DOF Subsea Shrinks Quarterly Loss

DOF Subsea, a wholly-owned subsidiary of DOF Group, reported loss in the fourth quarter of 2019 of NOK 30 million ($3.2 million), compared to loss of NOK 458 million ($49.1 million) in the corresponding period in 2018.

Full-year result for 2019 came out negative, with loss of NOK 1.13 billion ($120 million), against loss of NOK 668 million ($23 million) in the twelve months of 2018.

In the quarter ended December 31, 2019, the Bergen-based company had operating revenue of NOK 990 million, up from the corresponding period in 2018 (NOK 945 million).

Operating revenue for the twelve months of 2019 was NOK 3.95 billion, versus NOK 3.74 billion in 2018.

Quarterly depreciation and impairments were NOK 242 million, compared to NOK 291 million same time last year.

As of December 31, 2019, the Group’s fleet comprised 24 owned vessels, 3 chartered-in vessels and ROV fleet of 74 units. Number of subsea employees was 1,181.

During the quarter the vessel utilization was 77%, compared to 69% in a year-ago quarter.

Backlog at the end of the quarter stood at NOK 12.8 billion. However, the company noted it is exposed to the short-term market conditions in the subsea/IMR projects segment, and the backlog on some of the key assets in this segment are low.

Subsea World News Staff

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