Siem Offshore Sinks Deeper into Red Despite Revenue Jump

Siem Offshore has seen its quarterly loss widened, despite revenue rise of over 50 percent, as forex gains and favorable tax boosted the company’s bottom line same time last year.

For the quarter ended March 31, 2017, the Oslo-listed company recognised net loss of $13.3 million, or 2 cents per diluted share, compared to net loss of $9 million, or 1 cent per diluted share, in the year-ago quarter.

In the proir-year comparable period, Siem Offshore had gains on currency derivative contracts of some $10 million, tax benefits of close to $2 million, and booked approximately $7.5 million less in depreciation and amortization.

Siem’s operating revenues for the quarter were $107.4 million, up from $70.7 million in Q1 2016. Submarine power cable activities were the company’s best performing segment with close to $37.9 million.

According to the company, the offshore support vessels fleet in operation at the end of the first quarter 2017 totaled 45 vessels, including partly-owned vessels. 4 vessels in lay-up.

Siem had five offshore subsea construction vessels (OSCVs) in operation at the end of the quarter that earned operating revenues of $28.8 million with 87 percent utilization. Same time last year, the OSCV segment generated revenues of $19.2 million and 91 percent utilisation.

The company reported backlog at March 31, 2017 of $1.14 billion.

Subsea World News Staff

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