Reach Subsea Swings to Profit
Reach Subsea has bounced back to quarterly profit for the period ended June 30, 2018, as revenues hiked on increased activity against the same quarter last year.
For the second quarter 2018, the Norwegian contractor booked profit of NOK 4.8 million on revenues of NOK 191 million, versus net loss of NOK 10.8 million, on revenues of NOK 79 million in the year-ago quarter.
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.
EBITDA, operating expenses and net result were impacted by the implementation of International Financial Reporting Standard 16 (IFRS), but beyond that positively impacted by positive project results for all operational projects.
Operating expenses were some NOK 181 million, compared to NOK 88 million same time last year.
The Oslo-listed company reported second-quarter EBITDA of NOK 51.5 million (NOK 4.4 million in Q2 2017).
In the second quarter 2018, Reach had eight vessels in its fleet. Twelve WROV systems were in operation in addition to two Surveyor Interceptors SROV joint venture with MMT.
The company reported order book of NOK 135 million, most of which is related to work in 2018.
Subsea World News Staff