Reach Subsea in Norway has announced details of record performance in Q4 2020 and 2020 as a whole – thanks to the offshore wind market
The company said the Q4 and 2020 results are the best in Reach Subsea’s history, despite the very challenging nature of the offshore oil and gas market. The record result was driven by high utilisation and successful project execution.
The quarter also saw Reach Subsea introduce a new subsea service solution, Reach Remote, which it believes will significantly reduce costs “and virtually eliminate the carbon footprint.”
The company experienced a high level of growth in the renewables segment in Q4 2020 with 57% (15% in Q4 2019) of revenues generated from non-oil and gas clients, driven by major survey projects in the offshore wind sector.
Q4 2020 EBITDA was Nkr60.8M (US$7.2M) compared with Nkr31.3M in Q4 2019. The pre-tax result was Nkr14.2M (Nkr -24.8M).
EBITDA for the full year was Nkr267.2M (Nkr171.4M) and the pre-tax result was Nkr43.1M (Nkr -35.7M).
Reach Subsea’s board has proposed a dividend of Nkr0.15 per share, in accordance with the company’s dividend policy.
The company said tendering activity in Q1 2021 was ‘busy’, despite market turbulence in the offshore oil and gas sector, with 550 project days secured for 2021.