PLEASE FIND ENCLOSED REPORT FOR THE FOURTH QUARTER 2016 FOR
REACH SUBSEA ASA.
// HIGHLIGHTS
REACH had two vessels in operation during the quarter;
Normand Reach and Edda Fonn as well as all six WROV-systems
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 4Q EBITDA before amortization of termination fee
(see explanation under "Economy and Finance" in the report)
of NOK 10.5 million, giving a total EBITDA before
amortization of termination fee for the full year 2016 of
NOK 25.1 million. The fourth quarter activity level was
higher than expected for the season.
REACH offshore personnel contracting business, Connect
Offshore, continued sourcing highly skilled offshore
personnel and hiring out on a project by project basis to
both Reach and third party customers during 4Q.
There will be an open presentation at Clarkson Platou
headoffice (Oslo) at 12:00 held by Jostein Alendal (CEO) and
Birgitte W. Johansen (CFO).
For further information, please contact:
Birgitte Wendelbo Johansen (CFO)