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Summary

• Freight revenues were NOK 146.0 million in the Q2 2024, a decrease of NOK 49.1 million compared to the corresponding period last year and an increase of NOK 29.3 million compared to the previous quarter.

• The average rate is higher this quarter than the previous quarter.

• Operating expenses were NOK 74.5 million in the second quarter, a reduction compared to the Q2 2024 last year and the previous quarter this year of NOK 33.0 million and NOK 6.7 million respectively

• The company achieved an operating income before depreciation of NOK 78.4 million in Q2 2024, compared with NOK 98.4 million in Q2 2023.

• Reversal of previous impairments charges amounted to NOK 154.0 million in the second quarter of 2024. In Q2 2024, debt value adjustment amounted to NOK - 193.3 million, compared with NOK - 67.0 million in the corresponding period last year.

• Profit before tax was NOK 4.0 million in Q2 2024, compared with NOK - 5.4 million in Q2 2023.

• The group had as of 30/06/24 14 vessels operated from Fosnavåg, six for external owners.

• The fleet utilization in Q2 2024 was 97 %.

• Debt to credit institutions falls due on 31 December 2024. The debt with associated conversion rights is classified as short-term debt per 30/06/24.

• The earnings test for the period 01/07/23 - 30/06/24 is now known, and entitles the lenders to choose an upward adjustment of interest-bearing debt by a total of NOK 180.0 million at settlement on 31/12/24, ref note 3.

• The company has received offer for refinancing which the company can choose to use to refinance the debt at the end of the agreement period.

Result for 2 quarter 2024

• Total operating income amounted to NOK 152.9 million (NOK 206.0).

• Total operating expenses were NOK 74.5 million (NOK 107.5 million).

• Operating profit before depreciation was NOK 78.4 million (NOK 98.4 million).

• Depreciation was NOK 35.9 million (NOK 35.4 million).

• Net financial items were NOK - 196.0 million (NOK - 68.0 million) whereof value adjustment of debt was NOK - 193.3 million (NOK - 67.0 million).

• The profit before tax was NOK 4.0 million (NOK - 5.4 million).

Result for 1st half of 2024

• Total operating income amounted to NOK 279.0 million (NOK 581.0 million whereof NOK 209.2 million was gain on sale of fixed assets).

• Total operating expenses were NOK 155.8 million (NOK 222.8 million).

• The operating profit before depreciation was NOK 123.2 million (NOK 358.2 million).

• Depreciation was NOK 70.3 million (NOK 73.4 million).

• Net financial items were NOK - 202.1 million (NOK - 170.3 million), whereof value adjustment of debt NOK - 199.5 million (NOK - 147.7 million).

• The profit before tax was NOK 4.2 million (NOK 112.9 million).