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1 Registration no Viking Supply Ships A/S Financial Report

2 FINANCIAL REPORT Contents Page Summary of events 3 Operational highlights 3 Financial highlights 4 Financing and capital structure 4 Subsequent events 4 Contract backlog 5 Employment overview 5 Outlook 5 Condensed consolidated profit and loss account 7 Condensed consolidated statement of comprehensive income 7 Condensed consolidated cash flow statement 7 Condensed consolidated balance sheet 8 Notes to the condensed consolidated financial statements 9 Viking Supply Ships (VSS) conducts operations in the North Sea, Arctic and in the global offshore sector. The fleet comprises of 13 offshore vessels that are equipped for and have the capacity to operate in areas with harsh environment, further 7 of the AHTS vessels are equipped to operate in Arctic areas. The AHTS fleet, combined with crew and ice management competence, is tailor-made to operate in ice conditions. There has been an increased contract activity in this niche. VSS is committed to have a substantial part of the fleet on longer term contracts, and have a focus on increasing the contract backlog. For further information, please contact CEO, Christian W. Berg, ph: The interim financial statements have not been subject to audit or review. Front picture: AHTS vessel Brage Viking during ice trials in the bay of Bothnia. Page 2

3 FINANCIAL REPORT SUMMARY OF EVENTS Total revenue for was MNOK 561 (MNOK 301), of which vessel operations contribute with MNOK 414 (MNOK 278) and Services and Ship Management segments contribute with MNOK 147 (MNOK 23). The EBITDA for was MNOK 271 (MNOK 133). The operating result (EBIT) for was MNOK 223 (MNOK 90). The net result for was MNOK 159 (MNOK 80). The political situation in Ukraine and the sanctions against Russia have to date not impacted VSS but recent US sanctions have impacted US companies activities in Russia. It is difficult to substantiate the future consequences of these sanctions. VSS is monitoring the situation closely in order to secure its interests in the region. The average fixture rate for the VSS AHTS fleet in was NOK 522,000 (NOK 378,000) and GBP 13,700 (GBP 13,300) for the VSS PSV fleet. The average utilization for the VSS AHTS fleet for was 95 % (74 %) and 69 % (89 %) for the VSS PSV fleet. VSS has completed the refinancing of the three AHTS Icebreakers Tor, Balder and Vidar Viking by signing a secured bank loan agreement. The new secured bank loan agreement of MNOK 617 will mature in As mentioned in earlier financial reports, VSS will receive a compensation fee due to the cancellation of the drilling season for the AHTS icebreaker Tor Viking. The final fee is expected to be agreed on during Q4. The 1985 built SBS Cirrus was sold and delivered to its new owners. The transaction has generated a positive impact of MNOK 1 on the results. OPERATIONAL HIGHLIGHTS FOR Anchor Handling Tug Supply vessels (AHTS) As a result of the contract communicated in the Q2 financial report, Tor Viking is now operating in Sakhalin. This further strengthens the company s presence in the harsh environment and arctic conditions. VSS had seven of its eight AHTS vessels operating on term contracts, while one vessel was traded in the North Sea spot market. Four vessels have returned to the North Sea during October following the end of the drilling season. The low activity seen in the North Sea market in the previous quarter continued into July. However, as activity increased during the last two months of the quarter, both rates and utilization increased from the levels seen in previous periods. Fixture rate (NOK) Utilization (%) AHTS vessels on term charters 514,000 (406,000) 100 % (100 %) AHTS vessels on spot market 615,000 (339,000) 60 % (54 %) Total AHTS fleet 522,000 (378,000) 95 % (74 %) Platform Supply Vessels (PSV) Despite increased demand for vessels, the market did not manage to absorb the ample supply of vessels, giving a soft market most of the quarter. By the end of the third quarter of, Freyja Viking concluded its four month charter to Nexen and the vessel is now trading in the North Sea spot market. SBS Typhoon also returned to the spot market during the quarter having served Enquest on a term charter for the entire year. At the end of the third quarter of, all 5 vessels were traded in the North Sea spot market. The company is presently working to increase the contract coverage on the PSV fleet, and is pursuing opportunities in the North Sea as well as other regions. Page 3

4 FINANCIAL REPORT Fixture rate (GBP) Utilization (%) PSV vessels on term charters 14,400 (11,400) 100 % (100 %) PSV vessels on spot market 13,100 (20,200) 53 % (65 %) Total PSV fleet 13,700 (13,300) 69 % (89 %) Services and Ship Management In the Services segment the Kara Sea Consultancy Project is progressing according to the project plan. The project has entered into the demobilisation phase and the Shore Operations Center in Moscow will be closed until the preparations for the next operational season which is expected to start during the second quarter of The Shore Operations Center in Moscow delivers valuable data such as weather forecast, information about ice conditions and general guidance to the vessels operating in the Kara Sea. The Ship Management segment operated according to plan with no major events during the third quarter. FINANCIAL HIGHLIGHTS Results for Total revenue was MNOK 561 (MNOK 301) for. The total operating costs were MNOK 291 (MNOK 168) and EBITDA MNOK 271 (MNOK 133). The operating result (EBIT) was MNOK 223 (MNOK 90). Net financials were negative MNOK 58 (negative MNOK 11). Financial costs include unrealized currency loss of MNOK 24 (gain of MNOK 21) and realized value adjustment on interest rate swaps of negative MNOK 4 (positive MNOK 5). The net result for was MNOK 159 (MNOK 80). Results for year-to-date Total revenue was MNOK 1,266 (MNOK 748) for year-to-date. The total operating costs were MNOK 805 (MNOK 523) and EBITDA MNOK 461 (MNOK 225). The operating result (EBIT) was MNOK 319 (MNOK 98). Net financials were negative MNOK 130 (negative MNOK 84). Financial costs include unrealized currency loss of MNOK 31 (gain of MNOK 17) and realized value adjustment on interest rate swaps of negative MNOK 8 (MNOK 0). The net result for year-to-date was MNOK 179 (MNOK 25). FINANCING AND CAPITAL STRUCTURE Viking Supply Ships A/S is a 100 % owned subsidiary of Rederi AB Transatlantic ( RABT ). RABT is a limited liability company registered in Sweden, with its domicile in Gothenburg, and corporate registration number RABT is listed on the Small Cap list of the NASDAQ OMX Nordic Exchange in Stockholm. VSS book equity amounted to MNOK 1,905 (MNOK 1,784) as of 30 th September and was impacted by the yearto-date result of MNOK 179 (MNOK 25) and currency effects of MNOK 7 (MNOK 36). The value adjusted equity ratio was 48 % (45 %). SUBSEQUENT EVENTS VSS has purchased the PSV vessel Freyja Viking which has been on a long term bareboat contract to VSS. To finance the purchase, VSS has drawn the last tranche on the secured bank loan financing the PSV vessels. VSS has received an early termination for the AHTS vessel Loke Viking, which applies for the 2015 and optional 2016 and 2017 drilling seasons. VSS is entitled to an early termination fee. Sakhalin Energy has exercised the second of three 4 months options on Vidar Viking. The vessel is now on firm contract until 1 st August Page 4

5 FINANCIAL REPORT CONTRACT BACKLOG Total contract backlog 1,968 1,778 1,026 AHTS contract backlog 1,968 1,778 1,026 PSV contract backlog Total contract coverage (%) 30% 29% 17% AHTS contract coverage (%) 49% 46% 27% PSV contract coverage (%) 0% 0% 0% Table is basis 30 th September with adjustment for subsequent events. All figures above include firm period and options. EMPLOYMENT OVERVIEW AHTS Tor Viking Firm contract Option 2015 October November December January February March April May June July August Oil major, firm till 15th May x6 months options Oil major, firm opt for September Balder Viking Oil major, firm season -2015, options for SMA stand by Oil major, firm opt for Vidar Viking Odin Viking Loke Viking Njord Viking Sakhalin Energy, firm till 1st August x4 months options Oil major, firm season Eni Norge, firm till 29th July x1 yearly options Oil major, firm season -2015, options for Oil major, firm opt for Magne Viking Brage Viking Oil major, firm season -2015, options for Oil major, firm opt for PSV Firm contract Option 2015 October November December January February March April May June July August September Frigg Viking Idun Viking SBS Tempest Freya Viking SBS Typhoon SBS Cirrus Overviews are basis 30 th September with adjustment for subsequent events. OUTLOOK With the winter approaching, we expect several project vessels to join the North Sea AHTS fleet. Subsequently we expect a weakened AHTS market compared to. However, as often seen during winter time, the weather can have a large impact, and tight periods can occur due to operational delays and temporarily increased activity. For the PSV segment, we expect reduced demand when we approach the end of the year. Like the AHTS market, we expect periods with a tighter PSV market, but overall we expect rates and utilization to be modest. Page 5

6 FINANCIAL REPORT Copenhagen, 30 th October Board of Directors: Christen Sveaas Anders Folke Patriksson Tom Ruud Chairman Vice chairman Lars Håkan Larsson Per Magnus Sonnorp Managing Director: Christian W. Berg Page 6

7 FINANCIAL REPORT CONDENSED CONSOLIDATED PROFIT AND LOSS ACCOUNT Note CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Total Revenue , ,006.9 Direct voyage costs Operating costs Total operating costs Operating profit before depreciation (EBITDA) Net gain on sale of fixed assets Depreciation Impairment Operating profit (EBIT) Financial income Financial costs Net financials Pre-tax result Taxes Result for the period CONDENSED CONSOLIDATED CASHFLOW STATEMENT Result for the period Translation effect foreign operations Other comprehensive income net of tax Total comprehensive income for the period Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Net changes in cash and cash equivalents Cash and cash equivalents at the start of period Cash and cash equivalents at the end of the period Page 7

8 FINANCIAL REPORT CONDENSED CONSOLIDATED BALANCE SHEET ASSETS Note Vessels and equipment 3, , ,669.8 Tangible fixed assets 1,2 3, , ,669.8 Financial fixed assets Total fixed assets 3, , ,738.6 Inventories Accounts receivables Other current receivables Cash and cash equivalents Total current assets Total assets 4, , ,203.5 Note EQUITY AND LIABILITIES Share capital Retained earnings and reserves 1, , ,718.7 Total equity 1, , ,719.2 Long-term bond loan Long-term debt to credit institutions 3 1, , ,647.4 Other non-current liabilities Non-current liabilities 2, , ,040.4 Short-term bond loan Short-term debt to credit institutions Accounts payable Other current liabilities Current liabilities Total liabilities 2, , ,484.3 Total equity and liabilities 4, , ,203.5 Page 8

9 FINANCIAL REPORT NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. Depreciation Tangible fixed assets are recognized at cost or after deductions for accumulated depreciation according to plan and possible impairment. Straight-line amortization according to plan is based on the following useful lives: Vessels years with residual value Docking and major overhaul measures years Other equipment 5 10 years Impairment test as at 30 th September shows no need for impairment. 2. Segment information The segment information is presented in accordance with the internal reporting structure and includes four segments. AHTS PSV Services Ship Mgmt. Total Revenue Direct voyage costs Operating costs Total operating costs Operating profit before depreciation (EBITDA) Net gain on sale of fixed assets Depreciation Operating profit (EBIT) Financial income Financial costs Net financials Pre-tax result Taxes Result for the period AHTS PSV Services Ship Mgmt. Total Revenue Direct voyage costs Operating costs Total operating costs Operating profit before depreciation (EBITDA) Net gain on sale of fixed assets Depreciation Operating profit (EBIT) Financial income Financial costs Net financials Pre-tax result Taxes Result for the period AHTS PSV Services Ship Mgmt. Total tangible fixed assets 3, Total interest bearing debt 1, There are no significant revenue transactions between the segments. Page 9

10 FINANCIAL REPORT 3. Interest bearing liabilities The vessels owned by the Company are primarily financed through bank loans with pledge in the vessels. Further securities have been given in the form of pledge in revenue and insurance policies. The interest-bearing debt in VSS per is MNOK 2,266 (MNOK 2,334). VSS loan agreements have a number of financial and other covenants, according to which VSS must fulfill certain key data. At the balance date all covenants were in compliance. In March 2012 VSS issued a 5 year senior unsecured bond loan in the Norwegian capital market, with maturity in March 2017, totaling MNOK 300. The bond agreement has a limit of MNOK 750. The net proceeds from the bond shall be employed for investments, capital expenditures related to fleet expansion and general corporate purposes. The bond was listed on Nordic ABM in Oslo on 28 th June, In March an additional MNOK 85 was drawn in a tap issue. As at balance date VSS is holding nominal MNOK 139 MNOK of this bond, consequently 246 MNOK is outstanding. In June VSS issued a 15 month senior unsecured bond loan in the Norwegian capital market, with maturity on 24 th September, totaling MNOK 100. The bond was listed on Nordic ABM in Oslo on 25 th June,. During the full MNOK 100 was repaid. VSS has 39 % (10 %) of its interest bearing debt in USD and 15 % (0 %) in GBP. The remaining loans are denominated in NOK. VSS has 11 % (38 %) of the total loan portfolio swapped into fixed interest rate Classification by type of debt Long-term bond loan Short-term bond loan Long-term debt to credit institutions 1, , ,647.4 Short-term debt to credit institutions Total interest bearing liabilities 2, , , Debt maturity 800 MNOK Rest of After 2018 Bank debt Bond Page 10

11 FINANCIAL REPORT 4. Cash and cash equivalents * The amount is included in the item "Financial fixed assets" in the balance-sheet Restricted cash * Free cash and cash equivalents Cash and cash equivalents Operational and financial risk VSS is characterized by a high degree of international operations and is thus exposed to a number of operational and financial risks. VSS works actively to identify, assess and manage these risks. VSS is exposed to changes in the freight rates. To mitigate this operational risk, VSS has a clear focus on increasing the number of vessels on term contracts. Long-term loans are the principal form of financing. Accordingly, interest rate fluctuations have an impact on VSS earnings and cash flow. To reduce this risk the Group aims to actively manage the interest exposure through various types of hedging instruments. Part of the VSS cash flow is generated in currencies other than NOK which is VSS functional currency. This means that currency fluctuations have an impact on VSS earnings and cash flows. The foreign exchange risk is primarily reduced by matching the exposure to revenues in various currencies with costs in the corresponding currency. In the same manner, assets in a certain currency are primarily matched with liabilities in the same currency. 6. Basis of preparation These condensed interim financial statements for the nine months ending 30 th September have been prepared in accordance with the accounting principles as described in the VSS Annual Report for. Page 11

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