North Energy ASA (“North Energy” or “Company”) records a loss of NOK 55.0 million in the first quarter of 2020 compared to a loss of NOK 2.8 million in the same quarter last year. The negative result this quarter is driven by significant decrease in market value of investments due to the drop in oil prices and the Covid-19 pandemic. The Company’s cash position as per Q1 2020 is reported NOK 133.6 million.
In April 2020, the Company received a letter from OTO stating that all outstanding tax issues are closed and that the original submitted tax returns for the years in question has been accepted without any changes. Based on this, the Company has removed the restriction on the cash held to cover the former claim.
North Energy’s total investment portfolio is per end of the first quarter NOK 115.8 million, measured at market value. The portfolio consists of industrial holdings, listed financial investments and other
financial investments. The industrial holdings include the Company’s shares in Reach Subsea where North Energy is the major shareholder. The listed financial investments consist of shares in Touchstone Exploration amongst others. The interim financial report for the first quarter 2020 is available here.