The Oslo-listed player reported a quarterly net loss of Nkr350.3 million ($41.4 million), narrowed from Nkr435.3 a year earlier, as operating revenue was cut from Nkr989.3 million to Nkr601.4 million over the year.
As a result, it was left with an operating loss of Nkr270.3 million including depreciation of Nkr263.7 million, reversing a year-earlier profit of Nkr73.6 million.
The company’s earnings have suffered from lower vessel utilisation and dayrates for its 55-vessel fleet of mainly platform supply vessels and anchor-handlers, along with peer players hit by a dire market downturn in the North Sea and elsewhere.
Farstad
