REACH SUBSEA ASA
REPORT FOR 3Q2019
Third quarter highlights:
1. Operating revenues in the third quarter 2019 were NOK 153 mill (NOK 179 million in 3Q2018) while revenues for the first nine months of 2019 were NOK 401 million (NOK 485 million). The decrease is mainly explained by a reduction in the number of sold vessel days.
2. 3Q2019 pre tax profit of NOK 4 million (NOK 8 million), which includes NOK 1 million loss on sale of assets, declined from last year due to lower utilisation.
3. The ROV formerly on Ed da Fonn (Supporter 07), has remained idle in 2019, but is now planned for mobilisation on a new vessel for the 2020 season.
4. The order backlog of NOK 108 million and outstanding tender value of NOK 2.1 billion represents an increase compared to the corresponding figures of NOK 84 million and NOK 1.7 billion, respectively, a year ago.
Please see the full report attached (link).
For further information, please contact:
Jostein Alendal (CEO)
Birgitte Wendelbo Johansen (CFO)
www.reachsubsea.no