FINANCIAL STATEMENTS FOR THE INTERIM PERIOD TO 30 September 2016

EPIC GAS LTD.
FINANCIAL STATEMENTS FOR THE INTERIM PERIOD TO
30 September 2016

SINGAPORE, 10 November 2016 – Epic Gas Ltd. (“Epic Gas” or the “Company”) today announced its unaudited financial and operating results for the interim period ended September 30, 2016.  All amounts reported in US Dollars unless otherwise stated.

A conference call to discuss these results is scheduled for 10 November 2016 at 10:00 AM (New York) / 3:00PM (London) and can be accessed via the following dial-in information.

Conference call details:

United States:                    +1 845 507 1610
United Kingdom:              +44 203 651 4876
Norway:                               80010866
International:                    +61 283 733 610

Conference ID Number: 10533008

Third Quarter 2016 Highlights

  • 3,530 calendar days, up 4% year over year
  • Revenue of $31.1 million, down 3% year over year
  • Time charter equivalent revenues of $7,351 per vessel calendar day, down 16% year over year
  • General and administrative expenses of $954 per vessel calendar day, down 12% year over year
  • Adjusted EBITDA of $5.3 million, down 38% year over year
  • Net Loss of $5.0 million (Net Loss of $0.3 million in Q3 2015)
  • Forward cover for balance of 2016 stands at 59%, and 16% for 2017 as of 30 September 2016
  • Completed delivery of one 7,500cbm new build from a shipyard in Japan bringing the Company’s on the water fleet to 39 vessels as of 30 September 2016
  • Remaining newbuilding program of four vessels requiring $51 million in capital expenditure, which is funded.

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