AqualisBraemar Q3-2020 Results

3 November 2020

BRAEMAR SHIPPING SERVICES PLC

("Braemar", the "Company" or the "Group")

AqualisBraemar Q3-2020 Results

Braemar Shipping Services plc (LSE: BMS), a leading international provider of shipbroking, financial advisory, logistics and engineering services principally to the shipping and energy industries, draws attention to the third quarter results published on Thursday 29 October 2020 by AqualisBraemar ASA, in which Braemar holds 27% of the issued share capital.

Highlights

·      Revenues of USD 18.4 million (Q3 2019: USD 18.0m)

·      Operating profit (EBIT) of USD 0.5 million (Q3 2019: Loss of USD 0.2m)

·      Adjusted EBIT of USD 0.6 million (Q3 2019: USD 0.3m)

·      Record growth for renewables: Up 105% from Q3 2019

·      Record operating cash flow of USD 3.4 million (Q3 2019: USD -2.6m)

·      Cash balance of USD 14.1 million (Q2 2020: USD 11.0m)

·      Realised run-rate cost synergies up to USD 2.4 million (Q2 2020: USD 2.1m)

·      Declared dividend of NOK 0.2 per share to be distributed in November

Full details of AqualisBraemar's Q3-2020 financial results can be accessed at the following link: https://aqualisbraemar.com/all-media/news/investor-news/2020/q3-2020-financial-results/

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Notes to Editors:

About Braemar Shipping Services plc

Braemar Shipping Services plc is a leading international provider of shipbroking, financial advisory, logistics and engineering services principally to the shipping and energy industries.  Founded in 1972, Braemar employs approximately 530 people in 30 locations worldwide across its Shipbroking, Financial, Logistics and Engineering divisions.  

Braemar joined the Official List of the London Stock Exchange in November 1997 and trades under the symbol BMS.

For more information, including our investor presentation, visit www.braemar.com