Record results from Sølvtrans

Gustav-Erik Blaalid
Published Modified

The well boat company Sølvtrans had an operating income of NOK 72.3 million in the fourth quarter 2011, up 12 percent from the NOK 64.6 million reported in the same quarter in 2010. Due to a solid utilization rate of 96 percent for the entire fleet and 100 percent for the company's ten vessels operating on long-term contracts, as well as cost efficient operations, the company reports a record high EBITDA of NOK 39.3 million, compared with NOK 15.6 million in the corresponding quarter in 2010.

- Fourth quarter 2011 was a strong quarter with 100 percent utilization on our contract vessels, demonstrating extremely efficient operations, says Roger Halsebakk, CEO of Sølvtrans. We will continue our hard work to maintain high utilization and cost effective operations, he continues.

For 2011 as a whole, Sølvtrans had operating income of NOK 264.8 million, compared with NOK 254.0 million in 2010. Through strong focus on cost control, the Operating expenses are reduced from NOK 169.1 million in 2010, till NOK 137.0 million in 2011. This gives a record high EBITDA of NOK 127.7 million in 2011, compared with NOK 84.9 million in 2010 which also included a gain from the sale of the vessel Ronja.

After the end of the quarter, the company renegotiated and extended one contract with the Scottish Salmon Company for Ronja Viking for two years, as well as entered into an additional contract with the same company for Ronja Nordic for seven months. The latter vessel will be temporarily released from its contract with Marine Harvest whilst operating for the Scottish Salmon Company. Also, the company has recently decided to re-establish operations in Chile, after entering into two new contracts for the vessels Frøyhav and Frøyfisk.

The outlook for the transport of salmon and trout is positive in that a continued production growth is expected. Furthermore, efforts to combat salmon lice and infectious diseases in the salmon industry are likely to increase the demand for closed technology for the transport of live fish.

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