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.