Reach Subsea Boosts Profits

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Norwegian subsea operator, Reach Subsea has generated revenues of NOK 101.8 million, and a net profit of NOK 7.5 million for the third quarter 2014.

These results compare with revenues of NOK 35.5 million in Q3 2013 and net profit of NOK 2.9 million same period last year.

The increase in the third quarter was due to high utilisation of the company’s vessels Dina Star, Stril Explorer and Normand Reach.

Operating expences increased to NOK 94.2 million from NOK 33.8 million due to fleet expansion.

The company has recorded an order book of close to NOK 450 million, of which approximately NOK 70 million is related to work for the last quarter of 2014.

However, Reach reports slower tender activity in the third quarter, based on oil prices and cost cotrol of the oil companies.

According to the company’s statement, Reach Subsea will further build and increase the backlog which will be achieved by converting a large part of the current tender value of approximately NOK 300 million into contracts.

The company has boosted its sales and marketing team, resulting in the latest contract win with Technip, in partnership with Eidesvik Offshore .

Source

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