DOF Subsea Plunges to Loss

DOF Subsea reported loss for the third quarter 2015 of NOK 312 million compared with NOK 91 million in profit for the corresponding period in 2014.

The company reported operating revenue of NOK 1 904 million in third quarter of 2015, compared to NOK 1 815 million in third quarter 2014.

EBITDA was NOK 452 million versus NOK 496 million in Q3 2014.

The EBIT was NOK 273 million (NOK 343 million) after depreciation and write-down of NOK 179 million (NOK 153 million).

During the quarter the vessel utilization was 88%, where the project vessel utilization was 76% and the TC vessel utilization was 97%.

The low utilization of the project vessels during the quarter was mainly due to idle time between projects on the vessels Chloe Candies, Ross Candies, Skandi Protector and Skandi Inspector. On Ross Candies, a new ROV system was mobilized reducing the utilization.

As of 30th September 2015, the Group’s fleet comprised 22 owned vessels, 5 chartered-in vessels, 4 vessels under construction, ROV fleet of 58 units and 9 ROVs on order.

During the quarter DOF Subsea secured an order intake of NOK 4 500 million. The main contract awards was extension of Geoholm with Petrobras, extension of Skandi Acergy and Skandi Skansen with Subsea 7, an IMR contract with Freeport McMoran and an IMR contract with Husky Energy offshore Canada, the company said in a statement.

In addition, at the end of the quarter, the number of employees in the DOF Subsea was 1 630 persons compared to 1 758 in Q2. The organization has been reduced by approx. 200 employees since the start of the year.

By September 2015, the total backlog (including options) was approximately NOK 40 billion.