquidity during the first nine months of 2017. As a consequence, VSS A/S shortly after the end of the second quarter initiated a dialogue with its lenders to secure a long-term stable financing solution.
  •  During the third quarter an impairment charge of MSEK 32 was recognized related to the PSV fleet.


  •  During the fourth quarter it was decided to reduce the capacity of the spot fleet by placing Loke Viking in stand-by mode in Uddevalla, Sweden. Part of the crew has been reassigned to other vessels in the fleet, while some crew has been terminated. VSS A/S considers this to be an unfortunate, but necessary, step to preserve cash and influence the market balance in the region.
  •  An extraordinary general meeting was held on 6 November 2017. The extraordinary general meeting resolved in accordance with the Board of Directors’ proposal on a rights issue of 123 MSEK, and two share issues with payment against set-off at the total amount of 8 MSEK.
  •  In December VSS A/S received confirmation that it had obtained support for a restructuring proposal from all senior lenders. A final restructuring agreement was subject to final approval from the senior lenders’ credit committees.
  •  During the fourth quarter TA AB concluded the sale of two partly owned small bulk vessels TransSonoro and TransVolante. This transaction will have limited financial impact on the Group.
  •  During the fourth quarter an impairment charge of MSEK 19 was recognized related to the PSV fleet. 

For further information, please contact:  

Ulrik Hegelund, CFO, ph. +45 41 77 83 97, e-mail 

Morten G. Aggvin, IR & Treasury Director, ph. +47 41 04 71 25, e-mail 

Viking Supply Ships AB is the parent company of a Swedish shipping group with its main office in Gothenburg, Sweden. The Group conducts its business in four segments: Anchor Handling Tug Supply ships (AHTS), Platform Supply Vessels (PSV), Services and Ship Management. The business is focused within offshore and ice-breaking primarily in Arctic and subarctic areas. The Group has approximately 400 employees and its revenue for 2017 amounted to MSEK 331. The Company’s series B share is listed at Nasdaq Stockholm, Small Cap segment. For further information, please visit:

This information is information that Viking Supply Ships AB is obliged to make public pursuant to the Securities Markets Act. The information was submitted for publication at 08:30 CET on 26 April 2018.

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