DOF Subsea Books Quarterly Loss

DOF Subsea, a subsidiary of DOF Group, reported net loss in the first-quarter 2017 of NOK 124 million ($14.4 million), compared with profit of NOK 316 million ($36.7 million) in the corresponding period in 2016.

Sequentially, the net loss was narrowed from NOK 430 million or $51.5 million.

In the first quarter ended March 31, 2017, the Bergen-based company had operating income of NOK 861 million versus NOK 1.34 billion in same time last year.

For the Q1 2017 period, DOF Subsea had net financial loss of NOK 74 million, versus profit of NOK 345 million same time last year.

The Norwegian subsea services player booked quarterly depreciation and impairment of NOK 268 million against NOK 341 million in Q1 2016.

As of March 31, 2017, the Group’s fleet comprised 21 owned vessels, 1 chartered-in vessels, 3 vessels under construction, ROV fleet of 69 units and 2 ROVs on order.

During the quarter the vessel utilization was 65%, where the project vessel utilization was 51% and the TC vessel utilization was 82%. Backlog at the end of the quarter stood at NOK 18.3 billion, excluding options.

In addition, at the end of the quarter the number of employees in the DOF Subsea was 1 176 persons, down from 1 278 the company reported at the end of the fourth quarter of 2016. The numbers do not include marine employees that are employed in DOF Management and Norskan.

“The board of directors is disappointed with the financial numbers for 1st quarter of 2017, especially with the performance in the North America region and the high number of vessels facing idle time between projects and downtime due to maintenance,” DOF Subsea said in Q1 2017 earnings report.

Subsea World News Staff

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