Eidesvik in Profit Despite Revenue Drop

Norwegian vessel owner, Eidesvik Offshore, has bounced back in black as it booked foreign exchange gains and offset a 25% revenue dive.

In the first quarter 2016, Eidesvik generated revenues of NOK 193.3 million, against NOK 259,4 million in the corresponding period in 2015.

The Oslo-listed firm recorded first-quarter profit of NOK 119.6 million compared to NOK 103.9 million loss in the prior-year quarter. Profit after minority interests was NOK 104.7 million or NOK 3.47 per share, versus NOK 66.3 million loss or NOK 2.20 per share.

In the first quarter 2016 Eidesvik had realized and unrealized foreign exchange gain related to loans and forward exchange contracts in USD of NOK 115,2 million, compared to a negative effect of NOK 173,7 million same time last year.

Subsea World News Staff