Siem Sees Profits Rise

Oslo-listed Siem Offshore has generated fourth quarter operating revenues of USD 137.7 million, compared to USD 95.0 million for the same period in 2013.

The operating revenues for the full year were $491.3 million, versus $364.0 million in 2013.

In the fourth quarter 2014 (Q4 2014), the company recorded operating loss of USD 3.1 million, after depreciation and amortisation of $56.5 million (2013: $20.1 million), compared to $6.1 million operating profit in the corresponding period in 2013.

Operating profit for the full year 2014 was $84.3 million (2013: $69.3 million) and included depreciation and amortisation of $125.9 million (2013: $75.8 million).

The Q4 net profit attributable to shareholders was $13.0 million, or $0.03 per share, compared to net loss $3.7 million, or $(0.01) per share year-on-year.

The full-year net profit attributable to shareholders was $58.1 million, or $0.15 per share, 164% jump compared to $22.0 million, or $0.06 per share at the end of 2013.

As for the subsea section, the OSCV fleet earned operating revenues of $104.8 million and had 98% utilisation (2013: $41.4 million and 100%). The operating margin before administrative expense for the OSCV fleet was $71.2 million (2013: $26.9 million) and the operating margin as a percentage of revenues was 68% (2013: 65%).

Furthermore, one Cable-Lay Vessel (CLV) Siem Aimery is scheduled for for delivery in 2015.

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The company said the total contract backlog of firm contracts for all vessels at December 31, 2014 was $1.55 billion.

However, “The significant decline in the oil price represents a new market environment for the whole offshore oil and gas industry, including the oil companies and the total oil service industry. The order-book for additional OSVs in general represents an additional threat to the already unfavourable market balance for vessel owners. The market is expected to be very challenging for a number of years,” the company said in a statement.

Subsea World News Staff

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