Red Ink for DOF Subsea

DOF Subsea, a wholly-owned subsidiary of DOF Group, reported loss in the third quarter of 2019 of NOK 1.09 billion ($119 million), compared to loss of NOK 98 million ($10.7 million) in the corresponding period in 2018.

Year-to-date result for 2019 came out negative, with loss of NOK 1.1 billion ($120 million), against loss of NOK 210 million ($23 million) in the nine months of 2018.

In the quarter ended September 30, 2019, the Bergen-based company had operating revenue of NOK 1.15 million, up from the corresponding period in 2018 (NOK 958 million).

Operating revenue in the nine months of 2019 was close to NOK 3 billion, versus NOK 2.8 billion in 2018.

Depreciation and impairments were NOK 762 million, compared to NOK 197 million same time last year.

As of September 30, 2019, the Group’s fleet comprised 24 owned vessels, 3 chartered-in vessels and ROV fleet of 74 units. Number of subsea employees was 1,319.

During the quarter the vessel utilization was 78%, where the projects vessel utilization was 80% and the TC vessel utilization was 72%.

Backlog at the end of the quarter stood at NOK 13.7 billion. However, the company noted it is exposed to the short-term market conditions in the subsea/IMR projects segment, and the backlog on some of the key assets in this segment are low.

Subsea World News Staff

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