Reach Subsea delivers strong resultsCompany News // August 27, 2015
Reach Subsea in Norway says it produced a strong set of results in the last quarter, despite the challenging nature of the market.
The company had five vessels in operation during the quarter, Normand Reach, Edda Fonn, Dina Star, Stril Explorer and Viking Neptun, and six work-class ROVs.
The company said it had been successful achieving spot and short term fixtures in the second quarter.
"The rates have been low in a weak market with oversupply of tonnage in most segments. We are proud to deliver strong results in this challenging market situation," said Reach Subsea.
The company had an EBITDA of NKr 18.7 million and net result NKr 7.4 million in the second quarter of 2015.
Utilization of Edda Fonn and ROV systems on Dina Star and Stril Explorer during the second quarter was "good," said the company and the spring and early summer season saw higher levels of activity than the winter season.