North Energy ASA (“North Energy” or “Company”) records an income of NOK 52.0 million in the second quarter of 2020 compared to a loss of NOK 8.4 million in the same quarter last year. The income this quarter is primarily due to a significant increase in market value of the investment in Touchstone Exploration. The Company’s cash position as per end of second quarter is reported NOK 136.5 million.
The Company’s main industrial investment, Reach Subsea, reported an all-time high result of NOK 27.8 million in the second quarter. High utilization and successful project execution are the main drivers behind the improved performance.
North Energy’s total investment portfolio, measured at market value, is per end of the second quarter NOK 143.0 million, up from NOK 115.8 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. The listed financial investments consist of shares in Touchstone Exploration amongst others.
The Board of Directors have revisited the Company’s strategy, including an updated dividend policy. For further details, see the second quarter financial report for 2020, which is available here.