Akastor Cuts Loss and Some 470 Employees

Oilfield services investment company Akastor recorded loss of NOK 321 million ($39 million) for the second-quarter 2017 compared to loss off NOK 832 million ($101.6 million) same time last year.

The Oslo-listed company as a group generated some 34 per cent lower revenue (NOK 873 million) in the second quarter from the same quarter one year earlier (NOK 1.3 billion).

Revenues in the first half of 2017 were NOK 1.8 billion, compared to NOK 2.5 billion in 2016.

EBITDA was NOK 18 million for the second quarter, versus NOK -135 million in 2016 second quarter.

AKOFS Offshore, a provider of vessel based subsea well construction and intervention services to the oil and gas industry, had revenue of NOK 190 million in the quarter, compared to NOK 142 million a year earlier. The company had 113 employees at the ond of Q2 2017.

Akastor reported order intake in the quarter of NOK 746 million, resulting in an aggregate backlog of NOK 7.1 billion. The group had 2,067 employees at the end of Q2, compared to 2,539 in the corresponding period.

Subsea World News Staff

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