Record result, proposed dividend of 0,15 per share
Highlights from the 4Q and preliminary full year 2020 report:
• Best 4Q and annual result in Reach Subsea’s history despite challenging market and operating conditions, driven by high utilization and successful project execution.
• New innovative subsea service solution, Reach Remote, recently announced. The solution will significantly reduce cost and virtually eliminate carbon footprint when brought to market in 2022.
• High growth in renewables segment during 4Q2020 with 57%(15% in 4Q2019) of revenue generated from non-oil & gas clients, driven by major survey projects in the offshore wind sector.
• 4Q 2020 EBITDA was NOK 60.8 million compared with NOK 31.3 mill in 4Q2019, while pre-tax result was NOK 14.2 million (NOK -24.8 million).
• EBITDA for the full year of 2020 was NOK 267.2 million (NOK 171.4 million), while pre-tax result was NOK 43.1 million (NOK – 35.7 million).
• The Board proposes a dividend of NOK 0.15 per share, in accordance with the company’s dividend policy, to be resolved at the AGM on 26 May 2021.
• Busy tendering activity during the quarter, despite market turbulence, 550 project days secured for 2021.
The full report including a presentation of the company and results are enclosed in the link.
For further information, please contact:
Birgitte Wendelbo Johansen (CFO)
www.reachsubsea.no