(Finansavisen.no): – This does not change anything in the restructuration process. It continues, and we have a constructive dialogue with the parties, says cfo Anders Hall Jomaas in Solstad Offshore to Mallorca.
yesterday came the message that the offshorerederiet write down flåteverdiene with 850 million for the third quarter of 2018. The reason is an order from the financial supervisory authority of norway, with a background in that gjeninnhentingen in the market takes longer than expected.
the write-Up entails net income in the third quarter of worsens from a loss of 1,79 billion to the 2,64 billion, and that the book equity per. the third quarter falls from the answers 3.33 billion to 2,48 billion.
Further write-downs
– Why were no write-downs undertaken in the third quarter?
– on the basis of from broker valuation and recent transactions in the market, we considered that it was not necessary for the implementation of the complete impairment tests. At the same time we said clearly in the third quarter of that book value and earnings could come under pressure going forward, ” says Jomaas to the newspaper.
– Shows the writings you have made that you were wrong?
– It is your words, but such impairment tests are something we anyway would have done in connection with the fourth quarter.
Solstad Offshore notified Thursday that there is a risk for impairment in the fourth quarter as a result of indications that the improvement in the market lets wait on themselves. This is it so far not taken any decision, but any impairment “will put the book equity in the game”, according to the company.
– We can not comment on the size, and says only that it is associated with a risk that it can get more, ” says the company’s chief financial officer.
It was just before christmas that the financial supervisory authority of norway gave Solstad Offshore orders to implement a nedskrvningstest of the fleet pr. the end of september last year.
This was based on an overall assessment, where the audit laid particular emphasis on the company’s low carrying value in relation to the share price, the market development in 2018, and the market prospects ahead. Solstad Offshore was disagreement in the assessment, but was given a deadline to carry out such a test before the 24. January.
– Little has changed
analysis supervisor Frederik Lunde of Carnegie believes that the situation in Solstad Offshore has changed little despite the new, large write downs.
It was high time with write-downs. You can see what the stock is priced in relation to the carrying values, one gets a good indication that the carrying values are for the high . It is well known that the company has challenges. At the same time, there is more focus on liquidity than on book values. The stock market has already taken account for write-downs, ” says analysesjefen to the newspaper.
When Aker conducted a merger of Solstad Offshore, Farstad Shipping and Deep Sea Supply, ” said Aker ceo Øyvind Eriksen that there was a risk that the merger would not be a success and that it was not certain that they had found the final solution on the capital structure, writes Finansavisen.
– the Statements are very good. This has constantly been an option for the major, financial owners, ” says Lunde.
– Can Røkke and Fredriksen find to pull out?
– so can they. They have not guaranteed the debt in some way. Dog is probably the investment from two years ago is virtually worthless. The downside is not so great for Aker and Fredriksen, ” says Lunde, to Mallorca.
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