DOF Subsea Profit Declines


DOF Subsea reported profit for the fourth quarter 2015 of NOK 53 million compared with NOK 63 million profit for the corresponding period in 2014.

In the 4th quarter 2015, the Bergen-based company had operating income of NOK 1 565 million versus NOK 1 931 million in 4th quarter 2014.

DOF Subsea generated full-year profit before tax of NOK 221 million (NOK 709 million) and the profit for the period of NOK 177 million on operating income of NOK 6 891 million, against NOK 734 million profit on NOK 7 073 million operating income in 2014.

Depreciation and write-downs for the quarter amounted to NOK 200 million, while full-year was at NOK 703 million, compared to NOK 577 million in 2014.

As of December 31, 2015, the Group’s fleet comprised 21 owned vessels, 3 chartered-in vessels, and 4 vessels under construction, a ROV fleet of 62 units and 5 ROVs on order. The vessel utilization in the 4th quarter was 85 %, where the project vessel utilization was 74 % and the TC vessel utilization was 91 %.

In addition, at the end of the quarter, the number of employees in the DOF Subsea was 1 566 persons, compared to 1 630 at the end of Q3. The organization has been reduced by approx. 290 employees since the start of 2015.

The contract backlog, including options, amounted to some NOK 39 billion as at December 31, 2015.









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