Sølvtrans continues to deliver good results and dividends

Sølvtrans commenced operations of the new wellboatRonjaPolarisinthe fourth quarter, thereby increasingrevenueup tonearly NOK 80million inthe quarter.For the entire2013, the company has achieved totalrevenues of NOK 286 millionandan operating profit of NOK 105 million. Due to large positive non-recurring effectsof NOK 44 million, the company achieved a total profitin 2013of NOK 112million.The Boardproposes a total dividend ofNOK 10 million.

- We are pleased with the results we have achieved for the fourth quarter and not the least for the whole 2013. This demonstrates that the company has a solid operating foundation, says Roger Halsebakk, CEO for Sølvtrans. It is also very satisfying to report that we will pay dividends to our shareholders, continues Halsebakk.

Income for the fourth quarter increased by 10% compared with the same quarter in 2012. Scheduled maintenance and repair work for several vessels, as well as higher salary costs, resulted in a decrease in operating profit by NOK 2 million compared to the fourth quarter of 2012.

For the entire 2013, operating revenues increased by 5% up to NOK 286 million. The improvement in revenues is mainly due to a combination of general rate increases and higher utilization of the fleet. Sølvtrans has improved fleet utilization from 92% in 2012 to 98% in 2013. With operating costs of NOK 140 million for 2013, the company achieved an operating profit of NOK 105 million, an improvement of 14% compared to 2012.

Due to positive non-recurring effects of NOK 44 million related to reversal of deferred tax and unrealized derivate- and foreign exchange gains, the company achieved a total profit for the year of NOK 112 million. Excluding these one-off effects, the total profit was NOK 68 million.

The Board recommends to the General Meeting a dividend payment of NOK 60 øre per share, which gives a total dividend payment of NOK 10 million.