Olympic Subsea eyes renewables lift as it books Q3 loss

Wave energy device onboard Olympic Zeus (Photo: Olympic Subsea/Screenshot)

 
Olympic Subsea has reported a net loss of NOK 36 million ($4.36 million) for the third quarter of 2017 as it anticipates the increase in activities in renewable energy sector in the coming year.

Olympic Subsea said its consolidated net revenues amounted to NOK 200 million for the third quarter of 2017.

Earnings before interest, tax and depreciation (EBITDA) were NOK 84 million, while the reported net loss after tax for the period stood at NOK 36 million, the Norwegian shipowner Olympic Subsea informed.

Total assets for the group amounted to NOK 4.8 billion, with the fixed assets at NOK 4,2 billion.

Current assets amounted to NOK 0,6 billion, out of which cash represented NOK 387 million.

Total equity amounted to NOK 440 million, corresponding to an equity ratio of 9%, according to Olympic Subsea’s Q3 report.

The interest-bearing debt related to the long-term financing of the fleet amounted to NOK 3.9 billion.

In addition, the Group reported net bond obligations amounting to NOK 229 million.

Short-term debt, excluding current liability of long-term debt and bonds, amounted to NOK 147 millon, while the working capital of the group was NOK 420 million at end of the Q3 period.

To remind, the Olympic Subsea Group was established in February 2017 as part of the the financial restructuring of Olympic Ship AS.

Through implementation of the new structure, a new pure-play subsea structure was created and NOK 400 million injected in new equity. Olympic Subsea will be a pure play subsea company going forward, following the acquisition of 11 subsea vessels form Olympic Ship AS and its subsidiaries.

“In the renewable market, we see increased activity in the next 12 months, and we also expect the subsea market to gradually improve due to a higher oil price and reductions in the oil companies’ breakeven levels. In the short run the company expect a seasonally weak market with low demand and too many vessels available,” Olympic Subsea said.

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