Viking Supply Ships AB (publ) Interim Report Q1 2022
Market conditions within offshore oil and gas improved during the first quarter. Demand for AHTS vessels in the North Sea was low during January and the beginning of February – which is not uncommon in winter – but improved significantly during the latter part of February and March. Revenue for the first quarter was MSEK 102 (73), EBITDA was MSEK -9 (-24), and the net result was MSEK -28 (-42).
FIRST QUARTER
- Total revenue was MSEK 102 (73)
- EBITDA was MSEK -9 (-24)
- Result after tax was MSEK -28 (-42)
- Result after tax per share was SEK -2.2 (-4.5)
SUMMARY OF EVENTS IN Q1
- EBITDA for Q1 was MSEK -9 (-24).
- For the AHTS-fleet the average fixture rate in Q1 was USD 40,400 (30,400) and the average utilization was 57% (42). The average fixture rates for the PSV-vessels in Q1 was USD 14,700 (14,700), and the average utilization was 100% (100).
- Mr. Tord Helland was appointed Chief Financial Officer for the Group and will assume this position from June 1, 2022.
- In early February, the Group was awarded a seasonal contract for its four ice-classed AHTS vessels for assistance to an industrial project in Russian waters in the summer of 2022 and 2023, with an option for 2024 – and with an estimated contract value of MEUR 18.5. Following the Russian invasion and war in Ukraine, the future of this project became highly uncertain, and the contract was cancelled in May.
SUBSEQUENT EVENTS
- Driven by higher oil & gas drilling activity, offshore vessel demand, and a more positive market outlook, the Group has after the end of the quarter reactivated the 2 ice-classed AHTS vessels that have been in layup, and these two vessels - Loke Viking and Brage Viking - are currently active in the North Sea spot market.
- The seasonal contract for assistance to an industrial project in Russian waters was cancelled in May as explained in the section “Summary of Events in Q1” above.
- The Group’s management contract with The Swedish Maritime Administration (SMA) for its five ice breakers has been extended until year end 2023. After the end of the contract period, as previously communicated, SMA will take over the management of its ice breaker fleet inhouse, primarily for security related reasons.