REACH SUBSEA reports a positive net result for a
challenging 2015.
REACH had four vessels in operation during the fourth
quarter; Normand Reach, Edda Fonn, Stril Explorer and
Viking Neptun as well as all six WROV-systems and
offshore personnel.
REACH has been successful in achieving spot and short
term fixtures. The rates have further decreased due to
seasonality and oversupply of tonnage in most
segments. High utilization for Normand Reach, Edda
Fonn and Viking Neptune has resulted in a stronger
than anticipated profitability and cash flow for the
quarter.
REACH had a 4Q EBITDA of NOK 10.8 million and a cash
flow from operating activities of NOK 34.7 million,
representing a solid improvement over 4Q2014 (NOK 6.8
million and NOK 22.4 million, respectively). The Board
is very pleased with such results in what must be
characterized as extremely challenging market
conditions.
REACH has per 31.12.15 an order book of close to NOK
160 million, most of which is related to work for
2016. Tender activity remains high.