Reach Subsea’s financial results for 2018 have been boosted by increases in vessel utilisation and earnings, both of which more than doubled compared to the previous year.
The Oslo-listed company recorded a loss of NOK 12.1m ($1.4m) for the full year, less than half of the NOK 30.8m it lost in 2017.
“The increase compared with the same period last year is due to increased activity and a larger number of projects being managed internally by Reach Subsea,” the company said in its full-year report for 2018.
Reach said it had revenue from 1,298 vessel days in 2018, compared to 588 in the previous year.
"There are some signs of improved visibility in terms of a generally higher tender activity, and the gradual occurrence of some longer-term tenders and contract awards," the company said in the report.
"Also, client requirements for this year's season have emerged at an earlier stage than last year."
The Jostein Alendal-led company said it broke into new market areas during 2018 and subsequently expects to see higher utilisation of vessels and assets in the years to come.
Reach was awarded several frame agreements from clients including Equinor and Wintershall Norge during 2018.
The company also chartered in three subsea vessels - Olympic Challenger, Havila Harmony and Topaz Tiamat - on long-term contracts last year.
"Our broadened market reach is supported by the fact that Reach Subsea now controls a versatile and flexible fleet of highly capable and specialized subsea spreads," Reach said.
Reach currently markets and operates five subsea spreads, including vessels, remotely operated vehicles (ROVs) and personnel.
Reach said its board will propose a dividend of NOK 0.07 per share.
