Rem offshore reports hike in Q1 revenues and profit
Rem offshore has a announced a tenfold increase in profit for the first quarter 2014 owing to its renewed focus on subsea activities and an improvement in market rates and utilisation.
May 22, 2014
The company's profit was NOK78m ($13.1m), up from NOK7.1m in the same period 2013 as utilisation reached 97.8%.
During the period Rem secured a two year extension on the charter of Rem Mermaid until July 2016.
The spot market in the North Sea started the quarter on a high and fell off towards the end of the quarter, although the Norwegian sector is high and rising, with Rem expecting utilisation to remain high for the coming quarter.
Rem's PSV fleet of 10 vessels is split 50/50 between spot and charter activity and achieved a utilisation rate of 99% for Q1.
The company's fleet of six MPSV and OCVs reached 100% utilisation over the period. The company's lone AHTS/ROV vessel returned 75% utlisiation on the spot market during the quarter, with work covering most of the second quarter and options to extend it further.
The company took delivery of a PSV from Kleven Werft, the Rem Ocean, which went straight out on charter to DeepOcean. Rem also placed an order for a PSV at the same yard, designed by Wartsila for operation in the Arctic, at a cost of NOK345m.
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