Loss Widens for Olympic Subsea

Olympic Subsea has reported net loss of NOK 100 million ($11.6 million) for the quarter ended December 31, 2018, versus net loss of NOK 72 million ($8.3 million) same time last year.

The Oslo-listed company generated operating income of NOK 127 million for the fourth quarter of 2018, compared to NOK 112 million in the prior-year comparable period.

Subsea/Renewable segment contributed with revenues of NOK 154 million.

Earnings before interest, tax & depreciation (EBITDA) was NOK 60 million, all related to Subsea/Renewable division with EBITDA margin of 39 %.

All vessels in the Subsea/Renewable segment have been employed in the quarter.

Full-year 2018

For the twelve months of 2018, Olympic Subsea had operating revenue of NOK 562 million, against NOK 572 million for the corresponding period in 2017.

The operating costs amounted to NOK 401 million, compared to NOK 448 million in 2017.

EBITDA was NOK 161 million (NOK 124 for the same period in 2017), with EBITDA margin of 29 % and 22 % respectively.

After charges, operating profit was NOK 44 million, against NOK 203 million.

Net financial items increased year-over-year from negative NOK 140 million to negative NOK 202 million, resulting in net loss of NOK 156 million – against profit of NOK 51 million in 2017.

Subsea World News Staff

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