Olympic Subsea has halved its net loss for the first quarter, compared to the same period last year, according to its latest financial report.
The offshore support vessel owner posted a loss of NOK 27.4m ($3.1m) for the first three months, compared to a loss of NOK 52.7m during the same quarter in 2018.
The net result was boosted by consolidated revenue of NOK 131m during the period, which was a marked improvement on the NOK 97m posted last year.
This helped operating profit advance year-on-year from a loss of NOK 14m in 2018 to a gain of NOK 7m this year, even though operating costs were NOK 12m higher than 12 months ago.
"Increased activity level going forward gives increased rates, and a good spring and summer season is expected. In the long term we see improvements in both segments," the Stig Remoy-led shipowner said in its report.
Two of Olympic's 11 vessels were in temporary layup at the end of the first quarter.
Two of Olympic's construction support vessels won respective period contracts with Siemens Gamesa's subsidiary Adwen and an unnamed international oil company in West Africa during the first quarter, as TradeWinds has reported.
