The first quarter highlights:

•	Fjord1’s top priorities amidst the Covid-19 pandemic have been the safety and
security of its employees, customers and suppliers, and to safeguard its
operational capabilities. The company has remained fully operational and
progressed on its planned ramp-up of new contracts, in compliance with all
national and local regulations and recommendations to limit the spread of the
Covid-19 virus. 
•	Revenue increased by 17% to NOK 752 million after the start-up of new routes
from 1 January 2020, while EBITDA increased by 23% to NOK 194 million. Reduced
frequency on ferry and passenger boat routes due to travel restrictions have had
a limited financial impact, although the effects on Catering and Tourism have
been significant.  
•	The vessel renewal programme is coming to an end, with five vessels delivered
in the quarter. Two deliveries remain out of a total of 25 new and upgraded
vessels,
•	Total investments amounted to NOK 932 million in the quarter, including NOK
109 million in infrastructure, and net interest-bearing debt (NIBD) increased to
NOK 5,848 million. 

“As previously communicated, Fjord1 views 2020 as a ramp-up year, with the
start-up of several new ferry contracts, the completion of the vessel newbuild
programme and further progress in the electrification of the fleet. Fjord1 is
well equipped to navigate this more uncertain market environment, with a
long-term contract portfolio of NOK 22.8 billion and exciting long-term
prospects in the tourism industry. The company remains committed to its
long-term strategy of being a leading player in the Norwegian ferry market and
providing safe, reliable and environmentally friendly transport to its
customers,” says CEO Dagfinn Neteland in Fjord1.
Fjord1’s position as a critical transport infrastructure provider in coastal
Norway has dampened the government measures’ overall financial impact in the
quarter. However, travel restrictions for technical personnel from Germany and
Italy may delay the completion of electrification infrastructure. Such delays
could postpone the start-up of fully electric ferry routes. This will in turn,
postpone the release of government-funded NOx compensation for the new vessels,
public infrastructure payments and expected fuel cost savings, as well as the
turning point of the net interest-bearing debt. Fjord1 is closely monitoring the
progress of its infrastructure projects and following up its international
suppliers. 

Outlook
•	Fjord1 believes there will be demand for safe, environmentally friendly and
reliable transport in coastal regions in the future. 
•	Fjord1  assesses new tender opportunities in the Norwegian market on an
ongoing basis, as well as opportunities outside of Norway. 
•	Fjord1 has a strong contract portfolio of NOK 22.8 billion in total value
through 2033, excluding options and index regulation. 
•	In 2020, revenue is expected to grow by 10-15% compared with 2019. The
increase will be driven by the new ferry connections that started 1 January
2020. Completion of new infrastructure related to the new and upgraded vessels
is expected to lead to a gradual improvement in the EBITDA-margin.
•	Net interest-bearing debt is expected to increase further but is set to
decrease in 2020 due to improved cash flow, lower investments and the sale of
infrastructure. 


A webcast followed by a Q&A session will be by held by CEO Dagfinn Neteland at
08:30 am CEST. Please use the following link to join the webcast:  
https://fjord.eventcdn.net/202005q12020/   

Contacts 
Dagfinn Neteland, CEO, Fjord1 ASA 
dagfinn.neteland@fjord1.no 
+47 913 71 071 
 
Anne-Mari Sundal Bøe, CFO, Fjord1 ASA
anne.mari.sundal.boe@fjord1.no 
+47 902 78 906

About Fjord1 
Fjord1 aims to be the safest and most attractive provider of environmentally
friendly and reliable transport for customers, clients and partners. Fjord1 is a
leading player in the Norwegian ferry market, with more than 70 ferries, which
also operates passenger boat services and has interests in the catering and
tourism industries. 
More information at www.fjord1.no