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Noreco's deficit deepens despite record cash flow

Despite advances on most parameters in the second quarter, the Norwegian oil outfit nevertheless saw deep-red figures on the bottom line.

Photo: Noreco PR

In May, Euan Shirlaw took over as chief executive officer of Norwegian oil outfit Noreco, which is part of the Danish Underground Consortium (DUC) together with TotalEnergies and Nordsøfonden, after he had tended to most of the duties as interim CEO.

The new CEO assumed the position in the middle of the second quarter, which led to a total deficit of USD 49.3m. In comparison, Q1 2022 resulted in a deficit of USD 44.9m, while Q2 of 2021 showed a deficit of USD 19.7m.

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