Solstad Sees Profit Rise

Solstad Offshore has recorded a higher gain in the third quarter 2014, backed by its AHTS and CSV segments.

The company scooped a gain of NOK 253 million ($37.3 million) versus NOK 233 million in the same period of 2013.

Revenue climbed from NOK 992 million to NOK 1.13 billion on improved rates and high utilisation of its AHTS vessels.

Operating costs for the third quarter rose to NOK 571 million (NOK 510 million in 2013), 56 million more than the second quarter, mainly because of the delivery of two newbuilds.

Solstad also posted an unrealized currency loss of NOK 63 million as a result of stronger US dollar and British pound.

Solstad’s fleet has been reduced to 48 due to the sale of two construction service vessels and two smaller anchor handling vessels, while two new construction service vessels were delivered.

As far as the subsea segment goes, the company stated that it expects long-term demand for CSVs to continue to be strong as a consequence of high subsea activity.

Subsea World News Staff

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