Havyard Group has seen its loss widen in the fourth quarter 2015 as the revenues more than halved due to slashed utilization in all of its business areas.

The Norwegian vessel designer and builder has booked loss of NOK 81.8 million for the quarter, compared to loss of NOK 13.3 million in the corresponding period in 2014. Quarterly earnings per share were NOK -3,66, versus NOK -0,52 in Q3 2014.

The company’s profit for the full year 2015 came out negative NOK 59 million, side by side with NOK 30 million positive result in 2014.

Lower activity at the yard in Leirvik has caused a drop in the Group’s operating revenue in the fourth quarter of 2015 (NOK 315.9 million, compared to NOK 737.4 million in the year-ago quarter). Full-year revenues decreased some 28% to NOK 1.72 billion in 2015, compared to NOK 2.41 million in 2014.

The Oslo-listed company, with its head office located in Fosnavåg, Herøy, employs 750 people as of December 31, 2015, of whom approximately 634 are employed in Norway.

Havyard’s order book is at about NOK 2,5 billion as of the end of 2015.

Subsea World News Staff