60 dollar oil price triggers shimmer of hope at DOF

Q3 did not go according to plan for Norway's DOF which landed an operating deficit of NOK 41 million in the wake of major impairments. There were many challenges but the rising oil price incites hope in the company's board of directors.

Massive impairments dragged the Norwegian offshore shipowner DOF into an operating loss of NOK 41 million (USD 5 million) in this year's third quarter, down from a profit of NOK 62 million in the same period last year.

Revenue came to NOK 899 million, relative to NOK 1.1 billion in the third quarter last year. A main negative factor came in the form of impairments totaling NOK 326 million, shows the report released Tuesday night CET. The financial development was weaker than expected by the board, notes the carrier. Particularly activity in the Asia-Pacific region was disappointing.

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