Reach Subsea Takes NOK 15 Mln Loss

Norwegian contractor Reach Subsea has booked a negative result in the fourth quarter 2016, caused by a challenging market conditions, transit periods and planned docking. 

For the quarter, Reach Subsea recognised net loss of NOK 15 million, or NOK 0.19 per share, on revenue of NOK 86 million, versus net loss of NOK 11 million, or NOK 0.12 per share on revenue of NOK 87 million in the year-ago quarter.

The Oslo-listed company reported first-quarter EBITDA of NOK -5.9 million and a cash flow from operating activities of NOK -8.8 million.

According to Reach Subsea, the majority of the 1Q pre-tax loss was sustained in March when 2/3 of its assets were either in transit between regions or undergoing dry docking and maintenance.

In the first quarter 2016, Reach had three vessels and all six WROV systems and offshore personnel in operation.

The company reported order book of close to NOK 90 million, most of which is related to work for 2016.

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6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
  2. Quicker well access and safer well control
  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on; +44 (0) 203 793 8800.

More info

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