Press release

Viking Supply Ships AB (publ) Interim report Q1 2017

Press release

FIRST QUARTER                      

  • Total revenue from continuing operations was MSEK 90 (233)
  • EBITDA from continuing operations was MSEK -61 (65)
  • Result after tax including discontinued operations was MSEK -2 (-40)
  • Result after tax per share including discontinued operations was SEK 0.0 (-0.2)


  • EBITDA for Q1 from continuing operations was MSEK -61 (65).
  • The average fixture rate in Q1 was USD 36,400 (63,600) for the AHTS fleet and USD 0 (6,200) for the PSV fleet. The average utilization in Q1 was 23% (56) for the AHTS fleet and 0% (39) for the PSV fleet.
  • 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”) have 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 has been 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.
  • During the fourth quarter of 2016 it was decided to re-flag its four DIS-flagged vessels to Norway under NOR-flag. The flag-change process was completed shortly after the end of the first quarter of 2017.
  • 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.


  • After the end of the quarter, it was decided to re-flag Tor Viking and Balder Viking to NOR. The decision is a further step to streamline the organization and reduce the operational expenses, while at the same time emphasizing the Group’s focus on the harsh environment offshore market in general and the Norwegian Continental Shelf specifically. The Group has initiated a dialogue with union representatives and has a clear ambition to keep all crew members currently employed on the vessels. The process is expected to be completed during Q2 2017.


In conjunction with the publication of this interim report, an earnings call will take place on Thursday 4 May, 2017 at 10.00 am. 

  • Phone: +46 (0) 8 50520424
  • Password: Viking Supply Ships Q4 2016 

Please dial in 5-10 minutes before the call starts.

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 500 employees and its revenue for 2016 amounted to MSEK 760. 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 4 May 2017.

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