Eidesvik Sinks Deeper into Red

Norwegian vessel owner Eidesvik Offshore has posted quarterly loss as it recognised fleet impairment charge and its revenues plunged by close to 40 percent in the weak market.

In the fourth quarter 2016, Eidesvik generated revenues of NOK 209 million. Revenues in the corresponding period in 2015 were NOK 343 million.

The company has also seen its full-year 2016 revenues go down to NOK 784 million against NOK 1.23 billion in the twelve months of 2015.

The Oslo-listed firm recorded fourth-quarter loss attributable to equity holders of the parent of NOK 328 million or NOK 10.9 per share, compared to NOK 195 million, or NOK 6.48 loss per share in the corresponding period in 2015. Loss for the twelve months of 2016 also widened to NOK 393 million, versus NOK 197 million for the twelve months of 2015.

The company booked quarterly impairment charge of NOK 303 million, vessel termination fees of NOK 35 million and net financial items of -NOK 138 million. Asset impairments for 2016 came to NOK 509 million. The recently announced sale of the subsea vessel Viking Poseidon, was also recognised as NOK 130 million vessel impairment charge in Q4 2016.

Subsea World News Staff

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