Solstad Narrows Quarterly Loss

Oslo-listed Solstad Offshore has recognized loss of close to NOK 343 million ($38 million) for the second quarter of 2019, compared to loss of NOK 788 million ($87 million) from the prior-year comparable period.

The Norwegian vessel owner’s operating revenue for the second quarter 2019 increased slightly to NOK 1.37 billion when compared to NOK 1.36 billion in the year-ago quarter.

Operating revenue for the first six months of 2019 was NOK 2.51 billion versus NOK 2.23 billion at the end of 1H 2018.

The increase compared to the previous quarter mainly relates to seasonality and higher activity in Q2 in the North Sea.

In 1H 2019 Solstad cut its loss by more than NOK 460 million, against loss of NOK 1.33 billion in 1H 2018.

Solstad’s fleet, as of end-June, 2019, consisted of 138 wholly owned or partly owned vessels.

The company had 86 vessels in operation at the end of the quarter; 24 CSVs, 21 AHTS, 41 PSVs and in addition 3 vessels on management.

The overall utilization for the operational fleet (excluding fleet in layup) was 91% in Q2 2019, up from 81% same time last year. The CSV fleet had utilization of 93% (86%).

The company’s backlog is approximately NOK 6.5 billion and for the remainder of 2019 is approximately NOK 1.8 billion.

Subsea World News Staff