North Energy ASA (“North Energy” or “Company”) recorded a comprehensive loss of NOK 17.6 million in the third quarter of 2019, compared with a comprehensive loss of NOK 12.4 million in the same quarter last year. The result reported for this quarter is mainly driven by a net loss of NOK 12.7 million from the investment activities and operational expenses of NOK 5.0 million.
The Company has an outstanding potential tax claim with the oil taxation office. The Company has disputed the claim and are still awaiting response from the tax authorities.
North Energy’s total financial investment portfolio measured at market value is per end of the third quarter NOK 261.1 million, down from NOK 282.3 million last quarter. The reduction is mainly driven by lower share prices of the Company’s main investment, Reach Subsea ASA.
The investment portfolio consists of industrial holdings and other financial investments. The industrial holdings include the Company’s shares in Reach Subsea and other financial investments consist of, amongst other, shares in Touchstone Exploration.
The Company is financed with equity of NOK 290.0 million, has no interest-bearing debt, and as of 30 September, North Energy had a cash position of NOK 30.6 million.
As part of the simplification of the corporate structure the Company has completed the intra-group merger between North Energy ASA and the subsidiary North Energy Norge AS whereby the latter has been dissolved.
The interim financial report for the third quarter 2019 is available here.