Solstad Posts Quarterly Profit Drop

Oslo-listed Solstad Offshore, has recorded a profit of NOK 171.2 million ($20.8 million) for the second quarter of 2016, a decrease from NOK 218.3 million ($26.5 million) from the prior-year comparable period, mainly on fleet-related impairments.

Namely, the Norwegian vessel owner who entered into a merger agreement with REM Offshore in July this year, has written down the booked value of three vessels by a total of NOK 100 million in the second quarter. Total impairment for the quarter was about NOK 130 million.

Operating revenue for the second-quarter 2016 dropped to NOK 719 million when compared to NOK 1.06 billion in the year-ago quarter. Decline is mostly related to vessels in lay-up and lower utilization and day rates in all segments.

Operating revenue for the first half of 2016 was NOK 1.47 billion versus NOK 1.97 billion at the end of first half of 2015.

For the first six months ended June 30, 2016, Solstad generated profit of NOK 549 million, against loss of NOK 11 million in 1H 2015.

Solstad’s fleet, as of June, 2016, consisted of 44 wholly owned or partly owned vessels, including 1 new build (CSV). The company said that delivery of CSV Normand Maximus has been delayed till mid-September, and that it has placed a sale/leaseback arrangement for the vessel.

Firm contract backlog as of June 30 stood at NOK 8.1 billion.

Subsea World News Staff

Share this article

Follow Subsea World News

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

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 aclifton@offsnet.com; +44 (0) 203 793 8800.

More info

read more >

OCEANS 2019

OCEANS is the bi-annual event for global marine technologists, engineers, students…

read more >

OTC Brasil

The conference is organized by the Offshore Technology Conference (OTC) and Brazilian Petroleum…

read more >

Europort 2019

Europort, organised in the world port city of Rotterdam, will be the leading exhibition for special purpose vessels…

read more >