More Red Ink for Reach Subsea

Reach Subsea has seen quarterly loss widened for the period ended December 31, 2017, explained by lower equipment utilization when compared to the corresponding period in 2016.

Despite revenue growth of close to 70 per cent, the Norwegian contractor booked loss of NOK 10 million, or NOK 0.07 per share, versus net loss of NOK 5.6 million, or NOK 0.06 per share in the fourth quarter of 2016.

Operating expenses, on the other hand, were NOK 123.6 million (including depreciation and amortization of termination fee), compared to NOK 69 million in Q4 2016.

Revenue for the quarter came to NOK 112 million, against NOK 66 million in Q4 2016. According to Reach, the increase is due to one project generating large turnover.

Total revenue for 2017 amounted to NOK 360 million, versus NOK 327 million in 2016.

Full-year result was negative with NOK 30.7 million loss, compared to loss of NOK 23 million in 2016.

Subsea World News Staff