DOF Subsea Back in Black

DOF Subsea, a subsidiary of DOF Group, reported profit for the third quarter 2016 (Q3 2016) of NOK 170 million ($20 million), compared with loss of NOK 312 million ($37 million) in the corresponding period in 2015.

In the 3rd quarter 2016, the Bergen-based company had operating income of NOK 1.13 billion versus NOK 1.9 billion in 3rd quarter 2015. DOF Subsea reported operating income of NOK 4.1 billion for the first nine months of 2016, versus NOK 5.32 billion last year.

For the Q3 2016 period, the company had net financial income of NOK 129 million, versus net financial loss of NOK 605 million same time last year. NOK 77 million of the net financial loss was unrealized gains on financial instruments.

DOF Subsea also booked quarterly depreciation and impairment of NOK 334 million.

DOF Subsea ended the quarter with profit before tax of NOK 191 million, against loss of NOK 332 million in the corresponding period in 2015.

As of September 30, 2016, the Group’s fleet comprised 21 owned vessels, 2 chartered-in vessels, 4 vessels under construction, ROV fleet of 63 units and 4 ROVs on order.

During the quarter the vessel utilization was 80%, where the project vessel utilization was 75% and the TC vessel utilization was 82%.

In addition, at the end of the quarter, the number of employees in the DOF Subsea was 1 372 persons, close to 220 less the company reported at the end of second quarter of 2016. The numbers do not include marine employees that are employed in DOF Management and Norskan.

Subsea World News Staff

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