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)
Copyright 2016 Thomson Reuters. Click for Restrictions.
WHAT DO YOU THINK?
Click on the button below to add 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.
Most Popular Articles
From the Career Center
Jobs that may interest you