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.

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