Hurtigruten Group (“HRG” or “The Company”) - The ultimate shareholders of Hurtigruten Group to provide The Company with EUR 55 million of shareholder loan
Hurtigruten Group AS has secured a new fully committed EUR 55 million subordinated shareholder loan facility from its shareholders. The loan will be fully subordinated to the senior secured debt with similar terms and structure as the EUR 75m shareholder loan provided in September 2022. The shareholder loan will be utilized for financing the ongoing environment projects in the Hurtigruten Norway fleet and working capital to support growth for Hurtigruten Group.
Hurtigruten Norway is currently in the middle the largest environmental upgrade program for cruise ships in Europe which is going to reduce CO2 emissions with up to 25% and NOX emissions of up to 80% through converting 3 vessels into battery powered hybrid ships and installing SCR systems installing SCR systems on further 3 ships.
The funding demonstrates the continuing strong support The Company has from its shareholders.
The Company continues to see good booking development for both Hurtigruten – The Original Coastal Express, Hurtigruten Expeditions and Hurtigruten Svalbard. The gross bookings for the 12 month period from Q3 2022 to Q2 2023 is at the same levels as the same 12 month period pre the pandemic (Q3 2019 to Q2 2020), at higher yields across all business units and destinations.
In the 6 month period from April to September 2022, Hurtigruten Group expects total revenue for the group to be around the same level as the equivalent period in 2019 (pre pandemic).
For any questions, please contact:
Torleif Ernstsen, CFO: [email protected]
Investor Relations team.: [email protected]