Norway's Det Norske Revises, Widens 1Q Operating Loss

Reuters

OSLO, July 9 (Reuters) – Norwegian oil firm Det norske revised on Tuesday its first-quarter operating loss to 268 million crowns ($43.36 million) from the 101 million crowns reported on April 30, due to lower than expected output at an oilfield off Norway.

"The Company has experienced lower than forecast production on the Jette field, which has led to reassessment and reduction of the reserves," the firm said in a statement.

It was now recording an impairment charge in the first quarter of 167 million crowns, it said. The firm's revenues and earnings before tax, depreciation and amortisation remained the same.

($1 = 6.1806 Norwegian Kroner)

(Reporting by Gwladys Fouche, editing by Joachim Dagenborg)

 

Copyright 2017 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Principal Financial Analyst-DIRECT
Expertise: Accounting|Financial Analyst
Location: Houston, TX
 
Sr. Project Manager
Expertise: Project Engineer|Project Management
Location: Odessa, 
 
Administrative Assistant IV
Expertise: Executive|Secretarial or Administrative
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $50.97/BBL 1.53%
Light Crude Oil : $48.75/BBL 1.79%
Natural Gas : $2.92/MMBtu 0.68%
Updated in last 24 hours