o	Fjord1 has continued to operate in a safe and responsible manner, protecting
the safety and security of its employees, customers and suppliers while
fulfilling its responsibilities as a provider of critical transport
infrastructure in coastal Norway.
o	Revenue in the third quarter amounted to NOK 758 million, a decline of 4 per
cent from the same quarter last year. The reduction is attributable mainly to
the phasing out of the Molde-Vestnes ferry contract.
o	EBITDA in the third quarter totalled NOK 276 million, down 18 per cent from
the same period last year. The EBITDA margin declines to 36 per cent from 43 per
cent, mainly reflecting higher fuel costs and higher maintenance cost than in
same quarter last year. 
o	Investments amounted to NOK 289 million in the third quarter and net-interest
bearing debt (NIBD) slightly increased to NOK 5,275 million, mainly for purchase
of a new vessel. 
o	Fjord1's long-term contract portfolio of NOK 21.8 billion before index
regulations and the company's long-term ambitions for the Tourism segment
provide a solid base for further development of the company.
o	Fjord1 has entered into an agreement in principle with Vy and Aurland
Ressursutvikling to establish a entity to strengthen the market positioning of
their tourist activities. 

"Operations are gradually normalising after lifting of Covid-19 restrictions.
The Ferries segment sees stable operations, although costs are being affected by
higher fuel prices and delayed start-up of fully electric routes, and we have
seen improvements in the Catering segment. We expect increasing cash flow from
operations, lower investments, and sale of infrastructure to enable further
reduction of debt going forward," says CEO Dagfinn Neteland in Fjord1.  
For the first nine months revenue amounted to NOK 2,157 million (2,292) and
EBITDA to 663 million (776), corresponding to an EBITDA-margin of 31 per cent
(34). Investments were NOK 531 million for the first nine months, which
represented 60 per cent reduction from the same period in 2020, when investments
in the newbuilding and electrification programme peaked.

Outlook
Fjord1 expects continued strong demand for its services and remains committed to
its long-term strategy of being a leading player in the Norwegian ferry market
and providing safe, reliable, and environmentally friendly transport to its
customers. The company assesses new tender opportunities in the Norwegian market
on an ongoing basis, as well as opportunities outside of Norway. Fjord1's strong
contract portfolio is worth NOK 21.8 billion through 2034, excluding options and
index regulation, which offers a solid platform for profitable growth.
The company had net interest bearing debt of NOK 5.3 billion at the end of
September 2021, down from NOK 5.8 billion at the end of September 2020. The
company plans for a lower investment level going forward and expects the main
part of the cash flow from operating activities and proceeds from the sale of
infrastructure assets to be used to reduce interest-bearing debt further.
Please find enclosed the interim report for the first nine months and third
quarter 2021 and a presentation of the results. The material is also available
on
https://www.fjord1.no/eng/Investor-Relations/Annual-reports-and-press-releases/R
eports/Reports-2021.


This information is subject to a disclosure duty pursuant to section 5-12 of the
Securities Trading Act. 


Contacts 
CEO Dagfinn Neteland, Fjord1 AS 
dagfinn.neteland@fjord1.no  
+47 913 71 071 

or

CFO Anne-Mari Sundal Bøe, Fjord1 AS
anne.mari.sundal.boe@fjord1.no  
+47 902 78 906

About Fjord1 
Fjord1 aims to be the safest and most attractive provider of environmentally
friendly and reliable transport for customers, clients and partners. Fjord1 is a
leading player in the Norwegian ferry market, with close to 80 ferries. The
company also operates passenger boat services and has interests in the catering
and tourism industries. 
More information at www.fjord1.no

Click here for more information

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