Oslo, 21 May 2019
North Energy ASA ("North Energy" or "Company") recorded a comprehensive loss of
NOK 2.8 million in the first quarter of 2019, compared with a comprehensive loss
of NOK 25.3 million in the same quarter last year. The result reported for this
quarter consist mainly by net gain of NOK 1.9 million from the investment
activities, offset by operational expenses of NOK 6.3 million.
North Energy's total financial investment portfolio is per end of the first
quarter NOK 278.7 million, measured at market value. The portfolio consists of
industrial holdings, listed financial investments and other financial
investments. The industrial holdings include the Company's shares in Reach
Subsea where North Energy is the major shareholder. The listed financial
investments consist of, amongst other, shares in Touchstone Exploration.
The Company is financed with equity of NOK 347.1 million and, as of 31 March,
North Energy had a cash position of NOK 65.7 million.
The interim financial report for the first quarter 2019 is available at the
Company's website, www.northenergy.no (http://www.northenergy.no).
In the stock exchange notice of 20 February 2019, the Company announced its
intention to distribute an extraordinary dividend of NOK 0.3 per share. The
dividend proposal is subject to approval by the Annual General Meeting on 28 May
2019. The proposal includes an option for shareholders to subscribe for new
shares from dividends received. The extraordinary dividend is based on the
audited interim balance sheet of North Energy ASA as per 31 March 2019. The
audited interim balance sheet report for North Energy ASA is available at
www.northenergy.no (http://www.northenergy.no).
For further information, please contact:
Knut Sæberg, CEO
Mobile: +47 918 00 720 | E-mail: knut.saeberg@northenergy.no
(mailto:knut.saeberg@northenergy.no)
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.