Reach Subsea sinks to loss due to weak rates

Norwegian subsea operations company Reach Subsea sank to a loss during the third quarter of 2016 despite an ‘all time high’ activity that was hurt by weak rates. 

The company on Tuesday posted a third quarter 2016 net loss of NOK 6.2 million, compared to a profit of NOK 2.4 million for the same period last year.

Revenues were more than halved during the third quarter totaling NOK 86 million, compared with NOK 193 million for 3Q 2015.

In its report, Reach said that the third quarter activity level was at all time high, however, with continued weak rates.

The company had three vessels in operation during the quarter; the construction support vessel Normand Reach, IMR survey and light construction vessel Edda Fonn, and survey vessel Polar King as well as all six WROV-systems, the Surveyor Interceptor, and offshore personnel.

Reach’s order book totals NOK 54.5 million, with the vast majority related to work for the fourth quarter.

Offshore Energy Today Staff

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