The Island Offshore Group has reported 2014 revenue of NOK 2.732 million which is 25% higher than 2013. Fleet utilisation was 91% in 2014 which was satisfactory to the company considering the completion of a significant maintenance and modification program and a disappointing spot market. A total of 5 new vessels were added to the fleet in 2014 and 2 vessels were sold during the year.
EBITDA for the year totals NOK 1.270 million, up from NOK 885 million in 2013. 2014 figures include a sales gain of NOK 277 million.
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.
Island Offshore’s 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 the 2014 revenue. Contract coverage for 2015 is approximately 80%.
Adapted from press release by Joseph Green