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Viking Supply Ships once again in deficit

Viking Supply Ships once again in deficit

18-12-2017 15:00:00

Viking Supply Ships AB had to note a net deficit of 99 million SEK, in the third quarter of the year. This was a little worse than during the same period of 2016, where the company had a deficit of 93 million. Revenue of continuing activities was of 93 million SEK in contrast to 235 million in 2016.

”The ongoing challenging market, part of this being downward pressure on rates and exploitation, has affected the concerns liquidity in the first nine months of 2017. In the third quarter, an impairment of 32 million was added in relation to the PSV Vessel,” Viking Supply writes in a press release.

Within the first nine months of the year, deficit after taxes and expenses amounted to 200 million SEK, which was a little better than during the same period the year before, where deficit amounted to 261 million SEK. Revenue in the period of 2017 was 264 million, a decline compared to the 685 million in the three quarters of 2016.

Viking Supply Ships stock company received support for a restructuring proposal from all senior lenders in December 2017. Being close to a final approval by the credit committees consisting of the senior lenders, the concern therefore expects the financial restructuring to be completed within a short period of time, with precaution of a stock issue at the agreed level in Viking Supply Ships AB and a subsequent capital injection from Viking Supply Ships' parent company.

Source: Viking Supply Ships AB / Maritime Denmark

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