Reach Subsea ASA has released the first quarterly report for 2019.
Highlights:
1.Revenues in the first quarter 2019 were NOK 67 mill (NOK 114 million in 1Q2018) with the year-over-year decrease explained by the Allseas project in 1Q2018. All our business in 1Q2019 was generated in the spot market, a quarter which is low season in our home market.
2.Despite the revenue decline, 1Q2019 EBITDA of NOK 14 million was in-line with the NOK 13 million in 1Q2018. Improved pricing and the benefit of our flexible business model offset the effect of lower year-over-year activity levels.
3.Mobilized Topaz Tiamat, one of the first subsea vessels suitable to accomodate battery pack, expected to be installed later this year (thus reducing fuel consumption and will have a "greener" footprint than peers). The vessel spread is well received by our clients.
4.Improved order book: As per 27.05.2019 firm order book is NOK 194 million. The order book figure includes activity in 2Q2019 and the vast majority is related to activity in 2019.
5. Good tender activity: Outstanding tender value at around NOK 1.8 billion (1.7 billion).
The full report is attached in the link and can also be found on our web pages.
For further information, please contact:
Birgitte Wendelbo Johansen, CFO
www.reachsubsea.no