Norway's Akastor in massive deficit

The crisis in the oil service sector hit Norwegian Akastor hard in the third quarter. The company's primary stakeholders are business man Kjell Inge Røkke (photo) and the Norwegian state.

The downturn in the oil service industry is clearly reflected in the third quarter interim report published by Kjell Inge Røkke-controlled Akastor on Monday. The Norwegian state is also a major stakeholder in the company.

Akastor, which is an investment company that owns a range of companies in the service sector, including MHWirth (drilling technology and more), suffered an operating deficit (EBITDA) of USD 19.9 million, compared to a profit of USD 100.7 million in the same period last year.

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