Sevan Marine, a Norwegian provider of cylinder platform design, narrowed its net loss during the first quarter of 2017 despite decrease in revenues.
The company on Tuesday posted a net loss of NOK 14.4 million for the first quarter 2017 compared to NOK 96.6 million in the prior-year quarter.
Operating revenues for the first quarter of this year declined to NOK 12.1 million, compared to NOK 42.9 million in the corresponding period of 2016. Sequentially, the company’s revenues also declined from NOK 18.3 million due to reduction in study activity in the quarter.
The company has a net cash position of NOK 152.3 million and an equity ratio of 66 percent.
Looking ahead, the company said it continues to operate in a challenging market where many of its key prospects have been delayed over the past years. Even though there has been an improvement in market sentiment, Sevan said that this year will remain challenging with estimated negative profits and cash flow.
Sevan Marine further said it remains optimistic that additional study work can be won in 2017 and 2018 for FPSO, FLNG and HiLoad FRD applications. With prospective licenses from both the Western Isles project and UK Continental Shelf project, late 2017 and 2018 should show improved results, the company added.
Offshore Energy Today Staff