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Thorvik International Consulting AS provides services for European energy and environment industries, in recruitment, strategy and government affairs work.
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Cost hit maiden CIOC results
By Upstream staff
Houston-based Caspian International Oil Company said seismic equipment purchases and other costs dipped its full-year earnings in 2006, despite a 12% increase in revenues.
The Kazakhstan-focused company said demand for its seismic services pushed revenue to $21.43 million in 2006 from $19.6 million in 2005. However, net income for 2006 fell to $1.99 million, or three cents per diluted share, compared with $2.91 million, or five cents per diluted share in 2005.
CIOC blamed expenses related to "being a publicly held company" as well as the costs of the recent reverse merger for the fall in profits. The company moved its headquarters to Houston during the period.
CIOC was formed in August 2006 from the merger of several Kazakhstan-based seismic services companies to form a single US-listed public entity.
Thursday, 19 April, 2007, 18:50 GMT | last updated: Thursday, 19 April, 2007, 18:50 GMT
