The company will have a cash shortfall of about NKr1.4 billion ($190 million) at the end of this year, Noreco said in an update on 15 December.
The figure is Nkr450 million higher than the company projected two months ago, because of lower oil prices, higher operating costs at the UK Huntington field, and rising provisions for abandonment costs.
“The board now sees no ability to service debt and cannot justify to pay interest,” Noreco said.
“The
