Akastor Slips into Red

Oilfield services investment company Akastor recorded loss of NOK 380 million ($48 million) for the fourth-quarter 2017 compared to profit off NOK 77 million ($10 million) same time in 2016.

The net loss for the year was NOK 58 million.

The Oslo-listed company as a group generated some 34 per cent lower revenue (NOK 1.1 billion) in the Q4 2017 from the same quarter one year earlier (NOK 1.3 billion).

Revenues in the 2017 were NOK 4.4 billion, compared to close to NOK 5 billion in 2016.

EBITDA was NOK 167 million for the fourth quarter, versus NOK 193 million in 2016 fourth quarter.

AKOFS Offshore, a provider of vessel based subsea well construction and intervention services to the oil and gas industry, had revenue of NOK 213 million in the quarter, compared to NOK 184 million a year earlier. The division had 180 employees at the end of Q4 2017.

Akastor reported order intake in the quarter of NOK 1.3 billion, resulting in an aggregate backlog of NOK 6.9 billion. The group had 2,015 employees at the end of Q4, compared to 2,244 in the corresponding period.

Subsea World News Staff

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