The Oslo-listed contractor notched up third-quarter earnings before interest, tax, depreciation and amortisation of $3 million, which was above Swedbank analyst Teodor Sveen Nilsen’s forecast of $500,000, though down from $4.3 million a year ago.

Magseis maintained stable revenue of $13.1 million in the quarter, versus $12.8 million in the same period of 2015, but was still left with a wider net loss of $8.8 million, compared with $300,000 a year earlier, after suffering a $6.7 million impairment on a technology shift.