· Dwellop management continued sales focus on high value products and systems.
Leads and prospects have been converted into firm business opportunities and
quotations. We still experience lag in final decisions from clients.
· Continuous focus on cash collection in Dwellop has resulted in sound
collection of account receivables.
· Hunter Group management has spent a lot of time assessing investment
· Still no material development in the patent infringement accusations from
WellPartner. Hunter Group is, as disclosed earlier, held harmless should a
negative outcome materialize. Management still believes that these accusations
will not impact the business negatively.
· Dwellop's board of directors has approved a work-over rig (WOR) contract
with a yard. The contract is subject to certain closing conditions, primarily
that the yard needs to conclude on a contract with its client. If a firm
contract between the yard and its client is not signed, Dwellop's contract will
be cancelled. Hunter Group is about to secure a project financing facility for
the construction process. The construction period is estimated to 18 months.
· Dwellop has also been shortlisted for another WOR project.
· Dwellop's sales effort materialized in orders of well intervention products
and equipment for over NOK 17.5m to date, equivalent to 70% increase from same
period in 2017.
· Total consolidated revenues was NOK 11.5m in Q4 2017. Total income for 2017
was NOK 44.0m (Dwellop included from May 2017).
· EBITDA (Earnings before interest, tax, depreciation and amortization) was
negative with NOK -9.3m in Q4 2017 and NOK -30.7m for 2017.
· EBIT (Earnings before interest and tax) was negative with NOK -14.2m in Q4
2017 and negative with NOK -111.1m for 2017, including a write off of NOK 69m
(please see note 3 for further details).
· Net income was negative with NOK -13.5m in Q4 2017, equivalent to negative
earnings per share of NOK -0.01. Net income for 2017 was negative with NOK
-92.0m equivalent to negative earnings per share of NOK -0.09.
· Cash position as of 31.12.2017 was NOK 279.5m, down from NOK 286.8 last
quarter, and total interest-bearing debt was NOK -15.3m.
This information is subject of the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.
For further information, please contact:
Vegard Urnes, interim CEO, +47 90 58 54 32, firstname.lastname@example.org
Ola Beinnes Fosse, CFO, +47 97 53 12 27, email@example.com