All time high activity level for Reach Subsea with six vessels in operation during the full third quarter.
- 3Q EBITDA before amortization of termination fee (see explanation under "Results" in the attached report) was NOK 18.2 million compared with NOK 7.9 mill in 3Q2016. The improvement was driven by increased scale, high utilisation and profitable projects.
- 9M EBITDA before amortization of termination fee was NOK 25.0 million compared with NOK 14.5 million for 9M2016. The improvement was driven by the same factors as for 3Q.
- The Group maintains a strong liquidity and equity position (58.6 %), positioning the Group to further invest in innovative technology, such as the Surveyor, and invest in other assets to leverage our platform for a future recovery.
- Tender activity remains high with outstanding tender value of around NOK 1.9 billion, compared with NOK 1.7 billion at the end of 2Q2017.
Please see attached the full report and a presentation of the third quarter results.
For further information, please contact:
Birgitte W. Johansen (CFO)
www.reachsubsea.no