Oil Firm Det Norske to Book 4Q Impairment Charge

Reuters

OSLO, Feb 6 (Reuters) – Norwegian oil firm Det norske will book an impairment in the fourth quarter from its 2014 acquisition of Marathon Oil's Norwegian business, it said on Friday.

The non-cash net impairment charge will be between $320 million and $340 million in the fourth quarter, it said in a statement.

The company also said it will start reporting its earnings in U.S. dollars, switching from Norwegian crowns.

The balance sheet has been converted to dollars at a rate of 6.6161 as of Oct. 15 last year, which was the closing date for the acquisition of Marathon Oil's business.

The Oslo-listed firm said it has recognised regular goodwill of around $300 million and technical goodwill of around $1.2 billion as per the accounting requirements for financial reporting purposes under IFRS 3.

(Reporting by Stine Jacobsen, editing by Terje Solsvik)

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