company news

Aprila Bank ASA: Exercise of options

Company news

2023-11-28 17:46:03

Option holders in Aprila Bank ASA (“Aprila”) have on 28 November 2023 exercised 250,022 options, pursuant to the company’s stock option plan which was authorised by the ordinary general meeting in the company on 27 April 2023.

In addition to the strike price, option holders who are employees in Aprila shall reimburse the social security tax to the company. For employees, the exercise of options is also subject to income taxation based on the option holder’s gain, calculated as the difference between the volume-weighted average share price during the exercise window and the sum of strike and social security tax.

Options exercised by primary insiders:

Øystein Dannevig, Chief Decision Scientist in Aprila, has exercised 118,383 options in the company, corresponding to 118,383 shares at a volume-weighted strike price of 6.19. Following the issue of the underlying shares, Øystein Dannevig will hold, directly and through his wholly owned investment company ØSD Invest AS, a total of 1,252,781 shares in the company, equal to 1.9% of the share capital.

Kjetil Sørlien Barli, Chief Financial Officer in Aprila, has exercised 12,433 options in the company, corresponding to 12,433 shares at a strike price of NOK 1.00. Following the issue of the underlying shares, Kjetil Sørlien Barli will hold, directly and through his wholly owned investment company Blue Mountain Capital AS, a total of 598,653 shares in the company, equal to 0.9% of the share capital.

Israr Khan, Chief Product & Technology Officer in Aprila, has exercised 10,289 options in the company, corresponding to 10,289 shares at a strike price of NOK 1.00. Following the issue of the underlying shares, Israr Khan will hold, directly and through his wholly owned investment company Disruptor AS, a total of 750,289 shares in the company, equal to 1.1% of the share capital.

   

Victoria Eiendom – regnskap 3. kvartal 2023

Company news

2023-11-28 17:45:36

Victoria Eiendoms resultat før skattekostnad er kr 697,8 mill., ned fra kr 1 472,1 mill. per 3. kvartal 2022. Nedgangen skyldes resultatfall i det tilknyttede selskapet Pandox, drevet av negativ verdiutvikling på selskapets eiendommer og derivater.

Resultat før skatt fra den underliggende virksomheten i Victoria Eiendom ekskl. Eiendomsspar var kr 212,3 mill. for perioden januar – september 2023, mot kr 202,9 mill. i samme periode i fjor. Økningen i resultatet på kr 9,4 mill. forklares av at summen av de økte leieinntektene på kr 10,4 mill. og økte salgsgevinster på kr 27,1 mill., overstiger økte netto finanskostnader på kr 26,5 mill. Økningen i netto finanskostnader skyldes økt rentenivå og at selskapet per 3. kvartal i fjor hadde ekstraordinære finansinntekter på kr 12,0 mill.

  Victoria Eiendom 3. kvartal 2023.pdf

Eiendomsspar – regnskap 3. kvartal 2023

Company news

2023-11-28 17:39:46

Eiendomsspars resultat før skattekostnad er kr 870,6 mill., ned fra kr 1 454,3 per 3. kvartal 2022. Nedgangen på kr 583,7 mill. skyldes i hovedsak nettoeffekten av redusert resultatbidrag fra det tilknyttede selskapet Pandox på kr 1 098,9 mill., drevet av negativ verdiutvikling på selskapets eiendommer og derivater, mot positivt verdibidrag fra disse to postene i fjor og økning i Eiendomsspars salgsgevinster på kr 389,2 mill.

  Eiendomsspar 3. kvartal 2023.pdf

CASTOR : Castor Maritime Inc. Announces the Sale of the M/V Magic Moon for $11.8 Million and the Completion of the Sale of the M/V Magic Phoenix

Company news

2023-11-28 15:05:50

Castor Maritime Inc. Announces the Sale of the M/V Magic Moon for $11.8 Million and the Completion of the Sale of the M/V Magic Phoenix

Limassol, Cyprus, November 28, 2023 – Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a diversified global shipping company, announces that on November 10, 2023, the Company entered into an agreement with an unaffiliated third party for the sale of the M/V Magic Moon, a 2005-built Panamax bulk carrier vessel, for a price of $11.8 million. The vessel is expected to be delivered to its new owner by the end of the fourth quarter of 2023.

The Company expects to record during the fourth quarter of 2023 a net gain of approximately $3.0 million from the sale of the M/V Magic Moon, excluding any transaction related costs.

Furthermore, on November 27, 2023, the Company completed the previously announced sale of the M/V Magic Phoenix, a 2008-built Panamax bulk carrier vessel, for a price of $14.0 million, by delivering the vessel to its new owner.

The Company expects to record during the fourth quarter of 2023 a net loss of approximately $2.6 million from the sale of the M/V Magic Phoenix, excluding any transaction-related costs.


About Castor Maritime Inc.

Castor Maritime Inc. is an international provider of shipping transportation services through its ownership of oceangoing cargo vessels.

Castor owns a fleet of 18 vessels, with an aggregate capacity of 1.5 million dwt, currently consisting of one Capesize vessel, six Kamsarmax vessels, including the M/V Magic Argo that the Company agreed to sell on September 22, 2023, nine Panamax dry bulk vessels, including the M/V Magic Moon, and two 2,700 TEU containership vessels.

For more information, please visit the Company’s website at www.castormaritime.com.
Information on our website does not constitute a part of this press release.


Cautionary Statement Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. We are including this cautionary statement in connection with this safe harbor legislation. The words “believe”, “anticipate”, “intend”, “estimate”, “forecast”, “project”, “plan”, “potential”, “will”, “may”, “should”, “expect”, “pending” and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of current or historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these forward-looking statements, including these expectations, beliefs or projections. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward‐looking statements include factors and uncertainties related to the Company’s and its counterparty’s ability to consummate the transaction discussed herein or the occurrence of any event, change or other circumstance that could cause us to record a different net gain or loss than expected on the sale of the M/V Magic Phoenix, the M/V Magic Moon and the M/V Magic Argo, factors and uncertainties in connection with the effects of the Company’s spin-off transaction or any similar transaction, our business strategy, dry bulk and containership market conditions and trends, the rapid growth of our fleet, the consummation of any sale of any of our vessels, our relationships with our current and future service providers and customers, our ability to borrow under existing or future debt agreements or to refinance our debt on favorable terms and our ability to comply with the covenants contained therein, our continued ability to enter into time or voyage charters with existing and new customers and to re-charter our vessels upon the expiry of the existing charters, changes in our operating and capitalized expenses, our ability to fund future capital expenditures and investments in the acquisition and refurbishment of our vessels, instances of off-hire, future sales of our securities in the public market and our ability to maintain compliance with applicable listing standards, volatility in our share price, potential conflicts of interest involving members of our board of directors, senior management and certain of our service providers that are related parties, general domestic and international political conditions or events (including armed conflicts, “trade wars”, global public health threats and major outbreaks of disease), existing or future disputes, proceedings or litigation, including the outcome or costs associated with the Company’s previously announced efforts to recover compensation and damages in relation to the terminated prior sale of the M/V Magic Moon, changes in seaborne and other transportation, changes in governmental rules and regulations or actions taken by regulatory authorities, and the impact of adverse weather and natural disasters. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward‐looking statements as a result of developments occurring after the date of this communication.


CONTACT DETAILS

For further information please contact:

Petros Panagiotidis
Castor Maritime Inc.
Email: ir@castormaritime.com

Media Contact:
Kevin Karlis
Capital Link
Email: castormaritime@capitallink.com

http://castormaritime.com Castor Maritime Inc. Announces the Sale of the MV Magic Moon for $11.8 Million and the Completion of the Sale of the MV Magic Phoenix.pdf

Endring av aksje: Petrolia NOCO AS (PNO)

Corporate actions

2023-11-28 13:23:45

Det er foretatt endringer i Petrolia NOCO AS (ISIN:NO0010844301, ticker PNO). Aksjebeholdningen er øket fra 160 000 000 til 170 000 000. Emisjonsverdien er øket fra 0 til 340 000 000.

   

LUMA: Letter from the Chairman of the Board and CEO - Nov 2023

Company news

2023-11-28 09:14:41

Please find enclosed a letter to the Shareholders from the Chairman of the Board and the CEO in Lumarine AS. The letter gives an update to the shareholders in Lumarine AS.

For further information, please contact:
Karl Christian Baumann, CEO
Email: kcb@lumarine.no

  Lumarine - Shareholder letter November 28-2023.pdf

Aprila Bank ASA: Notification of trade

Company news

2023-11-27 16:02:22

Karl Erik Asbjørnsen, Engineering Manager in Aprila Bank ASA (“Aprila”), has on 27 November 2023 purchased 100,000 shares in Aprila. The shares were purchased at a price of NOK 6.50 per share. After the purchase, Karl Erik Asbjørnsen holds, directly and through his wholly owned investment company Sirkelbue AS, a total of 1,045,296 shares in Aprila, equal to 1.59% of the share capital.

   

Soil: Soiltech sign long-term contract with Transocean

Company news

2023-11-27 06:31:24

Soiltech has entered into a contract with Transocean for the provision of waste management services on the semi-submersible drilling rig Transocean Spitsbergen. The rig will be working for Equinor in Norway.

The startup is estimated to be first quarter 2024 with a duration until the second quarter 2025 plus options to extend.

The contract includes the provision of Soiltech’s market leading and innovative technologies within the treatment of contaminated water, responsible handling of cuttings, and cleaning services.

“We are proud to be awarded this contract by Transocean. This will be the second rig for Transocean as we are already on Transocean Barents which is drilling off Cyprus. We see the award as a recognition of our commitment to deliver sustainable waste management solutions, says Soiltech’s CEO Jan Erik Tveteraas.


About Soiltech
Soiltech is an innovative cleantech service provider specializing in the treatment, recycling and responsible handling of contaminated water and solid waste. Our technologies enable cost savings and lower CO2 emissions through waste reduction, waste recovery and reuse.

Soiltech is headquartered in Norway and operates world-wide. We are listed on Euronext NOTC in Norway under the ticker SOIL.

https://soiltech.no/  

INDEPENDENT OIL & RESOURCES PLC - IOTA

Company news

2023-11-24 15:47:02

INDEPENDENT OIL & RESOURCES PLC - IOTA

SHARE ISSUE

Reference is made to the announcement dated 26.10.2023 in relation to invitation to subscribe for SNDR in Independent Oil & Resources Plc.
Following the completion of the offering, 21.780.419 new shares of a nominal value of NOK 1,00 were issued and allotted at a price of NOK 1,00 per share.
Following the issue and allotment, the paid-up share capital of Independent Oil & Resources Plc has been increased by NOK 21.780.419,00 and is now divided into 95.833.630 shares of a nominal value of NOK 1,00 per share for the total consideration of NOK 95.833.630,00.
The total authorized share capital of the Company stands at 95.833.630 shares of a nominal value of NOK 1,00 per share.

https://independentresources.eu/  

JACK: Jacktel Interim Report Q3 2023

Company news

2023-11-24 06:45:17

Jacktel generated an EBITDA of MUSD 3.9 in Q3 2023, a 60% increase compared to Q3 2022.

Haven has been on contract with TotalEnergies DK during the entire quarter and provided 100% gangway connection.

On August 8th, Jacktel completed the refinancing of its Senior Secured Bonds maturing in December 2023. The Company has entered into an 80 MUSD senior secured loan with maturity 31.12.2027. The new loan has a tailored amortization profile reflecting Haven’s contracted backlog and allows for dividends subject to a 12 MUSD prepayment and certain covenants.

The refinancing and a robust order backlog at improved rates provide a strong basis for stable operations and a visible cash flow until year end 2027.

  Jacktel AS - Interim report Q3 2023.pdf

CrayoNano and IRTronix sign agreement for distribution of UV-C LED components for the disinfection market

Company news

2023-11-23 12:45:54

Trondheim, Norway/Torrance, California—23 Nov 2023—CrayoNano, a provider of powerful UV-C LEDs for the disinfection market, is pleased to announce a partnership with IRTronix Inc., an established distributor and integrator of UV LED products, for the promotion and selling of our CrayoLED™ UV-C LED components in the US market.

With over 20 years of industry experience, IRTronix Inc. has a proven track record in delivering UV LED products, technical expertise, and logistical support across multiple applications, including air and surface disinfection, water purification, UV curing, medical phototherapy, analytical instruments, and more.

The partnership between IRTronix Inc. and CrayoNano will accelerate the time-to-market for customers as our first distribution channel partner for growing the US disinfection market. This strategic partnership strengthens our commitment to delivering outstanding service to our current clientele and positions us for the expansion of our customer base.

For further information, please visit IRTronix Inc. at http://www.irtronix.com/ and CrayoNano at http://www.crayonano.com/

http://www.crayonano.com  

JENGAX: Protokoll fra ekstraordinær generalforsamling

Company news

2023-11-23 09:38:25

Vedlagt protokoll fra ekstraordinær generalforsamling.

  2023_Protokoll ekstraordinær gf Jengax 22.11.2023.pdf

PNO: New share capital registered

Company news

2023-11-22 09:58:17

Reference is made to the company’s announcement 26 June 2023 regarding the completion of a private placement of 10,000,000 new shares.

The share capital increase pertaining to the private placement has been registered at the Norwegian Register of Business Enterprises and the new shares have been issued. The new registered share capital of the company is NOK 17,000,000 comprising 170,000,000 shares, each with a par value of NOK 0.10.

Contact:
Erik von Krogh, CFO
+47 930 38 075

https://petrolianoco.no/  

Key information relating to the cash dividend to be paid by Golar LNG Limited

Company news

2023-11-21 12:50:02

Reference is made to the third quarter 2023 report released on November 21, 2023. Golar LNG Limited (Golar), NASDAQ ticker: GLNG, has declared a total dividend of $0.25 per share to be paid on or around December 11, 2023.  The record date will be December 1, 2023. 
Due to the implementation of the Central Securities Depository Regulation (CSDR), please note the information below on the payment date for the small number of Golar shares registered in Norways central securities depository (VPS):

  • Dividend amount: $0.25 per share
  • Declared currency: USD. Dividends payable to shares registered in the VPS will be distributed in NOK
  • Last day including right: November 29, 2023
  • Ex-date: November 30, 2023
  • Record date: December 1, 2023
  • Payment date: On or about December 11, 2023. Due to the implementation of CSDR in Norway, dividends payable to shares registered in the VPS will be distributed on or about December 13, 2023.

Golar LNG Limited
Hamilton, Bermuda
November 21, 2023

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act


   

Interim results for the period ended September 30, 2023

Company news

2023-11-21 12:40:02

Highlights and subsequent events 

  • Golar LNG Limited (Golar or the Company) reports Q3 2023 Net income of $114 million and Adjusted EBITDA1 of $75 million, inclusive of $39 million of non-cash items1.
  • Total Golar Cash1 of $841 million, inclusive of $114 million of restricted cash.
  • FLNG Hilli achieved operating milestone as world's first FLNG to offload 100 LNG cargoes.
  • FLNG Gimi sailed from Singapore to start its 20-year contract for BP offshore Mauritania and Senegal.
  • Finalized the sale of 1977 built LNG carrier Gandria.
  • Continuing development of FLNG growth pipeline.
  • Repurchased 0.2 million shares at an average cost of $21.36 per share. 105.9 million shares issued and outstanding as of September 30, 2023.
  • Declared dividend of $0.25 per share for the quarter.

FLNG Hilli: Maintained its market leading operational track record throughout the quarter, and became the worlds first FLNG to export its 100th cargo on October 14 and its 102nd cargo on November 15, 2023. Q3 2023 Distributable Adjusted EBITDA1 from FLNG Hilli was $77 million, of which Golars share was $73 million, a $6 million decrease compared to Q2 2023, due to lower Brent oil and Dutch Title Transfer Facility (TTF) prices. For the remainder of 2023 and 2024, the locked in TTF Distributable Adjusted EBITDA1 as a result of the effective unwinding of prior TTF hedges, which will be in addition to Golars share of tolling fees and market linked Brent oil and TTF exposures, will be allocated as follows:

    • October-December 2023: 100% of TTF linked production unwound securing approximately $23 million of Distributable Adjusted EBITDA1; and
    • Full year 2024: 50% of TTF linked production unwound securing approximately $49 million of Distributable Adjusted EBITDA1 equivalent to approximately $12 million per quarter in 2024.

As the TTF hedges have been effectively unwound and secured, Golar remains fully exposed to TTF prices, with additional Distributable Adjusted EBITDA1 of around $9 million expected for Q4 2023. For 2024, based on a forward price of $15.00/MMBtu, Golar expects additional Distributable Adjusted EBITDA1 of $39 million, increasing or decreasing by $3.2 million per annum for every dollar change in TTF.

FLNG Gimi: Sailed from Seatrium shipyard in Singapore on November 19, 2023, heading for its operational location offshore Mauritania and Senegal. Construction, pre-commissioning and sea trials  are all complete and the vessel is expected to be ready for production once connected to the Greater Tortue Ahmeyim (GTA) hub.

The journey to site is expected to take around 60 days inclusive of two refueling stops. Subject to readiness of the overall project, we expect to receive daily commissioning payments subsequent to the connection date, or alternatively, provided Golar is ready, a standby day rate until commissioning starts. Commissioning is expected to take approximately six months from the commissioning start date with commercial operations ("COD") expected thereafter. Golar and the GTA partners are working on initiatives to further optimize the commissioning period in order to achieve COD as early as possible. COD triggers the start of the 20-year contract.

With the construction phase of FLNG Gimi now complete, we will increase focus on debt optimization alternatives for FLNG Gimi, targeting an increase in facility size, a reduction in margin, and an extended repayment profile and duration compared to the current facility. We are in discussions with potential lenders and have received term sheets with improved terms for potential new vessel debt facilities.

FLNG business development: Continued progress made on re-contracting FLNG Hilli upon the end of its current charter in July 2026 with a number of counterparties and gas field owners increasingly interested. Now in detailed commercial discussions for three re-contracting opportunities with a 2024 commitment targeted.

We continue to progress the FLNG growth pipeline, including advancing commercial terms with gas resource owners, technical site-specific work and governmental interaction and approvals across several West African countries. We are also seeing increasing interest for our market leading FLNG solution in other geographies, including the Americas.

Most of the projects under discussion are structures where Golar either participates as an equal partner with the gas resource owner and upstream partner in a gas field development, or commercial structures where Golar is exposed to gas offtake prices. Golars market leading capex per ton and focus on proven gas reserves with attractive lifting costs in geographical areas with shorter shipping distances to end users versus US export projects secures a low break-even LNG production cost with attractive upside to current and forward LNG prices.

We continue to progress construction of long lead item orders for a MKII 3.5mtpa FLNG project and expect to take delivery of the Fuji LNG carrier intended for FLNG conversion during Q1 2024. Engineering and detailed design is fully developed and ready for project initiation. The complexity of offshore gas developments drives the timeline for these contemplated FLNG growth projects. Until commitments on a gas field and secured debt financing are in place, we do not plan to take a final investment decision or incur significant incremental MKII FLNG capex beyond current committed levels.

Other: Operating revenues and costs under corporate and other items is now comprised of two FSRU operate and maintain agreements in respect of the LNG Croatia and Tundra.

Golar's remaining carrier Golar Arctic completed a 12-month charter in September and her 5-year drydock in early November. Alternatives for this vessel including conversion projects, chartering or sale are being considered.

Share buyback and dividends: During the quarter 0.2 million shares were repurchased and cancelled at an average cost of $21.36 per share, leaving 105.9 million shares issued and outstanding as of September 30, 2023. Of the $150.0 million approved share buyback scheme, $117.3 million remains available for further repurchases which will continue to be opportunistically pursued.

Golars Board of Directors approved a total Q3 2023 dividend of $0.25 per share to be paid on or around December 11, 2023. The record date will be December 1, 2023.

Financial Summary

(in thousands of $)Q3 2023Q3 2022% ChangeYTD 2023YTD 2022% Change
Net income113,880175,435(35)%28,221871,987(97)%
Net income/(loss) attributable to Golar LNG Ltd92,462141,121(34)%(13,946)716,335(102)%
Total operating revenues67,25268,435(2)%218,750208,6005%
Adjusted EBITDA 174,55984,998(12)%241,522275,572(12)%
Golars share of Contractual Debt 11,171,848993,09418%1,171,848993,09418%

Financial Review

Business Performance:

 20232022
(in thousands of $)Jul-SepApr-JunJul-Sep
Net income     113,880          6,910      175,435
Income taxes           (159)         1,445              134
Net income before income taxes     113,721          8,355      175,569
Depreciation and amortization       12,473        12,450        12,433
Impairment of long-lived assets                        5,021               
Unrealized (gain)/loss on oil and gas derivative instruments     (33,908)       76,646      (12,365)
Realized and unrealized mark-to-market losses on investment in listed equity securities                                   (51,449)
Other non-operating expense/(income), net                        1,305        (1,244)
Interest income     (11,509)     (11,836)       (3,059)
Interest expense             135              610          4,154
Gains on derivative instruments, net       (7,018)     (11,673)     (25,453)
Other financial items, net           (318)             464            (340)
Net losses/(income) from equity method investments             983          1,577        (9,987)
Net income from discontinued operations                          (104)       (3,261)
Adjusted EBITDA 1       74,559        82,815        84,998


 2023
 Jul-SepApr-Jun
(in thousands of $)FLNGCorporate and otherShippingTotalFLNGCorporate and otherShippingTotal
Total operating revenues     56,391        5,532        5,329      67,252      60,373      11,697        5,460      77,530
Vessel operating expenses   (17,726)     (4,813)     (2,048)   (24,587)   (15,869)     (7,006)     (1,834)   (24,709)
Voyage, charterhire & commission expenses        (150)                     (540)        (690)        (150)                        (74)        (224)
Administrative (expenses)/income        (354)     (8,021)           (22)     (8,397)           (42)     (7,962)             10      (7,994)
Project development (expenses)/income        (956)        (576)             29      (1,503)     (1,965)   (16,590)                (18,555)
Realized gain on oil and gas derivative instruments (2)     42,484                                42,484      46,451                                46,451
Other operating income                                                           2,499        7,817                   10,316
Adjusted EBITDA 1     79,689      (7,878)       2,748      74,559      91,297    (12,044)       3,562      82,815

(2) The line item Realized and unrealized (loss)/gain on oil and gas derivative instruments in the Unaudited Consolidated Statements of Operations relates to income from the Hilli Liquefaction Tolling Agreement (LTA) and the natural gas derivative which is split into: Realized gain on oil and gas derivative instruments and Unrealized (loss)/gain on oil and gas derivative instruments.

 2022
 Jul-Sep
(in thousands of $)FLNGCorporate and otherShippingTotal
Total operating revenues       54,893        12,561              981        68,435
Vessel operating expenses     (14,227)       (1,633)       (1,857)     (17,717)
Voyage, charterhire & commission (expenses)/income           (150)               25            (590)           (715)
Administrative income/(expenses)                 7      (10,468)               (4)     (10,465)
Project development income         2,085              136                         2,221
Realized gain on oil and gas derivative instruments       57,046                                      57,046
Other operating loss     (13,807)                                   (13,807)
Adjusted EBITDA 1       85,847              621        (1,470)       84,998

Golar reports today Q3 2023 net income of $114 million, before non-controlling interests, inclusive of $39 million of non-cash items1, comprised of:

  • TTF and Brent oil unrealized mark-to-market gains of $34 million; and
  • mark-to-market gains on interest rate swaps of $5 million.

The Brent oil linked component of FLNG Hillis fees generates additional annual cash of approximately $3.1 million (Golar share equivalent to $2.7 million) for every dollar increase in Brent Crude prices between $60 per barrel and the contractual ceiling. Billing of this component is based on a three-month look-back at average Brent Crude prices. A $14 million realized gain on the oil derivative instrument was recorded in Q3 2023 of which Golar has an effective 89.1% interest. A Q3 2023 realized gain of $5 million was also recognized in respect of fees for the TTF linked production of which Golar has an effective 89.4% interest. A $23 million realized gain (100% of which is attributable to Golar) on the hedged component of the quarters TTF linked fees was also recognized during the quarter. Collectively a $42 million Q3 2023 realized gain on oil and gas derivative instruments was recognized.

The non-cash mark-to-market fair value of the FLNG Hilli Brent oil linked derivative asset increased by $70 million during the quarter, with a corresponding unrealized gain of the same amount recognized in the unaudited consolidated statement of operations. The non-cash mark-to-market accounting fair value of the FLNG Hilli TTF natural gas derivative asset decreased by $15 million during the quarter with a corresponding unrealized loss of the same amount recognized in the unaudited consolidated statement of operations. A $21 million unrealized loss in respect of the economically hedged portion of the Q3 2023 TTF linked FLNG Hilli production was also recognized during the quarter. Collectively, this resulted in a $34 million Q3 2023 unrealized gain on oil and gas derivative instruments.

Balance Sheet and Liquidity:

As of September 30, 2023, Total Golar Cash1 was $841 million, comprised of $727 million of cash and cash equivalents and $114 million of restricted cash.

Within the $327 million current portion of long-term debt and short-term debt as at September 30, 2023 is $306 million in respect of the FLNG Hilli lessor-owned VIE subsidiary that Golar is required to consolidate. Golars share of Contractual Debt1 amounts to $1,172 million as of September 30, 2023. Deducting Total Golar Cash1 of $841 million from Golars share of Contractual Debt1 of $1,172 million leaves debt of $331 million.

Inclusive of $19 million of capitalized interest, $42 million was invested in FLNG Gimi during the quarter, with the total FLNG Gimi asset under development balance as at September 30, 2023 amounting to $1.34 billion. Of this, $630 million was drawn against the $700 million debt facility secured by FLNG Gimi. Both the investment and debt drawn to date are reported on a 100% basis.

Expenditure on long-lead items, engineering services and deposits paid on conversion candidate Fuji LNG for the MKII FLNG amounted to $159 million as of September 30, 2023, and is included in other non-current assets.

On November 1, 2023 the sale of Gandria closed and Golar received $13 million, representing the balance of the agreed $15 million sale price.


Non-GAAP measures

In addition to disclosing financial results in accordance with U.S. generally accepted accounting principles (US GAAP), this earnings release and the associated investor presentation contains references to the non-GAAP financial measures which are included in the table below. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance.

This report also contains certain forward-looking non-GAAP measures for which we are unable to provide a reconciliation to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside of our control, such as oil and gas prices and exchange rates, as such items may be significant. Non-GAAP measures in respect of future events which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied to Golars unaudited consolidated financial statements.

These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures and financial results calculated in accordance with GAAP. Non-GAAP measures are not uniformly defined by all companies, and may not be comparable with similarly titled measures and disclosures used by other companies. The reconciliations as at September 30, 2023 and for the nine months period ended September 30, 2023, from these results should be carefully evaluated.

Non-GAAP measure Closest equivalent US GAAP measure Adjustments to reconcile to primary financial statements prepared under US GAAP Rationale for adjustments
Performance measures
Adjusted EBITDANet income/(loss) +/- Income taxes
 + Depreciation and amortization
+/- Impairment of long-lived assets
 +/- Unrealized (gain)/loss on oil and gas derivative instruments
+/- Other non-operating (income)/losses
+/- Net financial (income)/expense
+/- Net (income)/losses from equity method investments
+/- Net loss/(income) from discontinued operations

 
Increases the comparability of total business performance from period to period and against the performance of other companies by excluding the results of our equity investments, removing the impact of unrealized movements on embedded derivatives, depreciation, financing costs, tax items and discontinued operations.
Distributable Adjusted EBITDANet income/(loss) +/- Income taxes
 + Depreciation and amortization
+/- Impairment of long-lived assets
 +/- Unrealized (gain)/loss on oil and gas derivative instruments
+/- Other non-operating (income)/losses
+/- Net financial (income)/expense
+/- Net (income)/losses from equity method investments
+/- Net loss/(income) from discontinued operations
- Amortization of deferred commissioning period revenue
- Amortization of Day 1 gains
- Accrued overproduction revenue
+ Overproduction revenue received
- Accrued underutilization adjustment
Increases the comparability of our operational FLNG Hilli from period to period and against the performance of other companies by removing the non-distributable income of FLNG Hilli, project development costs and the operating costs of the Gandria (prior to disposal) and FLNG Gimi.

 
Liquidity measures
Contractual debt (1)Total debt (current and non-current), net of deferred finance charges'+/- Debt within liabilities held for sale net of deferred finance charges
+/-VIE consolidation adjustments
+/-Deferred finance charges
+/-Deferred finance charges within liabilities held for sale
During the year, we consolidate a lessor VIE for our Hilli sale and leaseback facility. This means that on consolidation, our contractual debt is eliminated and replaced with the lessor VIE debt.

 

Contractual debt represents our debt obligations under our various financing arrangements before consolidating the lessor VIE.

 

The measure enables investors and users of our financial statements to assess our liquidity, identify the split of our debt (current and non-current) based on our underlying contractual obligations and aid comparability with our competitors.
Total Golar CashGolar cash based on GAAP measures:

 

+ Cash and cash equivalents

 

+ Restricted cash and short-term deposits (current and non-current)
-VIE restricted cash and short-term depositsWe consolidate a lessor VIE for our sale and leaseback facility. This means that on consolidation, we include restricted cash held by the lessor VIE.

 

Total Golar Cash represents our cash and cash equivalents and restricted cash and short-term deposits (current and non-current) before consolidating the lessor VIE.

 

Management believe that this measure enables investors and users of our financial statements to assess our liquidity and aids comparability with our competitors.

(1) Please refer to reconciliation below for Golars share of Contractual Debt

Adjusted EBITDA backlog: This is a non-U.S. GAAP financial measure and represents the share of contracted fee income for executed contracts less forecast operating expenses for these contracts. Adjusted EBITDA backlog should not be considered as an alternative to net income or any other measure of our financial performance calculated in accordance with U.S. GAAP.

Non-cash items: Non-cash items comprise of impairment of long-lived assets and mark-to-market (MTM) movements on our TTF and Brent oil linked derivatives, listed equity securities and interest rate swaps (IRS) which relate to the unrealized component of the gains/(losses) on oil and gas derivative instruments, unrealized MTM (losses)/gains on investment in listed equity securities and gains on derivative instruments, net, in our unaudited consolidated statement of operations.

Abbreviations used:

FLNG: Floating Liquefaction Natural Gas Vessel
FSRU: Floating Storage Regasification Unit
MKII FLNG: Mark II FLNG

MMBtu: Million British Thermal Units
mtpa: Million Tonnes Per Annum

Reconciliations - Liquidity Measures

Contractual Debt

(in thousands of $)September 30, 2023December 31, 2022September 30, 2022
Total debt (current and non-current) net of deferred finance charges       1,177,612        1,189,324        1,353,748
VIE consolidation adjustments          191,480           152,133           143,925
Deferred finance charges            24,941             20,955             23,554
Total Contractual Debt        1,394,033
   

HITV - Avholdt ekstraordinær generalforsamling

Company news

2023-11-20 15:13:02

Den 20. november ble det avholdt ekstraordinær generalforsamling i HitecVision AS. Samtlige saker ble vedtatt i henhold til styrets forslag.

Det vil bli utdelt et ekstraordinært utbytte på NOK 400 020 737 tilsvarende NOK 21,09 pr. aksje. Utbetaling forventes å finne sted den 28. november.

Protokoll fra ekstraordinær generalforsamling vedlagt.

http://www.hitecvision.com Protokoll e.o. generalforsamling 20.11.23.pdf

Aprila Bank ASA: Notification of trade

Company news

2023-11-20 12:53:31

Pippen Holding AS, an investment company wholly owned by Christian Lunde, Chief Credit Officer in Aprila Bank ASA (“Aprila”), has on 20 November 2023 purchased 5,200 shares in Aprila. The shares were purchased at NOK 6.25 per share. After the purchase, Christian Lunde holds, directly and through his wholly owned investment company, a total of 55,200 shares in Aprila, equal to 0.08% of the share capital.

   

Aprila Bank ASA: Notification of trade

Company news

2023-11-17 15:32:19

Primera AS, an investment company wholly owned by Per Christian Goller, CGO of Aprila Bank ASA (“Aprila”), has on 17 November 2023 purchased 20,000 shares in Aprila. The shares were purchased at a price of NOK 6.25 per share. After the purchase, Per Christian Goller holds, directly and through his wholly owned investment company, a total of 1,844,417 shares in Aprila, equal to 2.80% of the share capital.

   

Aprila Bank ASA: Notification of trade

Company news

2023-11-17 10:07:30

Halvor Lande, CEO of Aprila Bank ASA (“Aprila”), has on 17 November 2023 purchased 16,000 shares in Aprila. The shares were purchased at a share price of NOK 6.25 per share. After the purchase, Halvor Lande holds a total of 262,902 shares in Aprila, equal to 0.40% of the share capital.

   

Hergy International Corp. Design-in CrayoNano's UV-C LED into UE and UD Water Disinfection Reactors and Sign Collaboration Agreement

Company news

2023-11-17 08:32:34

Trondheim, Norway / Taipei, Taiwan—17 Nov 2023—CrayoNano announces the successful integration of CrayoLED™ into Hergy International Corp.'s UE-040 and UD3, UD7 UV-C LED water disinfection reactors. The reactors have passed testing and are compliant to NSF/ANSI 55 for application in Point-of-Use (POU) and Point-of-Entry (POE) scenarios.

Hergy is market leading in designing and developing cutting edge UV-C LED reactors and ESG-focused solutions. Hergy’s patented reactor platform delivers high disinfection efficiency and superior performance across various applications for water, air and surface disinfection.

This important design-win is accompanied by a collaboration contract with Hergy, reflecting ongoing actions to solidify and scale existing commercial activities. This marks a continued forward momentum in the growth of UV-C LED market adoption. The focus on Hergy's water disinfection product line initiates a series of innovative product solutions leveraging CrayoNano’s CrayoLED UV-C LEDs, reinforcing our commitment to market expansion through strategic collaborations.

http://www.crayonano.com  

Office address

Postal address

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Postboks 460 Sentrum

0152 Oslo Map

Phone

Email

(+47) 22 34 17 00

NOTC@euronext.com