The Oslo-listed contractor sank into the red with a quarterly net loss of $15 million, versus a $13.9 million profit a year earlier, as operating revenue was almost cut in half to $38.8 million, while full-year net profit was down 62% to $12.4 million despite a 11% rise in revenue to $246.5 million.
Chief executive Atle Jacobsen admitted the company had “been too nonchalant and failed to interpret market signals” of a seismic slowdown last autumn, leaving its five-vessel fleet exposed to lower demand in North-West Europe that hit utilisation while it also suffered from a lack of multi-client data sales.
“It
