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DOF Subsea Posts Q3 Loss

DOF Subsea, a subsidiary of DOF Group, reported loss in the third quarter of 2018 of NOK 98 million ($11.5 million), compared to profit of NOK 138 million ($16.2 million) in the corresponding period in 2017.

Year-to-date result for 2018 also came out negative, with loss of NOK 182 million ($21.4 million), against profit of NOK 91 million ($10.7 million) in the nine months of 2017.

In the quarter ended September 30, 2018, the Bergen-based company had operating income of NOK 958 million, up from the corresponding period in 2017 (NOK 899 million).

Operating income in the first nine months of 2018 was almost relatively flat at NOK 2.79 billion, versus NOK 2.78 billion in 2017.

The Norwegian subsea services player booked quarterly depreciation and impairment of NOK 197 million, against NOK 326 million in Q3 2017. DOF Subsea also had realised net loss on derivative instruments and currency position of NOK 59 million, versus gain of NOK 24 million same time last year.

As of September 30, 2018, the Group’s fleet comprised 23 owned vessels, 4 chartered-in vessels, 1 vessels under construction and ROV fleet of 71 units.

During the quarter the vessel utilization was 75%, where the project vessel utilization was 76% and the TC vessel utilization was 75%. Backlog at the end of the quarter stood at NOK 15.1 billion, with options of NOK 33.7 billion.

In addition, at the end of Q3 2018 the number of employees in DOF Subsea was 1,322 persons, up form 1,190 the company reported at the end of Q2 2018. The numbers do not include marine employees that are employed in DOF Management and Norskan, the company noted.

Subsea World News Staff

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