Highlights 2nd quarter 2020
• Highest quarterly result in Reach Subsea's history, despite challenging market and operating conditions, driven by high utilisation and successful project execution.
• 2Q 2020 EBITDA was NOK 87.0 million compared with NOK 65.3 mill in 2Q2019, while pre-tax result was NOK 27.6 million (NOK 3.9 million).
• First half 2020 EBITDA of NOK 112.3 million (NOK 78.8 million), while pre-tax result was NOK -4.3 million (NOK -13.9 million).
• Busy contracting activity during and after quarter end, despite market turbulence. 700 project days secured for the remainder of 2020 season, and 350 project days secured for 2021.
• Breakthrough in the US offshore wind market, winning Equinor's major survey contract for the lease area offshore New England together with cooperation partner MMT Sweden AB.
• Several special effects in 2Q2020 related to early demobilasation of Havila Harmony, impairments, currency effects, and COVID-19. However, net effect limited with marginal impact on pre-tax result.
Please find the full report attached in the link.
For further information, please contact:
Jostein Alendal (CEO)
Birgitte Wendelbo Johansen (CFO)
www.reachsubsea.no