Norwegian vessel owner, Eidesvik Offshore, has seen its second quarter 2015 profit after tax at 144.7 million Norwegian kroner ($17.5 million) versus a loss of 1.9 million kroner (approx. $230K) same time last year.
Furthermore, the Oslo-listed company bounced back from a first-quarter loss of NOK 104 million and hiked its profit after taxes in the first half of 2015 at NOK 40,8 million compared to NOK 30,8 million in the corresponding period in 2014.
According to Eidesvik, the Q2 2015 profit was positively influenced by profit from the construction vessel Viking Neptun that was delivered at the beginning of 2015, and was on contract shortly after delivery with Technip Norway.
In addition to Viking Neptun, the supply vessel Viking Queen has operated on a contract with higher revenues in Q2.
The company booked operating income of NOK 308,5 million in Q2 2015 against second quarter 2014 operating income of NOK 245.7 million. Furthermore, 1st half 2015 operating income was NOK 587 million, up from NOK 466,2 million last year.
However, in order to tackle the challenging market conditions in the future, Eidesvik has initiated actions for cost reduction, fleet optimization and refinancing of long-term debt. Namely, the company has reduced the number of trainees and cadets, changed the flags for Viking Nereus and Viking Princess, launched new insurance agreements and reduced administration costs by some NOK 18 million.