A little less than a year ago, offshore shipping company BW Offshore passed a milestone when one of its brand new ships, BW Catcher, produced first oil in the North Sea for a British oil company. And with a profit in the year's third quarter, the offshore company has proved how its business model is attractive, says CEO Carl K. Arnet.
For the third quarter, BW Offshore booked a profit of USD 15.6 million after taxes, an improvement from USD 3.9 million in the same period last year. Revenue grew to USD 222.3 million from USD 152.7 million in the third quarter 2017, according to the interim report published Tuesday morning.
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