Revenues Slide, But DOF Subsea Ups Quarterly Profit

DOF Subsea reported profit for the first quarter 2016 of NOK 316 million compared with NOK 139 million profit for the corresponding period in 2015.

For the Q1 2016 period, the company had net financial income of NOK 192 million, versus net financial loss of NOK 320 million same time last year. NOK 365 million of the net financial income was unrealized currency gains and unrealized gains on financial instruments.

DOF Subsea also booked quarterly depreciation and impairment of NOK 341 million.

In the 1st quarter 2016, the Bergen-based company had operating income of NOK 1 343 million versus NOK 1 558 million in 1st quarter 2015.

As of March 31 2016, the Group’s fleet comprised 21 owned vessels, 2 chartered-in vessels, 4 vessels under construction, ROV fleet of 62 units and 5 ROVs on order.

During the quarter the vessel utilization was 88%, where the project vessel utilization was 79% and the TC vessel utilization was 93%.

In addition, at the end of the quarter, the number of employees in the DOF Subsea was 1 468 persons. The numbers do not include marine employees that are employed in DOF
Management and Norskan.

Subsea World News Staff