Strong Q4 for REM OffshoreStrong Q4 for REM Offshore

Fourth quarter profit was up to NOK53.4m in 2013 from NOK14.2m in Q4 2012.

The result came on operating revenue of NOK268.8m in the fourth quarter 2013, up from NOK170.2m in the same period 2012.

The company's fleet of 10 PSVs, five MPSVs and one AHTS/ROV saw utilisation of 96.1% for the quarter, with 70% coverage secured for 2014 excluding options.

REM saw rates rise during the course of 2013, and expects utilisation and charter rates to continue to improve in 2014, despite its own forecast of downward pressure from the oil majors.

"Oil companies have put considerable focus on cost-cutting recently. If the majors follow through on these plans, this could have implications for our sector. We nevertheless expect oil prices to be the main driver, and we anticipate high levels of activity if oil prices remain high and stable," REM stated in its quarterly report.