September 1 - TTS Group's operating loss before depreciation (EBITDA) in the second quarter of 2014 was NOK10 million (USD1.6 million), compared to a loss of NOK28 million (USD4.5 million) in the first quarter of 2014.
Revenues in the quarter were NOK617 million (USD99.6 million), which is NOK141 million (USD4.5 million) lower than the same period of 2013.
TTS Group says that the results, especially those in its offshore and heavy lift division, are not satisfactory. The quarter was characterised by significantly lower activity compared to the same period of last year.
The turnover in the company's offshore and heavy lift division, which accounts for 27 percent of its total turnover, was about NOK100 million (USD16.1 million) lower in the second quarter of 2014 than the same period last year.
Despite posting a loss in its offshore and heavy lift division, the company earned money within its marine and services divisions.
Björn Andersson, ceo of TTS Group, stressed that the company was still in the midst of a major turnaround process.