DOF Subsea Swings to Quarterly Loss

DOF Subsea, a subsidiary of DOF Group, reported net loss in the fourth-quarter 2016 (Q4 2016) of NOK 430 million ($51.5 million), compared with profit of NOK 53 million ($6.3 million) in the corresponding period in 2015.

In the 4th quarter 2016, the Bergen-based company had operating income of NOK 1 billion versus NOK 1.6 billion in 4th quarter 2015.

DOF Subsea reported operating income of NOK 5.1 billion for the full year 2016, against NOK 6.9 billion in 2015.

For the Q4 2016 period, the company had net financial loss of NOK 417 million, versus net financial loss of NOK 263 million same time last year.

DOF Subsea booked quarterly depreciation and impairment of NOK 375 million against NOK 200 million in Q4 2015. Full year was NOK 1.3 billion compared with NOK 703 million.

As of December 31, 2016, the Group’s fleet comprised 20 owned vessels, 1 chartered-in vessels, 4 vessels under construction, ROV fleet of 65 units and 4 ROVs on order.

During the quarter the vessel utilization was 78%, where the project vessel utilization was 74% and the TC vessel utilization was 82%.

In addition, at the end of the quarter and the year 2016, the number of employees in the DOF Subsea was 1 278 persons, down from 1 372 the company reported at the end of the third quarter of 2016, and close to 300 when compared to end of 2015. The numbers do not include marine employees that are employed in DOF Management and Norskan.

The company ended the 2016 in black, with NOK 155 million profit, down from NOK 177 million in 2015.

Subsea World News Staff

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