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2024-02-29 Bokslutskommuniké 2023
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2022-03-03 Bokslutskommuniké 2021
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2021-05-20 Årsstämma 2021
2021-02-25 Bokslutskommuniké 2020
2020-11-13 Kvartalsrapport 2020-Q3

Beskrivning

LandNorge
ListaEuronext Growth Oslo
SektorTjänster
IndustriShipping & Offshore
Seaway 7 är verksamma inom transportbranschen. Bolaget är specialiserade inom hantering och transport av tyngre material. Särskilt affärsfokus återfinns inom den maritima sektorn, där bolaget erbjuder transportlösning för större projekt som sker ute till havs. Störst verksamhet återfinns inom den nordiska marknaden, där kunderna återfinns inom olje- och gassektorn. Bolaget har sitt huvudkontor i Oslo.
2021-11-17 08:00:00
Oslo - 17 November 2021 - Seaway 7 ASA (Euronext Growth: SEAW7) announced today
results for the third quarter which ended 30 September 2021.

On 1 October 2021, OHT ASA completed a business combination with the renewables
business unit of Subsea 7, and the combined company was renamed Seaway 7 ASA
(the "Company"). The condensed consolidated financial statements of Seaway 7
ASA contained in this report reflect the results for the third quarter and
year-to-date prior to the business combination and do not include the results
related to Subsea 7's renewables business unit. Consolidated financial
statements of Seaway 7 ASA for the fourth quarter will include results related
to both the Subsea 7 renewables business unit and legacy OHT businesses.

THIRD QUARTER 2021 SUMMARY
- Operating revenue was $17.4m in Q3 2021, down from $17.8m in Q2 2021
- EBITDA was $1.7m in Q3 2021, down from $3.9m in Q2 2021
- Loss before tax was $2.4m in Q3 2021, compared to a loss before tax of $0.1m
in Q2 2021
- Utilization on the transportation fleet was 96% in Q3 2021. Utilization in Q2
2021 was 93%

SUBSEQUENT EVENTS
On 1 October 2021, OHT ASA completed a business combination with the renewables
business unit of Subsea 7, and the combined company was renamed Seaway 7 ASA.

The combined entity retains the listing on Euronext Growth market in Oslo, with
the ticker SEAW7.

As a result of the combination, these subsequent events came effective during
October:
- 314,325,054 new ordinary shares were issued, each with a nominal value of NOK
0.10
- A new Board of Directors was elected
- A new CEO and executive management team was appointed

On 6 October 2021, the Company announced that it had been selected as preferred
contractor by Ørsted for the transport and installation of wind turbine
generators for part of the Gode Wind 3 and Borkum Riffgrund 3 offshore windfarms
in Germany. The Contract for the aforementioned scope with Ørsted was
subsequently signed on 8 November 2021. This is the first assignment to be
secured for the Company's jack-up WTG installation vessel VIND 1 and is seen as
a positive validation of the combination to form Seaway 7 ASA and the confidence
of our Customers in our ability to delivery on their project requirements.

On 18 October 2021, the Company was informed of an incident involving the
folding A-frame on the main crane of Alfa Lift, currently under construction in
China. No personnel were injured and the unplanned movement of the folding
A-frame is currently being investigated, including impacts to vessel delivery
schedule and on the initial committed works for the vessel.

On 12 November 2021, the Company announced that it had signed a Contract with
SSE for the Doggerbank C project. Dogger Bank C will be developed with 87 wind
turbine generators and is owned by SSE Renewables, Equinor and ENI. The company
will utilise its specialist Heavy Lift Vessel Alfa Lift, and offshore
installation will commence in 2024 following the installation of the Dogger Bank
A and B projects. The contract award is subject to SSE Renewables final
investment decision to proceed with the project.

FINANCIALS

Financial key figures

in $ thousands Q3 2021 Q2 2021
----------------------------------------------------------------------
Operating revenue 17,400 17,752

EBITDA 1,697 3,859

Operating loss (2,367) (206)

Net Financial Income (expenses) (73) 59

Loss before tax (2,440) (147)

Loss per share, in $ per share (0.02) (0.00)


Vessels and construction contracts 275,619 260,123

Bank deposits and cash equivalents 12,058 16,978

Total Assets 315,310 300,108

Total Equity 226,878 229,318

Debt to credit institutions 36,527 21,474

Total current liabilities 49,489 47,118


Net cashflow from operating activities (1,394) 9,338

Net cashflow used in investment activities (18,324) (8,403)

Net cashflow from financing activities 14,798 (233)

Financial review
The Company's operating revenue was $17.4m in Q3 2021, compared to $17.8m in Q2
2021. The Company's EBITDA decreased from $3.9m in Q2 2021 to $1.7m in Q3 2021
driven by lower effective day rates achieved on contracts within the third
quarter and certain one-off voyage related costs. Net financial expense was
$0.1m in Q3 2021 compared to a net financial income of $0.1m in Q2 2021.

The Company's total assets amounted to $315.3m at 30 September 2021, up from
$300.1m at 30 June 2021. Total book equity was $226.9m at 30 September 2021.

Net cash flow from operating activities was negative $1.4m in Q3 2021. Net cash
flow from financing activities was $14.8m following drawdown of $15.0m on the
revolving credit facility. $18.3m were used in investment activities this
quarter, mainly payments under contracts for vessel construction. Net change in
cash and cash equivalents from 30 June 2021 to 30 September 2021 was negative
$4.9m. Cash and cash equivalents at the end of Q3 2021 were $12.1m.

Total undrawn amount on the revolving credit facility was $13.0m on 30 September
2021.

OPERATIONS AND CONTRACTS

TRANSPORTATION
The Company has continued to avoid major operational disruptions from the
Covid-19 pandemic, with reduced efficiency in execution of crew changes being
the only negative effects. All the vessels in the fleet, Falcon, Eagle, Osprey,
Hawk and Albatross have traded in the spot market in Q3 2021, transporting power
barges, liftboats, jack-up drilling rigs and push barges.

Voyages performed in Q3 2021 fall into the following categories: Renewables