Press Release Floatel International Ltd – Fourth quarter 2019 report and presentation

Floatel International report and presentation

Floatel International Ltd – Fourth quarter 2019 report and presentation

• Fleet utilization for the fourth quarter was 29%
• Revenues for the quarter were USD 22.3 million (99.2 for comparable period in 2018)
• EBITDA amounted to USD 1.5 million (59.9)
• The net result for the reporting period was USD -57.9 million (16.0)

Floatel International reports the following highlights in Q4 2019

• On December 19, 2019 a contract was signed with Ineos FPS for provision of Floatel Victory to provide accommodation and construction support in connection with maintenance work at the Unity platform, Central North Sea. Commencement is around May 1, 2020 and the duration of the charter is four months with Ineos having options to extend the charter.
• The Company and Prosafe announced on February 13, 2020 that the Parties mutually have agreed to discontinue the merger process.
• The Group's financial situation is unsustainable as liquidity is under pressure. There is a material uncertainty to whether the Group will be able to service its secured financial liabilities and net working capital requirements for the coming 12 months. The Company has initiated discussions with its key creditors and the view is that these efforts have reasonable expectations of success.

Management will host a conference call February 20 at 14.30 CET 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.

Please see the attached report for the fourth quarter of 2019 and the presentation to be used at the conference call.
http:://www.floatel.bm/investors
Download Report
Download Presentation

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