Eidesvik in Red Despite Revenue Boost

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Norwegian vessel owner, Eidesvik Offshore, has narrowed its quarterly loss year-over-year on higher revenues boosted by the sale of two vessels.

In the fourth quarter 2015, Eidesvik generated revenues of NOK 343,2 million, of which NOK 92,8 million goes to sale of the vessels European Supporter and Viking II. Revenues in the corresponding period in 2014 were NOK 259,4 million. The company also managed to hike its full-year revenues to NOK 1.24 billion against NOK 985 million in 2104.

Nevertheless, impariment charge related to vessels of NOK 290 million in the fourth quarter has still kept the company in red.

The Oslo-listed firm recorded fourth-quarter loss of NOK 202 million compared to NOK 253 million loss in the corresponding period in 2014. However, loss for the full year 2015 grew some 4 per cent at NOK 239.9 million, versus NOK 230.6 million in 2014.

“The market conditions have deteriorated further through 4th Quarter 2015. Further, we experience additional cuts in the oil companies’ investments, which will reduce the activity levels going forward,”the company said in its earnings report.

 

 

 

 

 

 

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