Rem Offshore reports a profit after tax of minus 1,119.0 million in Q2 2016, compared with plus 64.3 million kroner in the same period last year.
Earnings per share were minus 48 , 07 million, compared with plus 3.60 million at the same crossroads last year.
the result before tax was NOK 1,119.0 million, compared with plus NOK 64.6 million in Q2 2015.
the operating result was minus 1048.3 million, compared with plus 109.5 million the year before.
the total revenue amounted to 221.6 million kroner, compared with 292.0 million in Q2 2015.
impairments
the accounts have been charged with write-downs of 898.7 million crowns, “as a result of the uncertainty associated with the current ship values.”
– This in combination with the cancellation costs of the new building allows the company is in breach of the covenants (loan terms) that affect equity and appreciation of the fleet. The company has the standstill agreement with banks
received approval for temporary relief from the applicable covenants and has applied bondholders acceptance approval for a temporary exemption, writing board in the report.
The company also informs the restructuring plan that was presented in late June.
– the overall effect of the restructuring is expected to improve the company’s liquidity by approximately 3.6 billion over a period of 3.5 years and reduce net debt by about 900 million million (22 percent), writing board.
the restructuring is conditional on a positive decision on the bondholders’ meeting which is scheduled for september 6, 2016.
the report here.
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