Norwegian contractor Reach Subsea has narrowed quarterly loss, but saw revenues decline 55 percent during the first quarter of 2017.
For the quarter, Reach Subsea booked net loss of NOK 12.8 million, or NOK 0.11 per share, on revenue of NOK 38.3 million, versus net loss of NOK 14.7 million, or NOK 0.17 per share on revenue of NOK 86 million in the year-ago quarter.
According to the company, the drop in revenues (75% O&G services, 25% renewables) compared to last year is mostly related to the vessel Normand Reach being on a time charter the full period in 2016 and only two weeks in 2017. In addition, vessel transition and idle time during the first quarter had also negative effect on the revenues, the company said.
Operating expenses were some NOK 49 million, compared to NOK 98 million same time last year.
The Oslo-listed company reported first-quarter EBITDA of NOK 2.5 million (NOK -6 million in Q1 2016).
In the first quarter 2017, Reach had five vessels in its fleet. Six WROV systems were in operation in addition to Surveyor Interceptor SROV.
The company reported order book of close to NOK 70 million, most of which is related to work in the second and third quarter of 2017.
Subsea World News Staff