Sevan Marine, a Norwegian provider of cylindrical platform design, has reduced its net loss during the first quarter of 2017.
The company’s net loss of NOK 14.4million in the first quarter of 2017 compared to a loss of NOK 96.6million in the first quarter of 2016.
The reduction in the firm’s net loss came despite a drop in revenues compared to last year.
Revenue was NOK 12.1billion this year compared to NOK 42.9billion this year.
Sevan Marine’s results also showed a reduction in operating expenses from NOK 102.2billion to NOK 28.7billion.
The company has a net cash position of NOK 152.3million and an equity ratio of 66%.
The firm said that they continue to operate in a challenging market where many of its key prospects have been delayed over the past years.
It said that there had been an improvement in market sentiment over the year, but they still estimated negative profits and cash flow for 2017.
The results added: “Sevan Marine remains confident that given its unique cost effective solutions, the increased market interest, its solid cash position and strong balance sheet that it has the resources and ability to successfully weather the current slowdown in activity and to regain profitability.”
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