Reach Subsea Triples Revenues But Stays in Red
Reach Subsea has seen its quarterly net loss widened despite tripling revenues against the quarter ended March 31, 2017.
For the quarter, the Norwegian contractor booked loss of NOK 18.6 million, or NOK 0.13 per share, on revenues of NOK 114 million, versus net loss of NOK 12.8 million, or NOK 0.11 per share on revenues of NOK 38 million in the year-ago quarter.
According to the company, the rise in revenues compared to the last year is partly related to one project generating a large turnover, as well as a 89% increase in number of sold ROV days.
EBITDA, operating expenses and net result were impacted by the implementation of International Financial Reporting Standard 16 (IFRS), however, Reach said that its underlying financial performance was in line with Q1 2017.
Operating expenses were some NOK 101 million, compared to NOK 36 million same time last year.
The Oslo-listed company reported third-quarter EBITDA of NOK 13 million (NOK 2 million in Q1 2017).
In the first quarter 2018, Reach had six vessels in its fleet. Twelve WROV systems were in operation in addition to Surveyor Interceptor SROV joint venture with MMT.
The company reported order book of NOK 147 million, (NOK 55 million in Q1 2017) most of which is related to work in 2018.
Subsea World News Staff