Saga Tankers ASA (“Saga”, OSE: SAGA) reported a net asset value (NAV) of NOK 251 million end of the first quarter 2020, corresponding to NOK 0.94 per outstanding share, excluding minority interests and with Vallhall valued at book value.
By the end of the first quarter, Saga had a cash balance of NOK 113 million. All long-term debt are related to the real estate owned by Vallhall (Saga’s ownership is 55%).
During the quarter, the net market value of shares held in SD Standard Drilling Plc and Vistin Pharma ASA decreased by approx. NOK 85 million. This is classified as net loss from available for sale assets.
Saga has not made any adjustments in the portfolio classified as financial assets available for sale during the quarter.
Financial assets are adjusted to market value according to IFRS. Vallhall Arena is a subsidiary.
By end of first quarter the main investments in Saga Tankers ASA were:
SD Standard Drilling Plc (18.4% ownership):
At the end of fourth quarter, the company owns 100% of 4 large-size PSV’s and has ownership and economic exposure in 9 mid-size PSV’s bringing the total fleet of part and/or fully owned vessels to 15. This includes one medium size vessel that are sold but leased back on a 1 year bare boat contract. In January 2020 the company invested USD 36.5 million, including working capital for a 33.3% ownership in a new built Eco Design VLCC(“VLCC”). The VLCC was acquired for USD 106 million and delivered directly from the yard, Daewoo Shipbuilding & Marine Engineering Co in Korea, end of January 2020.
Source: Saga Tankers ASA