Lysaker, May 23 2018, Summary and highlights from Sevan Marine’s first quarter 2018:
- Adjusted EBITDA, excluding one-off items, was NOK 15.6 million, an improvement from negative NOK -4.0 million in the fourth quarter.
- Operating revenue was NOK 30.8 million in the first quarter, up from NOK 16.3 million in the fourth quarter 2017. The increase was due to Penguins and Dana Western Isles revenue of NOK 27.5 in the first quarter, up from 3.2 million in the fourth quarter 2017.
- Operating costs, including one-off items, decreased by NOK 3.9 million compared to fourth quarter 2017 to NOK 18.6 million. Excluding one-off items, operating costs in the quarter were reduced by NOK 5.2 million to NOK 15.2 million (NOK 20.4 million).
- Dana Western Isles started production in November 2017. Sevan Marine is entitled to USD 0.5 per barrel produced and offloaded. The related revenue for Q1 2018 was NOK 6.8 million.
- Sevan Marine is in a solid financial position. The company has no interest bearing debt, is in a net cash position of NOK 208.7 million as of Q1 2018 and has an equity ratio of 86 percent.
- The board has recommended to return NOK 0.50 per share to shareholders. A reduction in share capital will be proposed at the upcoming annual general meeting to be held on May, 24 2018. The board will also consider future dividends or share capital reductions depending upon the financial performance and future cash flow development of the Company.
“Q1 2018 is the first positive EBITDA quarter for Sevan Marine in over three years. We have worked hard to secure income, resolve legacy issues and cut our cost base. This has been a great achievement. With an improving market outlook, we are optimistic that we can secure more work in 2018”, says Reese McNeel, CEO of Sevan Marine.
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Reese McNeel CEO will today at 10:00 CET (Oslo time) host a conference call for investors, analysts and other interested parties.
A Q&A session will follow the presentation and information on how to submit questions to management will be given at the beginning of the Q&A session. To participate to the management presentation of the results, please dial in 5-10 minutes prior to the start time using the numbers and confirmation code below.
Call in numbers:
Norway: +47 2100 2610
International/UK dial in: +44 (0)330 336 9105
The participants will be asked for their name, company and confirmation code. The Sevan Marine confirmation code is: 3375822
Presentation material that will be used during the call is attached and also available at www.sevanmarine.com. The presentation will be in English.
For more information please contact:
Reese McNeel, CEO, Sevan Marine ASA
+47 415 08 186
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The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs – Continuing Obligations.
Sevan Marine is a technology, design and engineering company. The company is developing, designing and delivering cost effective offshore solutions based on its unique cylindrical hull design and the HiLoad LNG offloading and regas technologies.