Reach Subsea has managed to keep its quarterly numbers in line with last year’s comparable period, despite lower year-over-year activity.
For the second quarter 2019, the Norwegian contractor booked profit of NOK 4 million on revenues of NOK 181 million, versus profit of NOK 5 million, on revenues of NOK 191 million in the year-ago quarter.
Reach generated Oil & Gas quarterly revenues of 76 percent, while Renewable/Other contributed 24 percent of total revenues.
Revenue for the first 6 months of 2019 was NOK 248 million, against NOK 306 million for the first 6 months of 2018. Year-to-date revenue drop was recognized by a lower number of vessel spreads compared to the same period last year and also impacted by the lack of Allseas project which hiked the revenues in Q1 2018 by 40 percent.
However, revenue drop was offset by improved pricing and margins, and also the company’s ‘flexible business model’, Reach noted.
For the first six months of 2019, Reach recognized comprehensive loss of NOK 15.6 million, compared to comprehensive loss of NOK 13.7 million in 1H 2018.
The company reported order backlog of NOK 203 million, most of which is related to work in 2019, against NOK 135 million in Q2 2018.
Subsea World News Staff