Eidesvik Improves Quarterly Earnings

Norwegian vessel owner Eidesvik Offshore has posted quarterly profit of NOK 135 million (approximately $16 million) or NOK 4.49 per share, against NOK 104 million (approximately $12 million) or NOK 3.47 per share for the quarter that ended on March 31, 2016.

In the first quarter 2017, Eidesvik generated revenues of NOK 249 million. Revenues in the corresponding period in 2016 were NOK 193 million. The revenues include a vessel termination fee of NOK 66.2 million and gain on sale of Viking Poseidon of NOK 17.2 million.

EBITDA was MNOK 158.6, versus NOK 93.6 milliuon, and operating profit (EBIT) was NOK 56.3 million, compared to NOK 40.1 million after impairments.

The company booked quarterly asset impairment charge of NOK 66 million.

Subsea World News Staff

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