Fred Olsen Energy Q1 below expectations on higher costs, scheduled renewal work |
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Fri, 27 Apr 2007 09:40
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OSLO (Thomson Financial) - Fred Olsen Energy ASA, the Norwegian offshore drilling services firm, posted first quarter results below expectations at both the operating and pretax levels, on higher operating costs and reduced revenues from the Bredford Dolphin rig, which is undergoing scheduled renovations.For the first quarter, Fred Olsen posted operating profits of 246.9 mln nkr, down from 267.8 mln last time, and below the 272 mln consensus forecast of analysts polled by TDN Finans.Pretax profits came in at 229.5 mln nkr, up from 177.1 mln last time, but below the 247 mln consensus forecast.Sales, meanwhile, came in at 967.1 mln nkr, up from 935.9 mln at the same point last year, but below the 979 mln forecast by analysts.The firm, which specialises in the provision of exploration and production vehicles and services to the offshore oil and gas industry, said that while total operating costs had fallen by 17.9 mln nkr to 604.5 mln from the previous quarter, they were still up 60.1 mln year-on-year.More than 37 mln of these costs, the firm said, were related to the fourth quarter accounting of a gain on pension assets at its engineering and fabrication division.Looking ahead, Fred Olsen said it remains confident in its market prospects.'Globally, the balance between supply and demand for offshore drilling units continues to be tight in all segments,' the firm said.'The high demand for offshore drilling services is expected to continue during the next few years.'alastair.reed@thomson.comar/bsdCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Oslo shares close higher, led up by Tomra; Seadrill, Fred Olsen Energy lower 