Insurance compensation for repairs to the icebreaker Botnica

In the beginning of July 2024, the contract signed between OÜ TS Shipping, a subsidiary of AS Tallinna Sadam (hereinafter: Tallinna Sadam), and BP Exploration Operating Company Ltd for the chartering of the multifunctional icebreaker Botnica terminated. On 10 July 2024, the Tallinna Sadam published a notice about changes in the summer operations of Botnica due to a technical failure of the vessel
https://view.news.eu.nasdaq.com/view?id=b3cc982ef69eaa05503bd28de2be607c3&lang=en&src=listed.
The charter period was followed by repair works, during which the fault was eliminated and Botnica was able to continue with the next planned charter work. The technical fault was treated as an insured event. Confirmation of insurance compensation has been received from the insurance broker and 900,000 euros have been compensated for the repairs performed. The insurance compensation will have a positive impact on the financial results of the Tallinna Sadam group in the first quarter of 2025.

Tallinna Sadam is one of the largest cargo- and passenger port complexes in the Baltic Sea region. In addition to passenger and freight services, Tallinna Sadam group also operates in shipping business via its subsidiaries – OÜ TS Laevad provides ferry services between the Estonian mainland and the largest islands, and OÜ TS Shipping charters its multifunctional vessel Botnica for icebreaking and offshore services in Estonia and projects abroad. Tallinna Sadam group is also a shareholder of an associate AS Green Marine, which provides waste management services.

Additional information:

Angelika Annus
Head of Investor Relations
Tel. +372 5649 6230
E-mail: angelika.annus@ts.ee