Olympic Subsea Expects Slow Market Recovery

Olympic Subsea has reported consolidated net revenues of NOK 200 million for the third quarter of 2017.

Earnings before interest, tax & depreciation (EBITDA) was NOK 84 million and net profit after tax was negative NOK 36 million ($4.36 million).

The Norwegian shipowner said it has seen increased activity throughout the quarter with 10 out of 11 subsea vessels employed.

Olympic Subsea was established on February 7, 2017 in connection with the financial restructuring of Olympic Ship AS. Through implementation of the new structure a new pure-play subsea structure is created and NOK 400 million injected in new equity. Olympic Subsea will be a pure play subsea company going forward, following the acquisition of 11 subsea vessels form Olympic Ship AS and its subsidiaries.

Total assets for the group amounted to NOK 4.8 billion. Fixed assets were NOK 4.2 billion. Current assets amounted to NOK 0.6 billion of which cash represented NOK 387 million.

Total equity amounted to NOK 440 million, corresponding to an equity ratio of 9%. The interest-bearing debt related to the long-term financing of the fleet amounted to NOK 3,9 billion. In addition, the Group has net bond obligations amounting to NOK 229 million. Short-term debt, excluding current liability of long-term debt and bonds amounted to NOK 147 million. Working capital of the Group was NOK 420 million at end of the period.

The Group mainly operates in the subsea and renewable markets. “In the renewable market, we see increased activity in the next 12 months, and we also expect the subsea market to gradually improve due to a higher oil price and reductions in the oil companies’ breakeven levels. In the short run the company expect a seasonally weak market with low demand and too many vessels available,” the company said in its third quarter 2017 report.

Per September 30, the company had 356 employees on its vessels and 35 man-years in the administration.

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