North Energy ASA (“North Energy” or “Company”) records a comprehensive income of NOK 52.9 million in the third quarter of 2020 compared to a loss of NOK 17.6 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 132.8 million.
The Company’s main industrial investment, Reach Subsea, reported an all-time high result of NOK 33.3 million in the third 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 third quarter NOK 202.2 million, up from NOK 143.0 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. After the quarter end North Energy has signed an agreement to invest in Wind Catching Systems AS, which holds a new innovative technology for floating offshore wind systems. The listed financial investments consist of shares in Touchstone Exploration amongst others.
The report for the third quarter 2020 is available here.