Finance News

Historical Result for Island Offshore

IslandOffshoreThe Island Offshore Group reports 2014 revenue of NOK 2.732 mill which is 25% higher than 2013. Fleet utilization was 91% in 2014 which is satisfactory considering completion of a significant maintenance and modification program and a disappointing spot market. A total of 5 new vessels was added to the fleet in 2014 and 2 vessels were sold during the year.

EBITDA for the year totals NOK 1.270 mill, up from NOK 885 mill in 2013. 2014 figures include a sales gain of NOK 277 mill.

2014 profit before tax is NOK 406 mill including unrealized disagio of NOK 210 mill related to conversion of USD denominated loans.

In addition to strong financial results, significant improvement in important QHSE figures was achieved during 2014, hereto reduced personnel injury frequency rate and reduction of the fleet's emission of CO2.

Our strategy remains firm with focus on securing long term commitment with strategically preferred clients. The Group's order backlog is still strong and totals NOK 6.4 billion which equals approximately 2.4 times 2014 revenue.

Contract coverage for 2015 is approximately 80%.

 

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