MSS Stays Red in Q2, Lays Up 10 Vessels

Offshore marine contractor Maersk Supply Service (MSS) has recorded a loss of USD 10 million in the second quarter of 2017 against loss of USD 106 million in the prior year comparable period.

The underlying loss was USD 11 million, versus loss of USD 8 million for the Q2 2016. The result for Q2 2016 was negatively impacted by an impairment of USD 97 million.

The company also reported return on invested capital (ROIC) of negative 5.4% against negative 24%.

Revenue decreased to USD 74 million, compared to USD 102 million in Q2 2016.

Cash flow from operating activities decreased to USD 81 million (USD 250 million) primarily caused by a lower result. Cash flow used for capital expenditure decreased to USD 103 million (USD 206 million).

Maersk Supply Service had ten vessels laid up at the end of Q2.

Going into Q3, contract coverage was 26% for 2017 and 15% for 2018. Gross utilisation was 56% for Q2 2017 (61%). Maersk Supply Service sold one vessel in Q2 leaving the total fleet at 43 vessels and is planning to reduce its fleet by further six vessels over the coming nine months.

 

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