Red Ink for Olympic Subsea

Olympic Subsea has reported net loss of NOK 40 million ($4.7 million) for the quarter ended September 30, 2018, versus net loss of NOK 36 million ($4.2 million) same time last year.

The Oslo-listed company generated consolidated revenues of NOK 171 million for the third quarter of 2018, compared to NOK 200 million in the prior-year comparable period.

Subsea/Renewable segment contributed with revenues of NOK 154 million.

Earnings before interest, tax & depreciation (EBITDA) was NOK 60 million, all related to Subsea/Renewable division with EBITDA margin of 39 %.

All vessels in the Subsea/Renewable segment have been employed in the quarter.

9 Months of 2018

Year-to-date, Olympic Subsea had consolidated net operating revenue of NOK 442 million, against NOK 459 million for the corresponding period in 2017.

The operating costs amounted to NOK 315 million, compared to  NOK 377 million same time last year.

EBITDA was NOK 128 million (NOK 83 for the same period in 2017), with EBITDA margin of 29 % and 18 % respectively.

After charges, operating profit was NOK 6 million, against NOK 99 million.

Net financial items increased year-to-date from negative NOK 214 million to negative NOK 153 million, resulting in net loss of NOK 148 million – widened for NOK 28 million against the first 9 months of 2017.

Subsea World News Staff

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