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SOLID OPERATIONAL PERFORMANCE FROM EIDESVIK

In 4th Quarter 2015 Eidesvik Offshore ASA had consolidated operating income of MNOK 343,2, whereof MNOK 92,8 was a gain on sale of the vessels “European Supporter” and “Viking II” (MNOK 259,4 in the corresponding period in 2014). Operating profit before depreciations (EBITDA) was MNOK 232,2 (MNOK 132,0), and operating profit (EBIT) was MNOK -115,6 (MNOK 22,1) after impariment charge related to vessels of MNOK -290,0 (MNOK -52,0). Net financial items was MNOK -84,4 (MNOK -276,8). Profit after tax was MNOK -202,3 (MNOK -252,9).

The group’s consolidated operating income per 31.12.2015 was MNOK 1.238,9 including gain on sale related to the vessels “European Supporter” and “Viking II” of MNOK 92,8 and a one-off effect as a consequence of the contract termination for “Vantage” of MNOK 22,2. (Total operating income pr 31.12.2014 was MNOK 984,7). Operating profit before depreciation (EBITDA) was MNOK 770,3 (MNOK 492,2), and operating profit was MNOK 235,2 (MNOK 203,2) after impariment charge related to vessels of MNOK -290,0 (MNOK 52,0). Net financial items was MNOK -471,3 (MNOK -433,6). Profit after tax per 31.12.2015 amounted to MNOK -239,9 (MNOK -230,6).

The profit in 2015 is significantly positive influenced by profit from the Construction vessel Viking Neptun that was delivered in the beginning of 2015. Two Supply vessels have partly been traded in the spot market, and several have been laid up which had negative influence on the profit. Net realized and unrealized currency on loan and derivatives have been recorded with a total loss of MNOK -329 in 2015.

In addition to ordinary depreciation, an impairment of MNOK 290 has been recorded on the company’s fleet of supplyvessels.

“We are confident with the operational performance in 2015, and the organisations ability to enter into new contracts in the current difficult market” says President and CEO Jan Fredrik Meling.

In 4th Quarter 2015 Eidesvik Offshore ASA had consolidated operating income of MNOK 343,2, whereof MNOK 92,8 was a gain on sale of the vessels “European Supporter” and “Viking II” (MNOK 259,4 in the corresponding period in 2014). Operating profit before depreciations (EBITDA) was MNOK 232,2 (MNOK 132,0), and operating profit (EBIT) was MNOK -115,6 (MNOK 22,1) after impariment charge related to vessels of MNOK -290,0 (MNOK -52,0). Net financial items was MNOK -84,4 (MNOK -276,8). Profit after tax was MNOK -202,3 (MNOK -252,9).

The group’s consolidated operating income per 31.12.2015 was MNOK 1.238,9 including gain on sale related to the vessels “European Supporter” and “Viking II” of MNOK 92,8 and a one-off effect as a consequence of the contract termination for “Vantage” of MNOK 22,2. (Total operating income pr 31.12.2014 was MNOK 984,7). Operating profit before depreciation (EBITDA) was MNOK 770,3 (MNOK 492,2), and operating profit was MNOK 235,2 (MNOK 203,2) after impariment charge related to vessels of MNOK -290,0 (MNOK 52,0). Net financial items was MNOK -471,3 (MNOK -433,6). Profit after tax per 31.12.2015 amounted to MNOK -239,9 (MNOK -230,6).

The profit in 2015 is significantly positive influenced by profit from the Construction vessel Viking Neptun that was delivered in the beginning of 2015. Two Supply vessels have partly been traded in the spot market, and several have been laid up which had negative influence on the profit. Net realized and unrealized currency on loan and derivatives have been recorded with a total loss of MNOK -329 in 2015.

In addition to ordinary depreciation, an impairment of MNOK 290 has been recorded on the company’s fleet of supplyvessels.

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EIDESVIK OFFSHORE ASA / phone +47 53 44 80 00