Fred Olsen Energy holed on bottom line

Upgraded: Borgsten Dolphin

OILRIGS PHOTOS

related stories

Steve Marshall

 06 February 2013 08:39 GMT

Norwegian drilling contractor Fred Olsen Energy saw its fourth-quarter profits slashed by 45% year-on-year as it was hit by a lengthy rig upgrade and downtime that cut revenue.

The Oslo-listed company’s net profit toppled to Nkr287.8 million ($52.3 million) from Nkr584.5 million in the previous quarter, and Nkr530.4 million a year earlier, as revenue for the offshore drilling division dropped by Nkr123 million, while its engineering and fabrication unit was Nkr150 million down on the previous period.

Overall revenue of Nkr1.63 billion fell from Nkr1.9 billion in the previous quarter and Nkr1.68 billion in the same period of 2011.

Net profit for the full year was cut to Nkr1.82 billion from Nkr.2.1 billion in 2011, despite a 6% rise in revenue…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index