07/19/2017

REPORT FOR THE SECOND QUARTER 2017 AND THE FIRST HALF YEAR 2017

Financial and operating highlights 2Q 2017 (2Q 2016 in brackets):

  • Operating revenues were NOK 2 036 million (NOK 3 151 million) 
  • EBITDA  was NOK 695 million (NOK 1 379 million)
  • Year on year EBITDA improvement of NOK 254 million, apart from Offshore drilling
  •  EBIT (operating result) was NOK - 652 million (NOK -824 million)
  •  Net finance was NOK - 61 million (NOK - 9 million).           
  •  Net result after tax was NOK -812 million (NOK -1 012 million)

Offshore drilling

  • EBITDA NOK 240 mill. (NOK 1 178 mill.)
  • Impairment on offshore units NOK 635 mill. (NOK 1 321 mill.)
  • Bolette Dolphin- termination for convenience against a fee of USD 96 mill.
  • Bideford Dolphin 100 days contract extension
  • Borgsten Dolphin to be decomissioned

Renewable energy

  • EBITDA NOK 164 mill. (NOK 84 mill.)
  • Like-for-like generation up 33%
  • Compensation for curtailments of NOK 26 million of Crystal Rig II

Shipping / Offshore wind

  • EBITDA NOK 140 mill. (NOK 5 mill.)
  • Utilization for installation vessels 100% (36%).
  • Contract pipeline to year end 2019 covered 41% by firm contracts

Cruise

  • EBITDA NOK 139 mill. (NOK 102 mill.)
  • 11 % weakening of GBP/USD
  • Net ticket income per diems up 22.5 %

Financial information

The Group‘s operating revenues amounted to NOK 2 036 million (NOK 3 151 million). Offshore drilling had operating revenues of NOK 466 million (NOK 1 809 million), Renewable energy NOK 253 million (NOK 171 million), Shipping / Offshore wind NOK 401 million (NOK 241 million) and Cruise NOK 574 million (NOK 550 million). Within Other investments NHST Media Group had operating revenues of NOK 335 million (NOK 365 million).

EBITDA was NOK 695 million (NOK 1 379 million). Offshore drilling achieved EBITDA of NOK 240 million (NOK 1 178 million), Renewable energy NOK 164 million (NOK 84 million), Shipping/Offshore wind NOK 139 million (NOK 5 million), while Cruise achieved EBITDA of NOK 139 million (NOK 102 million). Within Other investments EBITDA were NOK 12 million (NOK 11 million).

Depreciation in the quarter was NOK 713 million (NOK 882 million).

Impairment within offshore drilling was NOK 635 million (NOK 1 321 million).

EBIT was NOK - 652 million (NOK - 824 million).

Net financial items in the quarter were NOK - 61 million (NOK – 9 million). Net interest expenses were NOK 148 million (NOK 176 million) and net currency gain amounted to NOK 45 million (NOK 21 million) Net unrealized loss related to fair value adjustment of financial instruments were NOK 4 million
(gain of NOK 36 million). In the quarter Bonheur ASA received NOK 183 million from Koksa Eiendom AS, of which NOK 62 million was recognized as dividend, the rest (NOK 122 million) as repayment on the original investment. Other financial items amounted to NOK - 19 million (NOK - 17 million)

Net result in the quarter was NOK - 812 million (NOK - 1 013 million), of which NOK - 325 million are attributable to the shareholders of the parent company (NOK - 494 million). The non-controlling interests´ share of net result in the quarter was thus NOK -487 million (NOK -519 million).

Revenues year to date were NOK 4 389 million (NOK 6 440 million) while EBITDA year to date were NOK 1 385 million (NOK 2 665 million). Operating result (EBIT) year to date was NOK - 645 million
(NOK - 424 million). Net financial items were NOK - 183 million (NOK - 166 million), and net result after estimated tax was NOK - 960 million (NOK - 802 million), of which NOK - 430 million (NOK - 395 million) are attributable to the shareholders of the parent company.