Second quarter and first half 2017 results
- Published: 29 August 2017
Oslo, 29 August 2017, Summary and highlights from Sevan Marine’s second quarter 2017:
* Operating revenue for continued operations was NOK 13.1 million in the second quarter, up from NOK 12.1 million in the first quarter 2017. The increase was due to improved engineering activity in the quarter, and related to work on the ExxonMobil FLNG, Goliat and Dana Western Isles projects.
* Operating costs decreased by NOK 2.8 million versus first quarter 2017 to NOK 25.9 million and includes one-off costs of NOK 3.9 million related to restructuring and legal fees. EBITDA ended negative at NOK 12.9 million.
* The Norwegian tax office reversed their decision and will no longer pursue the adjustment of the 2012 tax assessment. In accordance with this decision, Sevan Marine has been paid back NOK 32.0 million including interest. A related accrual of NOK 9.2 million for penalty tax was also reversed in the quarter, and Sevan Marine is continuing to pursue the recovery of legal fees incurred with respect to this case.
* Net profit from continued operations came to NOK 26.8 million for the second quarter.
* Completed the sale of Sevan Marine’s remaining 51% stake in KANFA AS to Technip Norge AS. The net effect of the transaction was a loss of NOK 9.2 million related to discontinued operations.
* Sevan Marine is in a solid financial position, with a net cash position of NOK 179.1 million and an equity ratio of 90 percent.
“The Q2 figures reflects increased activity for continued operations and achievement of cost reduction initiatives, in addition to a successful closure of the 2012 legacy tax case. Our main focus going forward is to continue developing relationships with prioritized clients, prospects and industry segments where Sevan Marine’s cost efficient circular hull design provides superior performance”, 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 2350 0501
International/UK dial in: +44 (0)330 336 9414
The participants will be asked for their name, company and confirmation code. The Sevan Marine confirmation code is: 8193144
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 ASA is specializing in design, engineering and project execution of floating units for offshore applications, based on its patented cylindrical floater technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN. For more information, please refer to www.sevanmarine.com.