Investor Presentation • Sep 21, 2023
Investor Presentation
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Moritz Fuhrmann, CFO
Leading container tonnage provider
Strong balance sheet and significant earnings backlog
Clear strategy & investment principles
Established corporate setup with strong governance
» Revenue backlog ~USD 1.2bn2 » 94% contract coverage for H2 2023 and 59% for FY 20242
» Clear & rational principles
» Proven execution capabilities
» Focus on per share accretive transactions
MPC Container Ships | | Pareto Energy Conference 4 1 Ranked by number of vessels; operator not considered and including orderbook Sources: Alphaliner, Sep. 2023; MSI, Aug. 2023; Clarksons, Sep. 2023.
CHARTER RATES AND SECONDHAND PRICES START OF THE YEAR VESSEL AVAILABILITY
1 Availability for the remainder of 2023 as of 14-Sep-23
MPC Container Ships | | Pareto Energy Conference 6 2 Forecast based on known and likely open positions at current market conditions, including 2023 remainder and newbuild deliveries Data Sources: Harper Petersen, September 2023; Clarksons Research, September 2023,
Data Source: MSI (July 2023) 1 Forecast data
in general
40 45
M CGT
» Short term, increasing the orderbook for feeder units is deemed impossible due to high forward utilization of yards and nearly prohibitive prices
Est. Potential Orderbook Delivered
Pareto Energy Conference
1 Dividend yield calculated as total dividends paid and declared since January 2022 divided by opening share price on Jan 3, 2022, of NOK 24.75/share
MPC Container Ships | | 11 2 Dividend yield YTD calculated as dividends paid and declared since January 2023 divided by opening share price on Jan 2, 2023, of NOK 16.30/share
3 Q2 2023 recurring DPS of USD 0.15 (NOK 1.6118) to be paid on Sept. 28, 2023
COUNTERPARTIES 8
USD million
2024 2025
ORDERBOOK TO FLEET RATIO AND VESSEL AGE ACROSS SIZE SEGMENTS WILDCARD FACTORS INFLUENCING THE OUTLOOK
» Favorable supply dynamics: relatively old fleet, low orderbook, manageable newbuild deliveries and negative net fleet growth prospect (0.2% CAGR 2022-2025)
» Environmental regulations: The decarbonization framework will become stricter, tightening supply due to increased slow-steaming and more retrofits leading to more yard downtime.
» 5x modern eco-vessels: 4x 1,800 TEU (2019-built) & 1x 2,200 TEU (2015-built) for USD 136.4m
» 26 vessels sold for USD ~508m (avg. USD ~20m per vessel)
| 100% | 100% | 100% | 100% | 100% | 100% | 100% | 90.1% | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 AS Claudia |
2 MPCC Invest B.V. |
3 MPCC Second Financing |
4 Unencum bered |
5 MPCC Third Financing AS |
6 Eco-fleet |
7 Ecoboxes |
8 Greenboxes |
||||
| # of vessels | 1 | 12 | 8 | 21 | 16 | 5 | 2 | 2 | |||
| Financing | OVB | BOCOMM | CIT Bank | - | HCOB/ CA | HCOB | CA/K-Sure | European Bank3 |
|||
| Maturity | Feb 2027 | Aug 2027 | Jul 2024 | - | Nov 2026 | Jul 2028 | 2031 | 2039 | |||
| Debt Outstanding | USD 6.9m 1 | USD 75m | USD 35m 1 | - | USD 70m 1 | USD 50m | USD 117m 2 | ~USD 55m | |||
| Recycling Value | USD 4.2m | USD 39.1m | USD 27.4m | USD 70m | USD 61.7m | USD 13.7m | USD 15.4m | USD 4.2m | |||
| Average Age | 16.3y | 15.4y | 15.3y | 16.1y | 15.9y | 4.6y | - | - | |||
| Margin (SOFR +) | 350 bps | 260 bps | 325 bps | - | 335 bps | 280 bps | 150 bps | <250 bps | |||
| LTV | 45,8% | 55% | 35,3% | - | 26,9% | 40% | 70% | up to 75% | |||
| MPC Container Ships | Pareto Energy Conference |
1 As of Q2 2023 | 2 Pre-delivery tranche of USD 15.9m and post-delivery tranche of USD 101.5m |
3 Term sheet signed
| Facility | Type | Outstanding 30/06/23 | Total capacity | Interest rate | # | Repayment profile | Maturity |
|---|---|---|---|---|---|---|---|
| CIT | RCF | USD 55m | USD 70m | 325bps + 1M SOFR | 8 | Commitment will be reduced in semi-annually steps from Jan 2022 to Jul 2024 |
Jul. 2024 |
| HCOB/CA-CIB | Term loan | USD 20m | USD 130m | 335bps + 3M LIBOR / SOFR 17 |
2 installments with USD 22.5m 1 installment with USD 20m 4 installments with USD 15m 1 installment with USD 5m |
Nov. 2023 | |
| RCF | USD 50m | USD 50m | 335bps + 1M LIBOR/ SOFR | Commitment will be reduced starting in Nov 2023 – Nov 2026 |
Nov. 2026 | ||
| CA-CIB | Pre- & Post delivery finance |
USD - | USD ~100m | 150 – 250bps + SOFR |
48x USD 1.1m + 8x USD 2.4m, 4x USD 1.4m, followed by subsequent instalments (to be agreed by borrower and lender) |
Q2 2031 | |
| Ostfriesische Volksbank (OVB) |
Term Loan | USD 6.9m | USD 8.3m | 450bps (year 1) & 350bps (after) + SOFR |
1 | May 31, 2023 & Aug 31, 2023: quarterly installments of USD 1.4m Nov 30, 2023: quarterly installments of USD 0.69m Feb 29, 2024ff.: quarterly installments of USD 0.37m |
Feb. 2027 |
| HCOB Ecofeeder |
Term Loan | USD 0m | USD 50m | 280bps + SOFR | 5 | 20 x quarterly installments of USD 1.2m + USD 26m balloon |
Oct 2028 |
| BoComm | Sale & Lease back |
USD 0m | USD 75m | 260bps + SOFR | 13 | 12x monthly installments of USD 2.1m, 12x USD 1.2m, 24x USD 0.3m + USD 28.1m balloon |
Sep 2027 |
| European Bank2 | Pre- & Post delivery finance |
USD - | USD ~55m | <250bps + SOFR | 2 | 23 x quarterly installments of 3.33% + 23.341% balloon | 2036 |
| USD m | June 30, 2023 | December 31, 2022 |
|---|---|---|
| Assets | 984.3 | 956.3 |
| Non-current assets | 835.5 | 799.8 |
| Current assets | 148.8 | 156.5 |
| thereof cash & cash equivalents |
93.1 | 125.5 |
| Equity and liabilities | 984.2 | 956.3 |
| Equity | 778.1 | 721.4 |
| Non-current liabilities | 67.8 | 76.9 |
| Current liabilities | 138.3 | 158.0 |
| Equity ratio | 79.1% | 75.4% |
| Leverage ratio 1 | 13.3% | 16.1% |
| USD m | Q2 2023 | Q2 2022 | |
|---|---|---|---|
| Operating revenues | 194.4 | 151.7 | |
| Gross profit | 146.4 | 114.8 | |
| EBITDA | 142.7 | 111.8 | |
| Profit for the period | 101.5 | 90.1 | |
| Number of vessels 2 | 63 | 65 | |
| Ownership days | 5,460 | 5,460 | |
| Trading days | 5,320 | 5,104 | |
| Utilization 3 | 97.40% | 98.20% | |
| TCE | USD per trading day | 35,757 | 28,071 |
| EBITDA (unadjusted) | USD per ownership day | 26,154 | 20,472 |
| OPEX | USD per ownership day | 6,798 | 5,972 |
| EPS (diluted) | USD | 0.23 | 0.20 |
| USD m | H1 2023 | H1 2022 |
|---|---|---|
| Cash at beginning of period | 125.5 | 180.3 |
| Operating cash flow | 265.8 | 186.2 |
| Financing cash flow | -103.6 | 47.1 |
| Investing cash flow | -194.6 | -327.2 |
| Cash at end of period | 93.1 | 86.5 |
1 Long-term and short-term interest-bearing debt divided by total assets
2 Number of vessels as at June 30 / Dec 31 2022, including Bluewater JV
3 Fleet utilization equals trading days (non-normalized, Dry-docking days deducted) / ownership days.
| No | Vessel | Cluster | Charterer | MPCC Current Fixture (USD/day) |
Sep-23 | Oct-23 | Nov-23 | Dec-23 | Jan-24 | Feb-24 | Mar-24 | Apr-24 | May-24 | Jun-24 | Jul-24 Aug-24 |
Sep-24 Oct-24 |
Min / Max |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | AS ROBERTA | 1400 gls | BTL | 10,500 | Oct-23 / Oct-23 | ||||||||||||
| 2 | AS CARLOTTA | 2800 grd | ONE | 15,850 | Sep-23 / Nov-23 | ||||||||||||
| 3 | AS FLORA | 1200 gls | Sea Consortium | 13,500 | Nov-23 / Dec-23 | ||||||||||||
| 4 | AS ROMINA | 1500 gls | SeaLead | 12,000 | DD(1) | Oct-23 / Dec-23 | |||||||||||
| 5 | AS CYPRIA | 2800 gls | ONE | 17,000 | Oct-23 / Jan-24 | ||||||||||||
| 6 | AS EMMA(2) | 4200 gls | MSC | 20,000 | Dec-23 / Feb-24 | ||||||||||||
| 7 | AS RAFAELA | 1400 gls | Global Feeder Services | 10,400 | Jan-24 / Mar-24 | ||||||||||||
| 8 | AS NINA | 3500 gls | Maersk Line | 14,150(3) | Feb-24 / Mar-24 | ||||||||||||
| 9 | AS PETRA | 2500 HR grd | Seaboard | 28,800(4) | DD(1) | Feb-24 / Mar-24 | |||||||||||
| 10 | AS PAULINE | 2500 gls | Seaboard | 25,500 | Feb-24 / Mar-24 | ||||||||||||
| 11 | AS SIMONE | 1700 grd eco | Maersk Line | 14,000 | DD(1) | Aug-23 / Apr-24 | |||||||||||
| 12 | AS SAVANNA | 1700 grd | Seaboard | 22,400(4) | DD(1) | Apr-24 / May-24 | |||||||||||
| 13 | AS ALEXANDRIA | 2000 gls | Global Feeder Services | 42,000 | Mar-24 / May-24 | ||||||||||||
| 14 | AS PAULINA | 2500 HR grd | MSC | 26,750 | DD(1) | Mar-24 / May-24 | |||||||||||
| 15 | AS SABINE | 1700 grd eco | Maersk Line | 14,000(4) | Mar-23 / Jun-24 | ||||||||||||
| 16 | AS FATIMA | 1300 gls | Diamond Line (COSCO) | 14,400 | DD(1) | Apr-24 / Jun-24 | |||||||||||
| 17 | AS FRANZISKA | 1300 grd | Sealand Europe A/S (Maersk) | 14,150 | Apr-24 / Jun-24 | ||||||||||||
| 18 | AS ROSALIA | 1500 gls | Diamond Line (COSCO) | 15,000 | DD(1) | May-24 / Jul-24 | |||||||||||
| 19 | AS SABRINA | 1700 grd | Seaboard | 22,400(4) | DD(1) | Jun-24 / Jul-24 | |||||||||||
| 20 | AS ANITA | 2000 gls | Diamond Line (COSCO) | 29,350 | Jul-24 / Jul-24 | ||||||||||||
| 21 | AS ALVA | 2000 grd | Unifeeder | 29,000 | May-24 / Jul-24 | ||||||||||||
| 22 | AS PENELOPE | 2500 gls | Hapag-Lloyd | 17,200 | Apr-24 / Jul-24 | ||||||||||||
| 23 | AS FILIPPA | 1300 grd | CMA CGM | 18,250 | Jun-24 / Jul-24 | ||||||||||||
| 24 | AS CLARITA | 2800 gls | Oman Shipping Lines | 26,975 | DD(1) | Jun-24 / Aug-24 | |||||||||||
| 25 | STADT DRESDEN | 2800 gls | Hapag-Lloyd | 18,300 | May-24 / Aug-24 |
Min. period Max. period On subs
Scheduled commencement of dry-docking. Actual timing depends, inter alia, on yard capacity and charter commitments
Sold: handover planned for November 2023
Contracted base rate, index-linked with a floor of USD 10,000 and a ceiling of USD 14,150, besides base rate scheme the charter also includes a Scrubber savings sharing mechanism in favor of MPCC
Contracted base rate; besides base rate the charter also includes a Scrubber savings sharing mechanism in favor of MPCC
| No | Vessel | Cluster | Charterer | MPCC Current Fixture (USD/day) |
Sep-23 | Oct-23 | Nov-23 | Dec-23 | Jan-24 | Feb-24 | Mar-24 | Apr-24 | May-24 | Jun-24 Jul-24 |
Aug-24 | Sep-24 Oct-24 |
Min / Max |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 26 | AS RAGNA | 1500 gls | ZISS | 30,000 | DD(1) | Jun-24 / Aug-24 | |||||||||||
| 27 | AS SICILIA | 1700 grd | Unifeeder | 30,000 | Jul-24 / Sep-24 | ||||||||||||
| 28 | AS SAMANTA | 1700 grd | Seaboard | 22,400(1) | DD(2) | Aug-24 / Sep-24 | |||||||||||
| 29 | AS SERENA | 1700 grd | Shanghai Jin Jiang | 15,000 | Jul-24 / Sep-24 | ||||||||||||
| 30 | AS CHRISTIANA | 2800 grd | CMA CGM | 32,400 | Jul-24 / Sep-24 | ||||||||||||
| 31 | AS SILJE | 1700 grd eco | Maersk Line | 14,000 | DD(2) | Aug-23 / Oct-24 | |||||||||||
| 32 | AS FIORELLA | 1300 grd | COSCO | 25,950 | Oct-24 / Oct-24 | ||||||||||||
| 33 | AS PAOLA | 2500 grd | CMA CGM | 28,900 | Aug-24 / Oct-24 | ||||||||||||
| 34 | AS CONSTANTINA | 2800 gls | Diamond Line (COSCO) | 39,900 | Sep-24 / Oct-24 | ||||||||||||
| 35 | AS FABRIZIA | 1300 grd | King Ocean | 26,000 | Sep-24 / Oct-24 | ||||||||||||
| 36 | AS CAMELLIA | 2800 gls | MSC | 17,750 | Sep-24 / Nov-24 | ||||||||||||
| 37 | AS ANNE | 2200 eco | CMA CGM | 17,250 | Sep-24 / Nov-24 | ||||||||||||
| 38 | AS CARELIA | 2800 gls | Hapag-Lloyd | 33,000 | Aug-24 / Nov-24 | ||||||||||||
| 39 | AS CALIFORNIA | 2800 gls | MSC | 17,750 | Sep-24 / Nov-24 | ||||||||||||
| 40 | AS CLAUDIA | 2800 gls | Hapag-Lloyd | 16,000 | Sep-24 / Dec-24 | ||||||||||||
| 41 | AS SVENJA | 1700 grd | CMA CGM | 29,995 | Oct-24 / Dec-24 | ||||||||||||
| 42 | AS COLUMBIA | 2800 gls | Sea Consortium | 15,500 | Oct-24 / Dec-24 | ||||||||||||
| 43 | AS CLEMENTINA | 2800 gls | Unifeeder | 35,500 | Oct-24 / Dec-24 | ||||||||||||
| 44 | AS PAMELA | 2500 grd | New Golden Sea Shipping (COSCO) | 37,500 | DD(2) | Nov-24 / Jan-25 | |||||||||||
| 45 | AS SELINA | 1700 grd | Maersk Line | 29,500 | Nov-24 / Jan-25 | ||||||||||||
| 46 | AS FENJA | 1200 gls | New Golden Sea Shipping (COSCO) | 27,000 | Nov-24 / Jan-25 | ||||||||||||
| 47 | AS STINE | 1700 grd eco | Sealand Maersk Asia Pte. Ltd. (Maersk) |
14,000 | Nov-23 / Feb-25 | ||||||||||||
| 48 | AS FLORETTA | 1300 grd | Crowley | 26,500 | Nov-24 / Feb-25 | ||||||||||||
| 49 | AS SARA | 1700 grd | Maersk Line | 35,000 | Feb-25 / Apr-25 | ||||||||||||
| 50 | AS FLORIANA | 1300 gls | CFS | 27,750 | Feb-25 / Apr-25 |
Min. period Max. period On subs
1 Contracted base rate; besides base rate the charter also includes a savings sharing mechanism in favor of MPCC
2 Scheduled commencement of dry-docking. Actual timing depends, inter alia, on yard capacity and charter commitments
3 First year at USD 65,000, thereafter one year at USD 40,000 and then USD 15,000 for the remaining period
| No | Vessel | Cluster | Charterer | MPCC Current Fixture (USD/day) |
Sep-23 | Oct-23 | Nov-23 | Dec-23 | Jan-24 | Feb-24 | Mar-24 | Apr-24 | May-24 | Jun-24 | Jul-24 | Aug-24 | Sep-24 | Oct-24 | Min / Max |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 51 | AS FREYA | 1300 grd | Maersk Line | 28,000 | DD(2) | Feb-25 / Apr-25 | |||||||||||||
| 52 | AS SUSANNA | 1700 grd | ONE | 39,990 | Mar-25 / May-25 | ||||||||||||||
| 53 | AS NORA | 3500 grd | CMA CGM | 40,000 | Apr-25 / Jun-25 | ||||||||||||||
| 54 | AS FABIANA | 1300 grd | Maersk Line | 29,500 | May-25 / Jul-25 | ||||||||||||||
| 55 | SEVILLIA | 1700 grd | Samudera | 40,000(1) | 15,000 | May-25 / Jul-25 | |||||||||||||
| 56 | AS ANGELINA | 2000 grd | Maersk Line | 36,500 | Aug-25 / Oct-25 | ||||||||||||||
| 57 | AS NADIA | 3500 gls | MSC | 20,000 | Aug-25 / Oct-25 | ||||||||||||||
| 58 | AS PIA | 2500 grd | Maersk Line | 45,750 | DD(2) | Aug-25 / Oct-25 | |||||||||||||
| 59 | AS SOPHIA | 1700 grd | Sealand Maersk Asia Pte. Ltd. (Maersk) | 38,000 | Sep-25 / Nov-25 | ||||||||||||||
| 60 | AS PALINA | 2500 HR grd | Maersk Line | 45,750 | DD(2) | Oct-25 / Dec-25 | |||||||||||||
| 61 | AS PETRONIA | 2500 HR grd | Maersk Line | 45,750 | DD(2) | Nov-25 / Jan-26 | |||||||||||||
| 62 | AS FELICIA | 1300 grd | ZISS | 24,000 | Mar-26 / May-26 | ||||||||||||||
| 63 | AS PATRIA | 2500 grd | KMTC | 55,000 | 25,000 | Mar-26 / Jul-26 | |||||||||||||
| 64 | AS CAROLINA | 2800 gls | ZISS | 41,000 | DD(2) | Nov-26 / Jan-27 | |||||||||||||
| 65 | AS CASPRIA | 2800 gls | ZISS | 40,700 | Mar-27 / May-27 | ||||||||||||||
| 66 | ZIM MACKENZIE | 5,500 grd | ZIM | ZIM – | avg. Rate of USD 39,000 (first two years USD 70,000, the third year USD 45,000 and for the remaining four years | Jan-31 / Mar-31 | |||||||||||||
| 67 | ZIM COLORADO | 5,500 grd | ZIM | USD 21,565)(4) | Feb-31 / Apr-31 | ||||||||||||||
| 68 | NCL VESTLAND | 1,300 grd | NCL | May-39 / Sep-39 | |||||||||||||||
| 69 | NCL NORDLAND | 1,300 grd | NCL | NCL - | base charter rate of 16,300 EUR per day increasing by 1.1% each year on January 1st | Aug-39 / Dec-39 | |||||||||||||
Min. period Max. period On subs
1 First year at USD 65,000, thereafter one year at USD 40,000 and then USD 15,000 for the remaining period
2 Scheduled commencement of dry-docking. Actual timing depends, inter alia, on yard capacity and charter commitments
First year at USD 70,000, next year at USD 55,000, thereafter one year at USD 25,000 and then USD 15,500 for the remaining period
Fixed, subject to delivery ex shipyard
This presentation (the "Presentation") has been prepared by MPC Container ships ASA (the "Company") for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein.
Please note that no representation or warranty (express or implied) is made as to, and no reliance should be placed on, any forward-looking statements, including projections, estimates, targets and opinions, contained herein. To the extent permitted by law, the Company, its parent or subsidiary undertakings and any such person's officers, directors, or employees disclaim all liability whatsoever arising directly or indirectly from the use of this Presentation. This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances, not historical facts and are sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forwardlooking statements contained in this Presentation (including assumptions, opinions and views of the Company or opinions cited from third party sources) are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company, any of its parent or subsidiary undertakings or any such person's officers, directors, or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors, nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments described herein.
The Presentation contains information obtained from third parties. Such information has been accurately reproduced and, as far as the Company is aware and able to ascertain from the information published by that third party, no facts have been omitted that would render the reproduced information to be inaccurate or misleading in any material respect.
An investment in the company involves risk. several factors could cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements that may be predicted or implied by statements and information in this presentation, including, but not limited to, risks or uncertainties associated with the company's business, development, growth management, financing, market acceptance and relations with customers and, more generally, economic and business conditions, changes in domestic and foreign laws and regulations, taxes, changes in competition and pricing environments, fluctuations in currency exchange and interest rates and other factors. should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, the actual results of the company may vary materially from those forecasted in this presentation.
By attending or receiving this Presentation recipients acknowledge that they will be solely responsible for their own assessment of the Company and that they will conduct their own analysis and be solely responsible for forming their own view of the potential future performance of the Company and its business.
The distribution of this Presentation may, in certain jurisdictions, be restricted by law. Persons in possession of this Presentation are required to inform themselves about and to observe any such restrictions. No action has been taken or will be taken in any jurisdiction by the Company that would permit the possession or distribution of any documents or any amendment or supplement thereto (including but not limited to this Presentation) in any country or jurisdiction where specific action for that purpose is required.
In relation to the United States and U.S. Persons, this Presentation is strictly confidential and may only be distributed to "qualified institutional buyers", as defined in Rule 144A under the U.S. Securities Act of 1933, as amended (the "US Securities Act"), or "QIBs". The recipient of this presentation is prohibited from copying, reproducing or redistributing the Presentation. The shares of the Company have not and will not be registered under the U.S. Securities Act or any state securities law and may not be offered or sold within the United States unless an exemption from the registration requirements of the U.S. Securities Act is available. Accordingly, any offer or sale of shares in the Company will only be made (i) to persons located in the United States, its territories or possessions that are QIBs in transactions meeting the requirements of Rule 144A under the U.S. Securities Act and (ii) outside the United States in "offshore transactions" in accordance with Regulations S of the U.S. Securities Act. Neither the U.S. Securities and Exchange Commission, nor any other U.S. authority, has approved this Presentation.
This Presentation is being communicated in the United Kingdom to persons who have professional experience, knowledge and expertise in matters relating to investments and who are "investment professionals" for the purposes of article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and only in circumstances where, in accordance with section 86(1) of the Financial and Services Markets Act 2000 ("FSMA"), the requirement to provide an approved prospectus in accordance with the requirement under section 85 FSMA does not apply.
The contents of this Presentation shall not be construed as legal, business, or tax advice. Recipients must conduct their own independent analysis and appraisal of the Company and the Shares of the company, and of the data contained or referred to herein and in other disclosed information, and risks related to an investment, and they must rely solely on their own judgement and that of their qualified advisors in evaluating the Company and the Company's business strategy.
This Presentation reflects the conditions and views as of the date set out on the front page of the Presentation. The information contained herein is subject to change, completion, or amendment without notice. In furnishing this Presentation, the Company undertake no obligation to provide the recipients with access to any additional information.
This Presentation shall be governed by Norwegian law. Any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of the Norwegian courts with the Oslo City Court as legal venue.
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