Quarterly report for Reach Subsea ASA
HIGHLIGHTS
– Private placement successfully closed
– The Company prepared offshore operations
– New contracts, including the vessel Bourbon Emerald
– Survey joint venture
Revenue in the quarter was NOK 1.54 million and is
primarily income from consulting services under
existing framework agreements. Total income for the
first half year is NOK 2.7 million.
Expenditures related to operations of the company are
NOK 7.2 million. The increase from the same period
last year is mainly due to a higher number of
employees and increased activity. As mentioned above,
the company completed a private placement in the
second quarter with a total cost of NOK 4.5 million,
of which NOK 3.9 million are capitalized. Total
operating expenses for the first half year are NOK
11.2 million.
The Group reported a loss before tax of NOK 5.1
million in the second quarter and NOK 7.7 million in
total for the first half year. This is according to
the forecast and reflects that the company is in a
development phase that will give its first revenues
from offshore operations in the third quarter.
For further information, please contact:
Birgitte Wendelbo Johansen, Chief Financial Officer
Phone: +47 99 45 12 79
The full report can be found on the Investor-pages.