Reach Subsea says activity 'at all-time high'Company News // November 29, 2017
Reach Subsea says the third quarter of 2017 saw activity levels at the company reach an all-time high with six vessels in operation.
3Q EBITDA before amortization of a termination fee was NKr 18.2 million compared with NKr 7.9 million in 3Q 2016.
The improvement was driven by increased scale, high utilisation and profitable projects.
9M EBITDA before amortization of the termination fee was NKr 25.0 million compared with NKr 14.5 million for 9M2016. The improvement was driven by the same factors as in the third quarter.
The group said it maintains a strong liquidity and equity position (58.6%), positioning it to invest in innovative technology and take advantage of future recovery in the market.
Reach Subsea said tender activity is also high with an outstanding tender value of around NKr 1.9 billion, compared with NKr 1.7 billion at the end of 2Q 2017.