Results for the second quarter and first half year 2019

North Energy ASA (“North Energy” or “Company”) recorded a comprehensive loss of NOK 8.4 million in the second quarter of 2019, compared with a comprehensive income of NOK 18.3 million in the same quarter last year. The result reported for this quarter is mainly driven by revenues of NOK 0.9 million, operational expenses of NOK 6.0 million, a net gain of NOK 0.7 million from the investment activities, and a NOK 4.0 million tax expense.

North Energy’s total financial investment portfolio is per end of the second quarter NOK 282.3 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, amongst other, shares in Touchstone Exploration.

In June, the Company distributed a dividend of NOK 0.3 per share. Shareholders were given the option to subscribe for new shares from the dividend received. The total dividend was paid with NOK 20.6 million in cash and 7.7 million treasury shares based on a price of NOK 1.6 per share.

The Company is financed with equity of NOK 307.6 million and, as of 30 June, North Energy had a cash position of NOK 33.8 million.

The interim financial report for the second quarter and first half year 2019 is available here.