Positive EBITDA in a seasonally weak quarter
EBITDA for 2017 was NOK 26.7 million compared with NOK 25.1 million for 2016.
- Two new vessels with 4 ROVs added during 2017.
- New ROVs treated as operating leases, affecting EBITDA by NOK 11 million.
4Q2017 EBITDA was NOK 1.7 million compared with NOK 10.5 mill in 4Q2016, with reduction due to:
- Lower ROV utilisation.
- 4 ROVs treated as operating leases.
The Group maintains a strong balance sheet => well positioned for further growth initiatives in 2018.
Tender activity remains high with outstanding tender value of around NOK 1.7 billion, compared with NOK 1.9 billion at the end of 3Q2017.
Introducing several IR improvement measures for 2018, including a firm dividend policy, release of monthly operating statistics, and improved financial reporting.
Please see the full report attached in the link.
For further information, please contact:
Birgitte Wendelbo Johansen (CFO)
www.reachsubsea.no