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DOF Subsea Annual Report 2016

Dofsubsea

Mons S. Aase, CEO of DOF Subsea, states:"2016 has been one of the most challenging years in the history of our industry with reduced offshore activity and a significant market imbalance. The market imbalance has led to increased competition and pressure on our earnings and margins. The need to adapt our activity and cost base to the market conditions has increased, and this effort will continue in 2017."

"In 2016 the Group had an operating income of NOK 5099 million compared to NOK 6891 million in 2015. The EBITDA for 2016 was NOK 1764 million compared to NOK 2100 million in 2015. Even though we have been through a very challenging year, I'm proud that we have been able to win contracts with a total value of close to NOK 4 billion and achieved an overall fleet utilisation of 82 per cent."

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