Eidesvik Cuts Losses; Ends 2017 in Black

Norwegian vessel owner Eidesvik Offshore has posted quarterly loss of NOK 221 million (approximately $28 million) or NOK 6.85 per share, against loss of NOK 514 million (approximately $65 million) or NOK 16.18 per share for the quarter that ended on December 31, 2016.

Result for the twelve months of 2017 was profit of NOK 147 million ($19 million), compared to loss of NOK 564 million ($72 million).

In the fourth-quarter 2017, Eidesvik generated revenues of NOK 133 million. Revenues in the corresponding period in 2016 were NOK 209 million.

For the twelve months of 2017, Eidesvik booked revenues of NOK 755 million, versus NOK 784 million for the twelve months of 2016.

The company has booked quarterly asset impairment charge of NOK 114 million, against impairment of NOK 303 million same time in 2016. Full-year impairment was NOK 203 million, compared to NOK 509 million in 2016.

Outlook

“The subsea segment started 2018 with several large EPCI awards with Johan Castberg as the main project in the North Sea. Offshore days for these construction projects are expected to commence in 2019 and onwards, and our long term perspective for the activity level in this segment remains positive.

“For streamer seismic there are indications of better market sentiment in 2018. We also see improvement in bid activities within the ocean bottom seismic segment over the past months,” Eidesvik reported in Q4 2017 earnings release.

Subsea World News Staff

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