Olympic Subsea Swings to Profit

Olympic Subsea has reported profit of NOK 8.4 million (close to $1 million) for the quarter ended June 30, 2019, versus net loss of NOK 3 million ($330K) same time last year.

The Oslo-listed company generated operating income of NOK 183 million for the second quarter of 2019, compared to NOK 178 million in the prior-year comparable period.

Earnings before interest, tax & depreciation (EBITDA) was NOK 73 million, all related to Subsea/Renewable division with EBITDA margin of 42 %.

All of the 11 vessels in the Subsea/Renewable segment have been employed in the quarter.

For the first six months of 2019, Olympic Subsea reported net loss of close to NOK 18 million ($2 million) on operating income of NOK 313 million, against net loss of NOK 58 million ($6.4 million) on operating revenue of NOK 275 million.

The company said it expects a growth in charter hire of over 20 % for 2019 compared to 2018, mostly related to the renewables market.

Subsea World News Staff