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DOF Subsea, a subsidiary of DOF Group, reported profit for the second quarter 2016 (Q2 2016) of NOK 99 million ($12 million), compared with NOK 296 million ($36 million) profit for the corresponding period in 2015.

For the Q2 2016 period, the company had net financial loss of NOK 83 million, versus net financial income of NOK 12 million same time last year. NOK 77 million of the net financial loss was unrealized gains on financial instruments.

DOF Subsea also booked quarterly depreciation and impairment of NOK 269 million.

In the 2nd quarter 2016, the Bergen-based company had operating income of NOK 1.62 billion versus NOK 1.86 billion in 2nd quarter 2015.

As of June 30, 2016, the Group’s fleet comprised 21 owned vessels, 2 chartered-in vessels, 4 vessels under construction, ROV fleet of 63 units and 4 ROVs on order.

During the quarter the vessel utilization was 87%, where the project vessel utilization was 82% and the TC vessel utilization was 92%.

In addition, at the end of the quarter, the number of employees in the DOF Subsea was 1 590 persons. The numbers do not include marine employees that are employed in DOF
Management and Norskan.

Subsea World News Staff