Norway’s Reach Subsea has maintained a profit in tough offshore markets during the second quarter.
The company said it made NOK 3.26m ($0.39m) on a net basis to 30 June, against NOK 7.43m in 2015.
Revenue dropped to NOK 89.51m from NOK 219.43m as it only had two vessels in operation during the period.
It said the result was a reflection of high utilisation, but rates were marginal and there were high vessel costs in the first half of the quarter.
CEO
