SKÄRHAMN, Sweden--(BUSINESS WIRE)--Regulatory News:
Second Quarter 2011
· Net revenues amounted to SEK 661 M (598)
· Result before tax amounted to SEK -73 M (-30)
· Result after tax amounted to SEK -52 M (44)
· Earnings per share after tax amounted to -0.9 SEK (1.6)
January–June 2011
· Net revenues amounted to SEK 1,239 M (1,161)
· Result before tax amounted to SEK -138 M (-115)
· Result after tax amounted to SEK -105 M (41)
· Earnings per share after tax amounted to -1.9 SEK (1.5)
· The result for the second quarter remains weak. The earnings of the Offshore/Icebreaking business area were adversely impacted by a continued weak offshore spot market in the North Sea and two vessels that were not were fully utilized during the period, due to upgrade work at the shipyard and preparation for new assignments, respectively. Operating profit for the Industrial Shipping business area improved compared with the preceding year.
· A new freight agreement was signed with StoraEnso for the shipping of forestry products from paper mills in Kemi and Oulu to Antwerp/Zeebrugge. Six vessels will be deployed in the traffic system under this agreement.
· The acquisition of the shipping and logistics company Österströms International AB was completed at the beginning of June.
· At the end of July, the third of a series of four AHTS vessels, Magne Viking (previously named TransBering), was delivered from the shipyard in Spain.
· The Board of Directors intends to propose a SEK 500 M new share issue to the Extraordinary General Meeting in September. The issue amount is dependent on the potential acquisition of SBS Marine, a British offshore shipping company based in Aberdeen.
· The process of the spin-off of the Group to create two well capitalized and well positioned separate units in the future, is continuing according to plan.
· The establishment of offshore operations, Trans Viking Offshore A/S, including the relocation of its head office to Copenhagen, is progressing according to plan and is expected to be completed by the end of the year.
This information was brought to you by Cision http://www.cisionwire.com