Highlights:
o Contract with Equinor for Martin Linge extended to end January 2021 with
Equinor having the option to extend the charter further.

o Ineos FPS charter for Floatel Victory at the Unity platform in the UK
suspended April 2021.

o Agreement made with Singapore authorities for Floatel Triumph to provide
accommodation for healthy foreign workers in the fight against COVID-19.

o The Coronavirus has had to date limited impact on current contracts and
operations (apart from Ineos suspension). Measures have been taken to safeguard
the health and safety of clients, guests and workforce. 

o Interest and amortization payments stopped for the time being and discussions
with secured creditors are ongoing with standstills in place. 

o First quarter fleet utilization was 27% (80% for the comparable period last
year). 

o Total firm contract backlog (excluding options) approximately USD 36 million
as of March 31, 2020 (before Equinor extension as mentioned above) and it was
USD 66 million last year.


Financial Summary:

o Revenues for the first quarter were USD 20.5 million (73.5 for comparable
period in 2019).

o EBITDA amounted to USD 2.5 million (47.0) and net result was USD -29.3 million
(9.9). 

o Total assets March 31, 2020 amounted to USD 1,290 million (1,312 as per
December 31, 2019).

o Cash and cash equivalents by March 31, 2020 were USD 48.5 million (53.7). 

o The total book equity by March 31, 2020 amounted to USD 423.7 million (454.8).

Management will host a conference call May 26 at 14.30 CEST 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.
 

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


About Floatel
Floatel International owns and operates five semisubmersible accommodation
vessels, all vessels were delivered within the period 2010 to 2016. Floatel has
two bond issuances listed on Oslo ABM with ticker code FLOAT02 and FLOAT03. For
more information, please refer to http://www.floatel.bm

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange