4th Quarter 2012 report

Published: February 26, 2013

HIGHLIGHTS 4TH QUARTER

* Aquisition and combination with Reach Subsea AS following a change of board of directors and management as well as business plan

* Ordering 2 WROV systems with handling

 

ACCOUNTS AND FINANCE

The core activity during 4th quarter has been sale of external consultancy services under existing frame agreements.

Further, a substantial amount of time has been conducted to build the company’s new organisation including routines for efficiency combined with sales and marketing of the company’s business plan to potential clients and investors. Sales income for the quarter totals NOK 1,9 mill. Operational expenses for the quarter total NOK 6,2 mill. The increase from the same period previous year is due to costs related to the private placement conducted December 2012.

The group’s results for the quarter was negative NOK 4,1 mill. and result for the year end was negative NOK 5,5 mill. before tax. The group’s book equity was NOK 44,2 mill., 87 % of the total assets.

 

For further information, and the full report, please visit the Investor-pages.