Market Update
Welcome to Conyers’ 2021 Norway Practice Bulletin. Our annual publication underscores the importance of the Norwegian market to our Bermuda corporate practice.
The 12 months since our last issue have been very different, to say the least, and something of a roller-coaster with second and third waves of Covid-19.
In general, 2020 was an especially difficult year for raising capital in the shipping sector. Across the segments total raised capital dropped 52% on 2019, according to Norwegian investment bank Fearnley Securities.
Nonetheless, Oslo-listed Bermuda companies in the shipping and offshore energy sectors completed some offerings, including:
Stolt-Nielsen’s US$180.5 million bond offering in June 2020
Maersk s drilling rig sale boosts New Fortress floating LNG plans
reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
New Fortress says Mexico LNG Import Terminal to Enter Service by End-June
naturalgasintel.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from naturalgasintel.com Daily Mail and Mail on Sunday newspapers.
Quarterly revenue of $145.7 million, remaining stable from Q4 2020
Net loss was $39.5 million, as compared to the Q4 2020 net loss of $0.5 million, which was primarily a result of higher LNG cost in Q1 2021 vs. Q4 2020 as well as costs associated with Hygo and GMLP acquisitions
Operating Margin
(4) decreased by $28.1 million in Q1 2021 vs Q4 2020, which is line with our expectations due to higher LNG cost
Average daily volumes sold in Q1 2021 were approximately 1.4 million GPD Operating Margin is a non-GAAP financial measure. For definitions and reconciliations of non-GAAP results please refer to the exhibit to this press release.
Please refer to our Q1 2021 Investor Presentation (the Presentation ) for further information about the following terms: