Eidesvik Back in Black

Norwegian vessel owner Eidesvik Offshore has posted quarterly profit of NOK 29 million (approximately $3.5 million) or NOK 0.98 per share, against loss of NOK 148 million (approximately $18 million) or NOK 4.90 per share for the quarter that ended on September 30, 2016.

Result for the first nine months of 2017 was profit of NOK 362 million on revenues of NOK 622 million, compared to loss of NOK 65 million on revenues of NOK 575 million in the prior-year comparable period.

In the third-quarter 2017, Eidesvik generated revenues of NOK 157 million. Revenues in the corresponding period in 2016 were NOK 201 million. The revenues includes a remainder settlement of contract change for Viking Vanquish of NOK 72 million.

EBITDA was NOK 68 million, versus approximately NOK 96 milliuon, and operating profit (EBIT) was negative NOK 2.3 million, compared to negative NOK 163.4 million after impairments.

The company hasn’t booked quarterly asset impairment charge, against impairment of NOK 205 million same time last year. Year-to-date impairments amounted to NOK 89 million.

Subsea World News Staff

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