FINANCIAL STATEMENTS FOR THE INTERIM PERIOD TO 31 March 2016

EPIC GAS LTD.
FINANCIAL STATEMENTS FOR THE INTERIM PERIOD TO
31 March 2016

SINGAPORE, 17 May 2016 – Epic Gas Ltd. (“Epic Gas” or the “Company”) today announced its unaudited financial and operating results for the interim period ended March 31, 2016.  All amounts reported in US Dollars unless otherwise stated.

A conference call to discuss these results is scheduled for 17 May 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: 6968749

First Quarter 2016 Highlights

  • 3,330 calendar days, up 1% year over year
  • Revenue of $32.2 million, down 4% year over year
  • Time charter equivalent revenues of $8,639 per vessel calendar day, down 2% year over year, but up almost 4% on Q4 2015
  • General and administrative expenses of $1,001 per vessel calendar day, down 22% year over year
  • Adjusted EBITDA of $7.1 million, up 8% year over year
  • Net Loss of $1.4 million, improvement by 42% year over year
  • Forward cover for balance of 2016 stands at 43% at $8,064 per day as of 31 March 2016
  • Completed delivery of one 11,000cbm and one 7,500cbm from shipyards in Japan bringing the Company’s on the water fleet to 38 vessels
  • Remaining newbuilding program of 1 vessel chartered-in and 5 owned vessels totalling $87 million in remaining capital expenditure

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