Solstad Offshore remains in thrall to weak offshore markets, with third-quarter operating profit and revenue lower than last year's levels.
The Oslo-listed company reported a net profit of NOK 130.3m ($15.8m), against a NOK 228.2m loss in the same period of 2015.
Last year's results were affected by one-time items such as currency gains and losses. Operating profit was NOK 117.9m compared to NOK 286.5m last year.
Revenue dropped to NOK 637.4m from NOK 981.3m due to fewer vessels and lower utilisation rates.
Solstad does not seen any short-term increase in demand, especially as winter weather affects project activity.
“It is expected that demand will fall further during the winter in step with the project ends and the number of rigs in operation is reduced, and the companies will add even more vessels in lay-up ahead,” Solstad said.
The Lars Peder Solstad-led company received investor approval for its merger with Rem Offshore in October.
With the aid of new investor Aker ASA, Solstad has openly declared itself in favour of more consolidation in a depressed sector.
