September 26, 2017 7:34 AM ET

Energy Equipment and Services

Company Overview of Rem Offshore ASA

Company Overview

Rem Offshore ASA operates a fleet of offshore vessels in Norway and internationally. The company operates offshore construction vessels (OCVs), platform supply vessels (PSVs), and construction subsea vessels (CSVs). As of March 31, 2016, it operated 18 vessels that included 6 CSVs, 11 PSVs, and 1 OCV. Rem Offshore ASA was founded in 1978 and is based in Fosnavåg, Norway. Rem Offshore ASA operates as a subsidiary of Remy AS. As of December 9, 2016, Rem Offshore ASA operates as a subsidiary of Solstad Offshore ASA.

Holmefjordvegen 6

Fosnavåg,  6090

Norway

Founded in 1978

Phone:

47 70 08 11 60

Fax:

47 70 08 11 65

Key Executives for Rem Offshore ASA

Chief Financial Officer
Age: 36
Chief Operating Officer
Age: 49
Administration Manager and Finance Manager
Accounting Manager
Compensation as of Fiscal Year 2017.

Rem Offshore ASA Key Developments

Oslo Børs To Delist Shares Of REM Offshore ASA

Oslo Børs has decided to delist the shares of REM Offshore ASA and the last day of trading will be December 9, 2016. Consequently, trading in shares admitted to trading on the First North NOK segment at Nasdaq Stockholm AB is to cease. The last day of trading is today, December 9, 2016.

Rem Offshore ASA Announces Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016; Announces Impairment for the Third Quarter of 2016

Rem Offshore ASA announced consolidated earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the company reported total revenue of NOK 189.6 million compared to NOK 313.6 million, operating loss of NOK 202.8 million compared to operating profit of NOK 115.0 million, loss before tax of NOK 245.0 million compared to NOK 19.1 million, loss for the period of NOK 248.807 million or NOK 9.96 per basic and diluted share compared to NOK 19.07 million or NOK 0.60 per basic and diluted share for the last year. EBITDA was NOK 48.0 million. Loss attributable to majority was NOK 202.3 million compared to NOK 12.2 million for the last year. For the nine months, the company reported total revenue of NOK 647.0 million compared to NOK 921.4 million, operating loss of NOK 1,228.9 million compared to operating profit of NOK 341.8 million, loss before tax of NOK 1,355.3 million compared to profit before tax of NOK 51.4 million, loss for the period of NOK 1,359.1 million or NOK 59.26 per basic and diluted share compared to profit of NOK 51.012 million or NOK 3.38 per basic and diluted share for the last year. Cash flow from operating activities was NOK 102.1 million compared to NOK 221.2 million and purchases of tangible fixed assets was NOK 39.8 million compared to NOK 427.3 million for the last year. EBITDA was NOK 64.8 million. Loss attributable to majority was NOK 1,204.1 million compared to profit attributable to majority of NOK 68.7 million for the last year. The company announced impairment of NOK 195.5 million for the third quarter of 2016.

Arild Myrvoll to Resign as CEO in Rem Offshore ASA

Arild Myrvoll has reached an agreement with the board of Rem Offshore ASA to resign as CEO in the company with immediate effect after the scheduled General Meeting 10 October, 2016.

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