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Wärtsilä Norway AS is a wholly owned subsidiary of Wärtsilä Corporation in Finland. Wärtsilä enhances the business of its customers by providing them with complete lifecycle power solutions. When creating better and environmentally compatible technologies, Wärtsilä focuses on the marine and energy markets with products and solutions as well as services. Through innovative products and services, Wärtsilä sets out to be the most valued business partner of all its customers. This is achieved by the dedication of more than 18,000 professionals manning 160 Wärtsilä locations in 70 countries around the world.

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New Articles

Thursday, 08 January, 2009, 13:50 GMT | more >>

Dana numbers on the rise

By Upstream staff

UK explorer Dana Petroleum booked a 27% rise in annual profit profit, adding it expected strong growth and said it was on target to continue strong growth.

The Aberdeen-based player reported pretax profit for 2006 of £106.8 million ($213 million), compared with £84.1 million the year before, and said it had seen strong growth in its oil and gas reserves.

The group said its proven and probable reserves increased to 130.6 million barrels of oil equivalent at end 2006, compared with 111.5 million boe in 2005.

Dana added its underlying business performance had a strong upward growth trend after reporting in February that production in 2006 had hit a record high, but short of analysts' expectations.

Shares in Dana, which have outperformed the UK oil and gas producers sector by 6% over the last 12 months, closed at 1,023 pence on Friday, valuing the group at around £891 million.

Earlier this month, Dana said it was buying a package of Egyptian upstream assets from US player Devon Energy for about $375 million, and said it would not pay a dividend for the year.