Oil Firm Det Norske 4Q Loss Bigger than Expected


OSLO, Feb 19 (Reuters) – Norwegian oil firm Det norske reported a bigger-than-expected fourth-quarter operating loss on Wednesday and said it was making satisfactory progress on its flagship projects, Johan Sverdrup and Ivar Aasen.

Det norske's operating loss widened 1.18 billion Norwegian crowns from 358 million crowns a year earlier, underperforming expectations for a 196 million loss.

Its net loss, at 328 million crowns, was also bigger than the 53.7 million loss seen by analysts.

It added that it would participate in 10 wells in 2014, in line with its earlier guidance, and Ivar Aasen was progressing towards planned startup in the fourth quarter of 2016. 

(Reporting by Gwladys Fouche)

Copyright 2016 Thomson Reuters. Click for Restrictions.


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