FINANCIAL STATEMENTS FOR THE INTERIM PERIOD TO 31 March 2017

EPIC GAS LTD

FINANCIAL STATEMENTS FOR THE INTERIM PERIOD OF 31 MARCH 2017

SINGAPORE, 11 May 2017 – Epic Gas Ltd. (“Epic Gas” or the “Company”) today announced its unaudited financial and operating results for the interim period ended March 31, 2017. All amounts reported in US Dollars unless otherwise stated.

A conference call to discuss these results is scheduled for 11 May 2017 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
Singapore:                          +65 31580667
Hong Kong:                        +852 3051 2792
International:                    +61 283 733 610

Conference ID Number: 17679445

First Quarter 2017 Highlights

  • Vessel Calendar days up 7% year over year to 3,569
  • Revenue of $33.9 million, up 5% year over year
  • Time charter equivalent revenues of $8,423 per vessel calendar day, up 3% from Q4 2016, down 3% year over year
  • Adjusted EBITDA of $8 million, up 13% year over year
  • Net Loss of $3.4 million, down $2 million year over year
  • General & administrative expenses of $987 per vessel calendar day, down 1% year over year
  • Delivery of 3 new buildings (2 owned, one bareboat chartered in) from shipyards in Japan, capital expenditure of $19 million of which $18 million drawn under existing loan
  • As of 31 March 2017, 41 vessels on the water with the newbuild program being fully
  • $32.3 million Private Placement of common equity closed in March
  • 7 year, $90 million secured term loan completed in March 2017 to refinance two loan facilities due to mature in December 2017 and 2019/2020

Please click here to download a full copy of this financial statement.