Reach books profit

Oslo-listed Reach Subsea has recorded a profit for the second quarter of 2014 thanks to high utilisation of its fleet.

Quarterly operating profit was NOK 6.9m ($1.1m) versus a loss of NOK 5.1m the year before.

Reach delivered a 14.1% EBITDA margin on revenue of NOK 77.2m.

In the corresponding period revenue was NOK 1.2m.

The offshore company’s improvement was mainly due to the charter of the 4,700-dwt supply ship Dina Star (built 2013) from Myklebusthaug and the delivery of the 4,750-dwt Normand Reach (built 2014) which went directly under a two-year contract with DOF Subsea.

Reach’s orderbook exceeds NOK 370m, of which NOK 130m are related to work for the first six months of the year.