10/27/2017

REPORT FOR THE THIRD QUARTER 2017

Financial and operating highlights 3Q 2017 (3Q 2016 in brackets):

      • Operating revenues were NOK 2 180 million (NOK 3 346 million) 
      • EBITDA (operating result before depreciation, impairment, result from associates, finance and tax) was NOK 572 million (NOK 1 343 million)
      • Year on year EBITDA improvement of NOK 23 million, apart from Offshore drilling
      • EBIT (operating result) was NOK - 96 million (NOK 38 million
      • Net finance was NOK - 208 million (NOK - 230 million)
      • Net result after tax was NOK - 338 million (NOK - 251 million)

Offshore drilling

  • EBITDA NOK 201 mill. (NOK 993 mill.)
  • NIBD reduced in the quarter by NOK 986 mill. to NOK 3 412 mill
  • Increased tender activity

Renewable energy

  • EBITDA NOK 137 mill. (NOK 120 mill.)
  • Total generation up 5%
  • Like-for-like generation down 3%, stable adjusted for curtailments

Shipping / Offshore wind

  • EBITDA NOK 102 mill. (NOK 112 mill.)
  • Utilization for installation vessels 73% (63%).
  • Contract pipeline to year end 2019 covered 38% by firm contracts
  • GWS with quarterly revenue growth of 13%

Cruise

  • EBITDA NOK 159 mill. (NOK 170 mill.), stable adjusted for currency effects
  • Net ticket income per diems up 14%
  • Passenger days down 7%
  • Dry dock and upgrades on Balmoral and Braemar planned in Q4

The Group‘s operating revenues amounted to NOK 2 180 million (NOK 3 346 million). Offshore drilling had operating revenues of NOK 607 million (NOK 1 778 million), Renewable energy NOK 233 million (NOK 202 million), Shipping / Offshore wind NOK 398 million (NOK 428 million) and Cruise NOK 620 million (NOK 622 million). Within Other investments NHST Media Group had operating revenues of NOK 309 million (NOK 316 million).

EBITDA was NOK 572 million (NOK 1 343 million). Offshore drilling achieved EBITDA of NOK 201 million (NOK 993 million), Renewable energy NOK 137 million (NOK 120 million), Shipping/Offshore wind NOK 102 million (NOK 112 million), while Cruise achieved EBITDA of NOK 159 million (NOK 170 million). Within Other investments EBITDA were NOK - 27 million (NOK - 52 million).

Depreciation in the quarter was NOK 652 million (NOK 802 million).

Impairment was NOK 16 million (NOK 802 million).

EBIT was NOK - 96 million (NOK 38 million).

Net financial items in the quarter were NOK - 208 million (NOK - 230 million). Net interest expenses were NOK 125 million (NOK 171 million) and net currency loss amounted to NOK - 102 million (NOK - 88 million). Net unrealized gain related to fair value adjustment of financial instruments were NOK 36 million (gain of NOK 52 million). Other financial items amounted to NOK - 15 million (NOK - 26 million).

Net result in the quarter was NOK - 338 million (NOK - 251 million), of which NOK - 164 million are attributable to the shareholders of the parent company (NOK – 114 million). The non-controlling interests´ share of net result in the quarter was thus NOK – 175 million (NOK - 136 million).

Revenues year to date were NOK 6 570 million (NOK 9 785 million) while EBITDA year to date were NOK 1 957 million (NOK 4 007 million). Operating result (EBIT) year to date was NOK - 740 million
(NOK - 386 million). Net financial items were NOK - 391 million (NOK - 396 million), and net result after estimated tax was NOK – 1 298 million (NOK - 1 052 million), of which NOK - 594 million (NOK - 510 million) are attributable to the shareholders of the parent company.