Results for the fourth quarter 2020

Strong fourth quarter and record full year results, proposed dividend of NOK 0.45

North Energy ASA (“North Energy” or “Company”) records a comprehensive income of NOK 70.5 million in the fourth quarter of 2020 compared to a comprehensive income of NOK 12.7 million in the same quarter last year. North Energy records a preliminary comprehensive income of NOK 120.4 million for 2020, compared with a comprehensive loss of NOK 16.1 million for 2019. The income reported this quarter and full year is primarily driven by a significant increase in the valuation of the investment in Touchstone Exploration. The Company’s cash position as per end of fourth quarter is reported at NOK 119.3 million.

The Company’s main industrial investment, Reach Subsea, reported a comprehensive income of NOK 13.9 million in the fourth quarter and a record high full year comprehensive income of NOK 43.8 million. High utilization and successful project execution are the main drivers behind the strong results.

North Energy’s total investment portfolio, measured at market value, is per end of the fourth quarter NOK 302.8 million, up from NOK 202.2 million last quarter. 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. During the quarter, North Energy acquired 25.3% of the shares in Wind Catching Systems AS, which holds an exciting new innovative technology for floating offshore wind systems. The listed financial investments consist of shares in Touchstone Exploration amongst others.

The Board of North Energy ASA proposes a cash dividend of NOK 0.45 per share, in accordance with the company’s dividend policy. The dividend is subject to approval at the AGM on 14 April 2021.

The report for the fourth quarter 2020 is available here.