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Australia's AWE saw profits plummet 56% for the half-year to 31 December as the shut-in of the Yolla platform at the BassGas project, off Victoria, hit production and revenues.

The company posted an after tax profit for the six-month period of A$13.2 million (US$13.5 million), down from a profit of A$29.7 million over the same period in 2011.

The fall in profits came as revenue for the first half of the financial year, due to end on 30 June, fell 8% to A$145.1 million.

Production for the period was also down 20% year-on-year…

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