Fleet Impairment Sinks Solstad to $180 Mln Loss

Oslo-listed Solstad Offshore has recognised loss of close to NOK 1.5 billion ($180 million) for the fourth quarter of 2016, compared to loss of NOK 1.35 billion ($162 million) from the prior-year comparable period.

The Norwegian vessel owner has, similar as at the end of 2015, booked fleet-related impairments and written down the booked value of its fleet by NOK 1.1 billion ($132 million). Total impairment for the year 2016 was 1.2 billion, compared to NOK 1.34 billion in 2015.

Operating revenue for the fourth-quarter 2016 dropped to NOK 476 million when compared to NOK 705 million 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 full year 2016 was NOK 2.6 billion versus NOK 3.6 billion at the end of 2015.

In 2016 Solstad cut its loss by almost a half to NOK 828 million ($99.5 million), against loss of NOK 1.6 billion ($192 billion) in 2015.

Solstad’s fleet, as of end-December, 2016, consisted of 61 wholly owned or partly owned vessels.

Subsea World News Staff

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