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Monday, 01 December, 2008, 23:10 GMT | more >>

Awilco keeps eye on strong markets



By Upstream staff 

Norwegian oilfield services group Awilco Offshore posted a slightly lower-than-expected jump in fourth-quarter operating profit, boosted by more rigs in operations, adding its markets remained strong.

Operating revenues for the quarter were $75 million, while operating profit before depreciation and amortisation (EBITDA) came in at $43.5 million.

Operating profit came to $36.1 million, while EBITDA excluding non-cash elements was $43.9 million.

Profit before tax was $27.1 million, and net profit $20 million.

"The underlying demand for jack-up drilling services remains strong supported by high oil and gas prices," the company said in a statement.

It added that markets for high specification drilling units, mid-water rigs as well as accommodation rigs were also strong.


Tuesday, 26 February, 2008, 16:20 GMT  | last updated: Tuesday, 26 February, 2008, 16:20 GMT

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