Olympic Subsea Quarterly Losses Cut in Half

Olympic Subsea has reported net loss of NOK 27 million ($3 million) for the quarter ended March 31, 2019, versus net loss of NOK 53 million ($6 million) same time last year.

The Oslo-listed company generated operating income of NOK 131 million for the first quarter of 2019, compared to NOK 96 million in the prior-year comparable period.

Earnings before interest, tax & depreciation (EBITDA) was NOK 35 million, all related to Subsea/Renewable division with EBITDA margin of 28 %.

9 out of 11 vessels in the Subsea/Renewable segment have been employed in the quarter.

Sequentially, Olympic Subsea reported net loss of NOK 100 million ($11.6 million) for the quarter ended December 31, 2018, on operating income of NOK 127 million.

Subsea World News Staff

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