BW Offshore under pressure from oil price in first quarter

Oslo-listed BW Offshore was impacted by the decline in the oil price in both revenue and profits in the first quarter this year. Long-term contracts ensure that the company will not suffer big losses, notes management.

BW Offshore, of which 50 percent is owned by BW Group and listed on the exchange in Oslo, has presented a first quarter interim report that indicates a minor decline.

Revenue for the first quarter landed at USD 236.8 million, a decline of 11 percent from USD 264.8 million in the first quarter 2014. Meanwhile the result fell to USD 5.8 million in the first quarter this year compared to USD 12.7 million in the first quarter 2014.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

SDK Freja anticipates steep earnings drop following record year

Logistics company SDK Freja, which delivered record financials with great advancement on top and bottom lines, takes a more gloomy view of the current fiscal year due to several ”external factors.” However, the growth target remains the same, CEO tells ShippingWatch.

LNG carriers concerned about increasing ship prices

The price on new LNG vessels has soared vigorously, and for Flex LNG this has meant a withdrawal from the market for new ships. Such was the statement by Flex LNG’s chief exec at Marine Money in New York, where he also announced new long-term charter agreements.

Maersk ships delayed up to three weeks on US east coast

Bottlenecks at major container ports on the US east coast have entailed that Maersk vessels are affected by delays of up to three weeks. It’s a combination of congestion, many ships, and a lack of container space, Maersk says.

Further reading

Related articles

Latest news

See all jobs