Offshore

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26.08.2018 kl 15:00 2457

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Dof Subsea slips deeper into the red
Norwegian owner quadruples its second quarter deficit in a ‘challenging market.’

August 23rd, 2018 01:39 GMT
by Rijuta Dey Bera
Published in OFFSHORE
Dof Subsea slid deeper into the red in the second quarter of the year, struggling in a challenging market with “fierce competition and low project margins.”

Though the market conditions are expected to remain difficult, the company should post a higher Ebitda in the second half of the year, Dof Subsea said in an earnings statement.

“With oil prices stabilising above $70 per barrel, oil companies have increased their tendering activity which may indicate the subsea markets are gradually improving,” the statement said, thus increasing the demand for its services.

The Mons Aase-led company posted a net financial loss of NOK 390m ($46.7m), a steep dive from the NOK 48m deficit in the corresponding quarter last year.

Unrealized net loss on derivative instruments and currency positions comprised NOK 274m of the net deficit.

The operating revenue was NOK 999m, a slight decrease from the NOK 1bn earned in the same quarter last year, and the Ebitda was NOK 312m, decreasing from NOK 320m in the previous corresponding quarte

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