SECOND QUARTER HIGHLIGHTS
- Frame contract award from Equinor for Inspection, Maintenance and Repair (IMR) services for 5 years (from 2019).
- Frame contract award from Equinor for UK offshore wind farm operations at Dudgeon Offshore Wind Ltd and Hywind (Scotland) Ltd starting in 2018.
- Signed significant contract for the vessel Olympic Challenger for 2Q and 3Q.
- Reach Subsea's newly opened Houston office with early success, winning two frame agreements with oil majors and successfully completed some projects in the region.
- 2Q EBITDA before amortization of termination fee was NOK 51.5 million (NOK 4.4 mill in 2Q2017), while pre-tax result was NOK 4.9 million (NOK -10.8 million).
- Increased activity with 8 vessel spreads in operation. Olympic Challenger was ready for the first operational projects for Reach Subsea during the quarter.
- Solid balance sheet maintained, positioning the Group to further invest in innovative technologies and subsea assets to leverage our platform for the expected future market recovery.
- Tender activity remains high with outstanding tender value remaining stable at around NOK 1.7 billion.
Please find the full report enclosed in the link.
For further information, please contact:
Jostein Alendal (CEO)
Birgitte Wendelbo Johansen (CFO)
www.reachsubsea.no