Reach Subsea Narrows Losses
Reach Subsea has reduced its quarterly deficit for the period ended December 31, 2018, as revenues hiked some 70 percent on increased activity against the same quarter last year.
For the fourth quarter 2018, the Norwegian contractor booked loss of NOK 6.3 million on revenues of NOK 191 million, versus net loss of NOK 10 million, on revenues of NOK 112 million in the year-ago quarter.
EBITDA of NOK 80.5 million (NOK 1.7 million in Q4 2017) and net result were impacted by the implementation of amortized termination fee of NOK 16.5 million.
Reach also booked quarterly depreciation of close to NOK 72 million.
For the full-year 2018 the company has also cut its losses, narrowing it from NOK 30.7 million in 2017 to NOK 12.1 million.
Revenues increased some 87 percent for the year 2018 at NOK 675 million, compared to NOK 360 million in 2017.
According to the company, the rise in revenues compared to the last year is related to increased activity and a large number of projects being managed by Reach Subsea.
The company reported order book of NOK 120 million, most of which is related to work in 2019.
Subsea World News Staff