Renewables Boost for Olympic Subsea

Olympic Zeus on Sabella's tidal turbine maintenance job in April. Photo: Sabella

Olympic Subsea has reported profit of NOK 8.4 million (close to $1 million) for the quarter ended June 30, 2019, versus net loss of NOK 3 million ($330K) same time last year.

The Oslo-listed company generated operating income of NOK 183 million for the second quarter of 2019, compared to NOK 178 million in the prior-year comparable period.

Earnings before interest, tax & depreciation (EBITDA) was NOK 73 million, all related to Subsea/Renewable division with EBITDA margin of 42 %.

All of the 11 vessels in the Subsea/Renewable segment have been employed in the quarter.

For the first six months of 2019, Olympic Subsea reported net loss of close to NOK 18 million ($2 million) on operating income of NOK 313 million, against net loss of NOK 58 million ($6.4 million) on operating revenue of NOK 275 million.

The company said it expects a growth in charter hire of over 20 % for 2019 compared to 2018, mostly related to the renewables market.

Share this article

Follow Marine Energy

Events>

<< Mar 2020 >>
MTWTFSS
24 25 26 27 28 29 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

AWTEC2020

AWTEC 2020 aims to provide an opportunity to exchange, learn, interact and network on all multidisciplinary…

read more >

PV Korea 2020 (The 17th Green Energy Expo)

This show is co-organized by the four major renewable energy associations of Korea.

read more >

All-Energy 2020

All-Energy is the UK’s leading and only full supply chain renewables and low carbon energy event for the private and public sector energy…

read more >

Offshore Energy Exhibition and Conference (OEEC) 2020

Offshore Energy addresses the technical, operational and commercial challenges associated with future sector growth.

read more >