The Norwegian shipbuilder, Havyard, has taken a hit from cost overruns in ship construction, in spite of the rise in operating revenues in the fourth quarter of 2014.
The negative EBIT of EUR 1.51 million (NOK 13 million) for this period was mainly due to construction of the Havyard 535 fishing vessel and the first Havyard 832 SOV vessel.
The EBIT for 2014 was also down 74 per cent reaching EUR 5.4 million (NOK 46.1 million) compared to EUR 21 million (NOK 180.6 million) in 2013.
“Very high activity combined with a complicated order book with prototypes is the main explanation for the margin decline,” the company said in a statement.
The first Havyard 832 SOV was delivered to Danish shipping company Esvagt earlier this month, while an order for the second vessel was signed in December 2014.
Both vessels will be used under long-term contracts with Siemens on service assignments for offshore wind farms.
The operating revenue for the company in the fourth quarter of 2014 was EUR 85.82 million (NOK 737.4 million), compared to EUR 55.83 million (NOK 479.7 million) in the corresponding period of 2013.
The operating revenue of 2014 was EUR 280.81 million (NOK 2 410.8 million), up 21 per cent comparing to the year before.
OffshoreWIND staff; Image: havyard