Impairments Sink Eidesvik

Norwegian vessel owner, Eidesvik Offshore, has posted quarterly loss as it recognised fleet impairment charge and its revenues plunged by some 35 percent in the weak market.

In the third quarter 2016, Eidesvik generated revenues of NOK 201 million. Revenues in the corresponding period in 2015 were NOK 309 million.

The company has also seen its nine months revenues go down to NOK 574 million against NOK 896 million in the nine months of 2015.

The company recognized impairment charge of NOK 205 million for 7 of its platform support vessels.

The Oslo-listed firm recorded third-quarter loss attributable to equity holders of the parent of NOK 147.8 million or NOK 4.90 per share, compared to NOK 78.4 million, or NOK 2.22 loss per share in the corresponding period in 2015. Loss for the first nine months of 2016 also widened to NOK 65 million, versus NOK 13 million for the nine months of 2015.

“We do not see any improvement in the market segments where the company is exposed in the short term. The board expect 2017 to be a difficult year within all segments.

“The subsea market is still the segment where we have most confidence. However, in the short- and medium-term the subsea market will remain challenging,” the company said in its Q3 2016 earnings report.

Subsea World News Staff

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