Please find enclosed the full report for 3Q2016.
// HIGHLIGHTS
REACH had three vessels in operation during the quarter; Normand
Reach, Edda Fonn and Polar King as well as all six WROV-systems,
the Surveyor Interceptor and offshore personnel. Further, we
provided ROV services, personnel, tooling and engineering for
Viking Neptun and WROV services for Stril Explorer operations
during the quarter.
REACH had a 3Q EBITDA before amortization of termination fee (see
explanation under "Economy and Finance"in the Report) of NOK 8
million, giving a
total EBITDA before amortization of termination fee for the first
three quarters in 2016 of NOK 14.5 million. The third quarter
activity level was all time high, however with continued weak
rates. Transit and non-utilization days had a significant impact on
the result.
REACH and MMT developed Surveyor Interceptor has had a breakthrough
in the second and third quarter 2016. Performance is above
expectations on speed as well as data quality, compared to any
other ROV survey systems available in the market. Our clients are
now recognizing the value of the Surveyor Interceptor's
performance.
For further information, please contact:
Birgitte Wendelbo Johansen, CFO.
www.reachsubsea.no