Third quarter 2019 report and presentation
2019-11-26
PRESS RELEASE Floatel International Ltd – Third quarter 2019 report and presentation
• Fleet utilization for the third quarter was 47%.
• Revenues for the quarter were USD 24.5 million (93.4 for comparable period in 2018).
• EBITDA amounted to USD 4.3 million (54.7).
• The net income for the reporting period was USD -27.7 million (20.4).
Floatel International reports the following highlights in Q3 2019
• On October 28, 2019 the Norwegian Competition Authorities announced that they had issued a Statement of rejection regarding the merger between Floatel and Prosafe, a decision that the parties appealed earlier in November. The UK process has been referred to phase 2 and more specific information is expected in Q1 2020.
• Floatel Superior is in operation for Equinor Martin Linge project. She was replaced by Floatel Endurance early November.
• Floatel Reliance idle in Tenerife in the Canary Islands awaiting next assignment.
• Floatel Victory idle in Skipavika, Norway awaiting next assignment. She provided inshore accommodation at the quayside to Equinor during September.
• Floatel Endurance has been in Singapore for outstanding rectification works, which was combined with the special periodic survey. The vessel was back in Norway mid-September. She replaced Floatel Superior at Martin Linge early November and the charter has been extended to end June 2020 with further options to end 2020.
• Floatel Triumph idle outside Johor in Malaysia awaiting the next assignment.
Management will at 14.30 CET host a conference call November 26, 2019 to present the results. Interested persons can dial-in using the details provided on the website www.floatel.bm. A replay will be available for 21 days following the presentation by using the link provided on the website after the conference call.
Please see the attached report for the third quarter of 2019 and the presentation to be used at today’s conference call.
http:://www.floatel.bm/investors
For further information, please contact:
Peter Jacobsson, CEO, Floatel International AB –
Tel: + 46 31 352 07 00; Mob: +46 76 856 36 18
Tomas Hjelmstierna, CFO, Floatel International AB –
Tel: + 46 31 352 07 00; Mob: +46 70 261 09 01