Eidesvik Boosts Earnings

  • Business & Finance

Norwegian vessel owner Eidesvik Offshore has posted quarterly profit of NOK 201 million (approximately $26 million) or NOK 6.54 per share, against loss of NOK 27 million (approximately $3.5 million) or NOK 0.74 per share for the quarter that ended on June 30, 2016.

Result for the first six months of 2017 was profit of NOK 336 million on revenues of NOK 465 million, compared to profit of NOK 93 million on revenues of NOK 373 million in the prior-year comparable period.

In the second quarter 2017, Eidesvik generated revenues of NOK 216 million. Revenues in the corresponding period in 2016 were NOK 180 million. The revenues includes a remainder settlement of contract change for Viking Vanquish of NOK 72 million.

EBITDA was NOK 126 million, versus approximately NOK 90 milliuon, and operating profit (EBIT) was NOK 243 million, compared to NOK 35 million after impairments.

The company booked quarterly asset impairment charge of NOK 23 million. Year-to-date impairments amounted to NOK 89 million.

Subsea World News Staff

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