Reach Subsea Q3 Earnings Drop

(RTTNews) - Reach Subsea ASA (REACH.OL), a Norwegian offshore contractor, reported on Tuesday that income declined in the third quarter compared with the previous year.

For the third quarter, net income declined to NOK 38.96 million from NOK 92.05 million in the previous year.

Earnings per share were NOK 0.12 versus NOK 0.30 last year.

EBITDA slid to NOK 301.04 million from NOK 363.16 million in the same period last year.

Operating result or EBIT decreased to NOK 50.63 million from NOK 134.14 million in the prior year.

Revenue declined to NOK 688.04 million from NOK 835.55 million in the previous year.

Order backlog declined to NOK 1050 million from NOK 1500 million in the previous year.

Further, the company said its outlook remains solid, supported by a NOK 1.05 billion order backlog and a tender pipeline totaling NOK 9 billion.

On Monday, Reach Subsea closed trading 2.88% lesser at NOK 6.75 on the Oslo Stock Exchange.