Reach Subsea has bounced back in black as it saw revenue increase of 52 percent during the third quarter of 2017.
For the quarter, the Norwegian contractor booked profit of NOK 2.8 million, or NOK 0.2 per share, on revenue of NOK 131 million, versus net loss of NOK 6.2 million, or NOK 0.8 per share on revenue of NOK 86 million in the year-ago quarter.
According to the company, the rise in revenues compared to the last year is mostly related to more vessels and ROVs in its fleet and their higher utilization. Oil & Gas revenues amounted to 67 percent of total revenues.
Operating expenses were some NOK 126.7 million, compared to NOK 91.5 million same time last year.
The Oslo-listed company reported third-quarter EBITDA of NOK 18.2 million (NOK 7.9 million in Q3 2016).
In the third quarter 2017, Reach had six vessels in its fleet. Ten WROV systems were in operation in addition to Surveyor Interceptor SROV.
The company reported order book of NOK 115 million, most of which is related to work in the fourth quarter of 2017.
Subsea World News Staff