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John Fredriksen's Northern Offshore 10-doubles profit

Northern Offshore, which is controlled by Norwegian-Cypriot John Fredriksen, achieved an operating profit of USD 12 million in the 1st quarter 2014.

John Fredriksen-controlled rig company Northern Offshore 10-doubled its profit in the 1st quarter 2014 due to increased daily rates on several of the company's rigs, according to Nettavisen Stocklink.

Northern Offshore's operating profit for the first three months of the year came to USD 12 million, compared to USD 1.4 million in the same period last year, a development that was heavily attributed to increased income and reduced costs. The company's net result came to USD 10 million. The rigs Energy Endeavour, Energy Driller, and Energy Enhancer, in particular, contributed to the improved profits.

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