Havyard’s profit cut in half

Havyard, a Norwegian ship technology company, informed on Friday that its profit and revenues for the third quarter 2015 have plunged mainly due to lower activity at the Leirvik yard. 

Namely, the company’s profit for the quarter amounted to NOK 6.9 million, which is only a half of its third quarter 2014 profit that totalled NOK 13.9 million.

The company also on Friday posted a dip in its third quarter 2015 operating revenues totalling NOK 493 million, when compared to revenues of NOK 548 same time last year. The company said the decrease was mainly due to lower activity at the yard in Leirvik.

For the third quarter of 2015, the Group recorded earnings before interest and tax (EBIT) of NOK -2.1 million, while the EBIT for the third quarter of 2014 was NOK 16.3 million. This corresponded to an EBIT margin of -0.4 % in the third quarter of 2015 compared to 3.0 % in the third quarter of 2014.

Lower EBIT margin was affected by lower activity than planned and therefore lower capacity utilization in the most segments, Havyard explained. 

In October, Havyard postponed the delivery of a newbuild subsea vessel for Marine Platforms Ltd from June 2017 to June 2018. Marine Platforms has the right to cancel the contract in March 2016.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Posted on November 20, 2015 with tags , .

Events>

<< Jul 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

8th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

Gas Indonesia Summit 2019

Gas Indonesia Summit & Exhibition is returning for the fourth edition in Jakarta…

read more >

Shanghai Int Petrochemical and Offshore Oil & Gas and Chemical Industry Technology and Equipment Exhibition 2019

cippe Shanghai has attracts both…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply