Reach Subsea Sinks Deeper in Red
Norwegian contractor Reach Subsea has widened its quarterly loss as utilization of assets fell against prior-year comparable period.
For the fourth quarter 2019, Reach booked loss of close to NOK 25 million on revenues of NOK 107 million, versus loss of NOK 6 million, on revenues of NOK 190 million in the year-ago quarter.
To remind, in the third quarter 2019, Reach booked profit of NOK 4 million on revenues of NOK 154 million, versus profit of NOK 8 million, on revenues of NOK 179 million same time last year.
The company generated Oil & Gas quarterly revenues of 85 percent, while Renewable/Other contributed 15 percent of total revenues.
For the full year 2019 Reach had ROV utilization of 49 percent, versus 58 percent in 2018. The company had 818 vessel days, compared to 1,298 in 2018. “The reduction compared to last year is largely explained by the Viking Neptun spread having less ROV projects, as well as the ROV formerly on Edda Fonn remaining idle,” Reach explained.
Revenue for the twelve months of 2019 was NOK 508 million, against NOK 675 million for the twelve months of 2018.
Full-year 2019 result was negative with NOK 36 million loss, versus NOK 9 million loss in 2018.
The company reported order backlog of NOK 120 million and outstanding tender value at NOK 2.1 billion.
Subsea World News Staff