Rem Sinks on Impairment
Norway’s Rem Offshore has posted forth-quarter 2015 net loss of NOK 161.1 million ($18.7 million), compared to profit of NOK 25.4 million or $3 million in a year-ago period.
In the fourth quarter, Rem recorded operating revenue of NOK 289.3 million compared to NOK 392.5 million in Q4 2014. Full-year 2015 operating revenue was NOK 1.21 billion, down from NOK 1.42 million in 2014.
Rem Offshore said it had 18 vessels in operation at the end of the period, namely 6 CSVs, 11 PSVs and one OCV, plus one under construction. The fleet as a whole had a utilisation rate of 75.9% (95.0) in the fourth quarter, or 89.1% excluding vessels laid up.
Furthermore, the company has written down the book value of the fleet by NOK 143.5 million at the end of the year, sold the CSV Rem Forza in December and postponed delivery of its new offshore construction vessel from Vard until the first quarter of 2018. .
For the whole 2015 Rem generated EBITDA of NOK 620.6 million and a net loss of NOK 110.1 million, against last year’s profit of NOK 370.7 million.
Subsea World News Staff