Olympic Subsea's results adversely affected by restructuringCompany News // September 20, 2017
Olympic Subsea in Norway has reported consolidated net revenues of NKr 149 million for the second quarter of 2017.
Earnings before interest, tax and depreciation (EBITDA) was NKr 15 million and net profit after tax was NKr -78 million.
Olympic Subsea was established in February 2017 in connection with the financial restructuring of Olympic Ship AS.
The new structure resulted in a pure-play subsea company with NKr 400 million of new equity.
"The result for the first half of 2017 was impacted by the restructuring and lower level of activity as a result," said the company.
"In the spring and summer period several vessels started new employment. This will increase the revenues for coming periods, but start-up costs in the second quarter affected the accounts."
As per the end of the second quarter 10 out of 11 subsea vessels owned by the company were on contract.