Rem Offshore: 1Q profit jumps significantly

Norwegian offshore ship supplier Rem Offshore ASA enjoyed a fruitful first quarter of 2014.

The company recorded operating revenue of NOK 263.5 million in the first quarter of 2014 compared to NOK 180.9 million achieved in 1Q 2013. EBITDA for the period came to NOK 147.8 million (NOK 82.4 million), giving an EBITDA margin of 56.1% (45.6).
Net profit for the period was NOK 78.0 million compared to NOK 7.1 million in the same period of 2013.

The profit for the period is a substantial improvement compared to the first quarter of 2013, a result of a sharper focus on the subsea segment, and a stronger market for PSVs and AHTS vessels. The fleet`s utilization rate was also high in the first quarter at 97.8%.

“The North Sea spot market was somewhat stronger than expected at the beginning of the year but deteriorated towards the end of the quarter, with rates and utilisation therefore falling during the period. Activity levels in the Norwegian sector are high and have been rising relative to last year. The board expects utilisation and rates to remain on a high level in the period ahead, ” Rem Offshore said in a statement

In the first quarter of 2014 the contract for the PSV “Rem Mermaid” was extended by two years from 1 July 2014.
Also, an order was placed for a PSV of the VS 485 MK III Arctic class. The vessel is specifically designed for the Arctic climate and has a price tag of NOK 345 million.a

Furthermore,the company took delivery of the “Rem Ocean” from Kleven Verft AS. The vessel started immediately on a long-term contract for DeepOcean.

Rem Offshore ASA had 17 vessels in operation at the end of the period: six MPSVs/OCVs, ten PSVs and one combined AHTS/ROV support vessel. The company also had two vessels under construction: an OCV for delivery in June 2014 and a PSV for delivery in April 2015.

 

$1 ≈ NOK 6

 

Press Release, May 22, 2014

 

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