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.


Share this article

Follow Subsea World News


<< Sep 2017 >>
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1


2-day seminar covering best practice and emerging technologies for cost-efficient subsea cable projects from conception to installation…

read more >

EEMUA subsea engineering course: materials selection and corrosion control

This two and a half day training course is recommended for both discipline and project focused engineers from a variety of backgrounds…

read more >


Join senior executives from oil and gas majors, service companies, technology suppliers and industry experts at this year’s premier event…

read more >

Kuwait Oil & Gas Show

Kuwait Oil & Gas Show is the Kuwait International Fair Ground in Kuwait City, Kuwait. This event showcases product from Chemicals & Dyes, Electronics & Electrical Goods, Hand, Machine & Garden Tools, Petroleum, Oil & Gas, Power & Renewable Energy industries. More info

read more >