Red Ink for DOF Subsea

DOF Subsea, a subsidiary of DOF Group, reported loss in the second quarter of 2018 of NOK 292 million ($35 million), compared to profit of NOK 88 million ($10.5 million) in the corresponding period in 2017.

First-half result for 2018 came out negative, with net loss of NOK 112 million ($13.4 million), against net loss of NOK 36 million ($4.3 million) in 1H 2017.

In the quarter which ended June 30, 2018, the Bergen-based company had operating income of NOK 1 billion, relatively flat with the corresponding period in 2017 (NOK 1.02 billion).

Operating income in the first half of 2018 was down some 2% at NOK 1.84 billion, versus NOK 1.88 billion in 2017.

The Norwegian subsea services player booked quarterly depreciation and impairment of NOK 192 million against NOK 205 million in Q2 2017.

As of June 30, 2018, the Group’s fleet comprised 24 owned vessels, 4 chartered-in vessels, 1 vessels under construction and ROV fleet of 71 units.

During the quarter the vessel utilization was 76%, where the project vessel utilization was 72% and the TC vessel utilization was 86%. Backlog at the end of the quarter stood at NOK 15.9 billion, with options of NOK 33.9 billion.

In addition, at the end of Q2 2018 the number of employees in DOF Subsea was 1,190 persons, down form 1,214 the company reported at the end of 2017. 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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