Eidesvik Swings to Loss in Q3

Norwegian vessel owner Eidesvik Offshore has posted quarterly loss of NOK 72 million (approximately $8.5 million) or NOK 1.46 per share, against profit of NOK 32 million (approximately $3.8 million) or NOK 0.98 per share for the quarter that ended on September 30, 2017.

In the third-quarter 2018, Eidesvik generated revenues of NOK 118 million. Revenues in the corresponding period in 2017 were NOK 157 million.

For the first nine months of 2018, the company reported loss of NOK 228 million on revenues of NOK 344 million, against profit of NOK 369 million on revenues of NOK 622 million for the prior-year comparable period.

The result is affected by lower rates and partly lower fleet utilization in all three Eiedesvik fleet segments.

Year-to-Date Segment Report

Seismic segment’s EBITDA was NOK 110 million (NOK 611 million in the corresponding period in 2017);

Subsea/offshore wind segment’s EBITDA was NOK 83 million (NOK 170 million in the corresponding period in 2017);

The supply segment’s EBITDA was NOK 6.4 million (NOK 27 million in the corresponding period in 2017).

Subsea World News Staff

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