Q4 2024 Reach Subsea ASA Earnings Call Transcript
Key Points
- Reach Subsea ASA (FRA:4RS) reported a record year in terms of activity and operating results, driven by strong market conditions and solid project execution.
- Revenue increased by more than 40% in the fourth quarter compared to the same period last year, indicating strong financial performance.
- The company has a solid backlog of NOK1.2 billion with a higher inherent margin than the previous year, providing a positive outlook for 2025.
- Reach Subsea ASA successfully completed sea trials for Rachel Mot, now officially in ownership, enhancing their fleet capabilities.
- The company achieved zero lost time injuries in 2024, highlighting their commitment to safety and operational excellence.
- EBIT for the fourth quarter remained flat compared to last year, partly due to projects and associated profits moving into the first quarter of 2025.
- Pre-tax profit for the fourth quarter decreased to NOK13 million from NOK81 million last year, impacted by unrealized currency losses.
- The company experienced cost increases from the supply chain, which they aim to address in the coming year.
- There were delays in the Reach Remote project, with the vessels not yet generating revenue, impacting financial performance.
- Two minor work-related injuries occurred in the fourth quarter, although the employees have since returned to work.
Good morning and welcome to our fourth quarter and full year 2024 webcast for Reach Subsea ASA. Our report and presentation were released this morning, and I am Jostein Alendal , CEO, and I am here with our CFO, Birgitte Wendelbo Johansen. I will start with the key highlights and achievements from the quarter. And additionally, I will provide an update on the current status of the remote 1 and 2 USBs.
But to cover our financials in detail. Please submit questions. We are the webcast player. We will address them in the Q&A session after the presentation.
We are pleased to report another record year in terms of activity and operating results driven by strong market conditions and solid project execution.
The financial performance of the quarter documents our continued growth with our revenue increase of more than 40% compared to the fourth quarter last year. EBIT for the fourth quarter is in line with last year with the lack of progress partly explained by projects and associated profits moving into the first
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