At the same time, the company's 50%-owned Camar Ayu FSO in Indonesia was idled on 6 March after an indefinite field shut-in. Nortrans does not expect to find work for Camar Ayu before the third quarter but sees little material impact from the idled vessel. Its cash balance remains healthy at $21.66 million in the latest quarter.
Nortrans swim
floater minnow Nortrans saw a 121% year-on-year jump in pre-tax profits to US$1.99 million for the first quarter. The Oslo-listed firm based in Singapore realised its first full quarter's contribution from the Ruby Princess FPSO on the Ruby field operated by Petronas Carigali off Vietnam.
22 May 1999 0:00 GMT
Updated
22 May 1999 0:00 GMT