Skip to main content

Saga Tankers ASA: Q1 2020 financial results

Written by Customer Service on . Posted in Public Companies.

(Oslo, 14 May 2020) Saga Tankers ASA (“Saga”, OSE: SAGA) reported a net asset value (NAV) of NOK  251 million end of the first quarter 2020, corresponding to NOK 0.94 per outstanding share, excluding minority interests and with Vallhall valued at book value.By the end of the first quarter, Saga had a cash balance of NOK 113 million. All long-term debt are related to the real estate owned by Vallhall (Saga’s ownership is 55%).During the quarter, the net market value of shares held in SD Standard Drilling Plc and Vistin Pharma ASA decreased by approx. NOK 85 million. This is classified as net loss from available for sale assets.Saga has not made any adjustments in the portfolio classified as financial assets available for sale during the quarter.Key figures
Financial assets are adjusted to market value according to IFRS. Vallhall Arena is a subsidiary.By end of first quarter the main investments in Saga Tankers ASA were:SD Standard Drilling Plc (18.4% ownership):At the end of fourth quarter, the company owns 100% of 4 large-size PSV’s and has ownership and economic exposure in 9 mid-size PSV’s bringing the total fleet of part and/or fully owned vessels to 15. This includes one medium size vessel that are sold but leased back on a 1 year bare boat contract. In January 2020 the company invested USD 36.5 million, including working capital for a 33.3% ownership in a new built Eco Design VLCC(“VLCC”). The VLCC was acquired for USD 106 million and delivered directly from the yard, Daewoo Shipbuilding & Marine Engineering Co in Korea, end of January 2020.For further information: www.standard-drilling.comVistin Pharma ASA (14.2% ownership):
Vistin Pharma is a holding company for Vistin Pharma AS and Vistin Trading AS. Vistin Pharma AS is a Norwegian pharmaceutical company producing Active Pharmaceutical Ingredients (APIs).For further information: www.vistin.comVallhall (55% ownership):
Vallhall Arena is Oslo’s largest indoor arena, centrally located at Helsfyr in Oslo with good public transportation connections. Several hotels are also located close to the arena. The arena was built in 2001. The size of the arena is about 9 000 square meter. The arena is well-known for its high quality and is used by school children, as well as professionals. The arena is also leased out for events such as exhibitions, seminars, concerts and other events requiring facilities that Vallhall Arena can offer.For more information: www.vallhall.no
For further information, please contact:
CEO Espen Lundaas
+47 92 43 14 17This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading ActAttachmentsSaga_OSE Notification Q1 2020Q1 2020 REPORT

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.