Olympic Subsea in Norway had most of its vessels at work at the end of Q2 2017, but its results were adversely affected by restructuring.
The company reported consolidated net revenues of Nkr149M (US$19M) for Q2 2017. Earnings before interest, tax and depreciation (EBITDA) was Nkr15M. The company made a loss of Nkr78M.
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 Nkr400M of new equity injected into it.
“The result for H1 2017 was impacted by restructuring and lower level of activity as a result,” said the company. “In the spring and summer periods several vessels started new contracts. This will increase the revenues for coming periods, but start-up costs in Q2 affected the accounts.”
As per the end of Q2, 10 out of 11 subsea vessels owned by the company were on contract.