Olympic Subsea Books Q1 Loss

Olympic Subsea has reported consolidated revenues of NOK 98 million for the first quarter of 2018, against NOK 110 million same time last year.

Earnings before interest, tax & depreciation (EBITDA) was NOK 5 million – of this Subsea/Renewable segment contributes with revenues of NOK 85 million and an EBITDA of NOK 13 million. EBITDA in Q1 2017 was negative NOK 7 million.

The company’s EBITDA margin was 14 % against -8 % in the prior-year comparable period.

Net financial items were NOK -48 millon, which resulted in net loss before tax of NOK 76 million, compared to NOK 86 profit in Q1 2017. No tax was recognized.

With expectations of a seasonally weaker market and lower activity, several vessels have been temporary laid up through the period to reduce costs.

Per March 31, the Group had 338 employees on it’s vessels and 35 man-years in the administration.

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