Dof sees wider loss at year's end

Dof reported an after-tax loss of NOK 714m ($86m) in the fourth quarter as operating income continues to slide.

That tops the NOK 110m loss reported in the fourth quarter of last year, and the NOK 323m loss reported for all of 2015.

Dof reported group operating income of NOK 1.912bn during the fourth quarter, compared to a NOK 2.61bn result in the year earlier period. Part of the losses stems from a NOK 413m impairment charge recorded during the quarter.

The average utilisation of the Dof's fleet during Q4 was 82%, compared to 83% utilisation in the fourth quarter. Subsea fleet utilisation was unchanged for the quarter at 79%. AHTS fleet utilisation improved 300 basis points to 78%. But the PSV fleet showed utilisation worsen to 89% from 96% in the previous quarter.

Dof operated during three vessels in the North Sea spot market and two vessels in the short term market in Asia. By end of the year Dof had six vessels in lay-up. Dof Subsea has had eight vessels in the subsea market during the fourth quarter.