DOF Subsea Narrows Q4 Loss, Ends 2017 in Red

DOF Subsea, a subsidiary of DOF Group, reported loss in the fourth quarter of 2017 of NOK 375 million ($47.6 million), compared with loss of NOK 430 million ($54.6 million) in the corresponding period in 2016.

Full year result for 2017 came out negative, with net loss of NOK 273 million ($34.6 million), against net profit of NOK 155 million ($19.7 million) in 2016.

In the quarter which ended December 31, 2017, the Bergen-based company had operating income of NOK 1 billion, relatively flat with the corresponding period in 2016.

Operating income in 2017 was down close to 25 per cent at NOK 3.8 billion, versus NOK 5.1 billion in 2016.

The Norwegian subsea services player booked quarterly depreciation and impairment of NOK 201 million against NOK 375 million in Q4 2016.

As of December 31, 2017, the Group’s fleet comprised 22 owned vessels, 3 chartered-in vessels, 2 vessels under construction and ROV fleet of 71 units.

During the quarter the vessel utilization was 78%, where the project vessel utilization was 75% and the TC vessel utilization was 87%. Backlog at the end of the quarter stood at NOK 16.1 billion, with options of NOK 34.3 billion.

In addition, at the end of 2017 the number of employees in DOF Subsea was 1,214 persons, down form 1,287 persons in Q3 2017, and down from 1,278 the company reported at the end of 2016. The numbers do not include marine employees that are employed in DOF Management and Norskan, the company noted.

Subsea World News Staff

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