The IMSK Preliminary result Report for the year 2017 will be finalized and reported in accordance with the Information covenants we have with our lenders and within March 2018, and the release of the Audited Financial Statements for year 2017 is planned to be released be within end of April 2018.
Reference made also to the IMSK announcement of 20 December 2017 and the overall IMS refinancing plan that is being reworked. This has been necessary as a relevant IMS subsidiary, SMIPL Pte Ltd, has reduced ability to play a role to support the IMS group’s ability to do the same, and IMS will not consider making any additional equity investments in SMIPL Pte Ltd. IMS will discontinue recognizing further losses of SMIPL on a consolidated level. As such, SMIPL is in the process of attempting to recognize and rightsize its business.
The Company is currently working with the stakeholders with the aim of coming to a solution on a new overall refinancing plan for its debt facilities maturing in April 2018. The new plan will replace the previous refinancing plan, which aimed at paying all secured and unsecured creditors in full and honor all lease obligations in full. As advised in the recent announcements and explained herein, keeping all stakeholders whole is less likely now due to the terminations of all of the long term bareboat charters. The new plan will need to entail a potential recapitalizing of the group, which the Company is working on in cooperation with Arctic Securities as mandated arranger. Such a recapitalizing will need to involve all layers of the capital structure. The plan will seek to strengthen the group`s equity and liquidity base, and aims at protecting value for all the existing IMS stakeholders. We aim to conclude on this refinancing plan prior to April 2018.
The consolidated equity of the IMS Group is negative. Based on the book equity shown and underlying values, the Company considers that the market-adjusted equity in the parent company is positive. However, the Board has assessed continued operations based on the main factors of future cash flows and refinancing, with book equity as a secondary factor. If we obtain the support of relevant stakeholders to the refinancing plan submitted we believe we will be able to adequately address the debt maturity in April 2018.
If you have any questions, please contact:
Bente Flø, Chief Financial Officer, on telephone +47 23 12 03 00 /+47 91 64 56 08 or by e mail:firstname.lastname@example.org.
I.M. Skaugen SE is a Norway based Marine Transportation Service Company, with a focus on Innovative Maritime Solutions. Our core business activity is to provide logistics solutions for seaborne regional distribution of liquefied gases such as LNG, petrochemical gases, ethane as well as LPG.
The Skaugen Group currently operates a fleet of 7 advanced gas carriers. In our fleet we have 4 innovative and unique vessels with the capacity to transport LNG in addition to petrochemical gases and LPG. We have pioneered the Small Scale LNG distribution business with this unique development project. We recruit, train and employ our own team of seafarers. We manage and operate our global activities and service our clients from our offices in Singapore and Oslo.