BW Offshore impairs for USD 321 million

Impairments on values are characterized by factors including impairments on goodwill and on the floating production facilities. The company believes that the market will turn in the middle of 2017.

Photo: Statoil

BW Offshore, which specializes in FPSO - Floating Production, Storage and Offloading - has made impairments of USD 321.4 million in the fourth quarter, but managed to salvage the revenue for the full year to a level which is in line with 2014, according to the company's interim and annual report, which was published Monday.

The financial report reflects that the revenue for the full year increased slightly to USD 1.108 billion from USD 1.070 billion in the previous year. Income (EBIT) took a blow and came to a deficit of USD 119.5 million compared to a profit of USD 304.7 million in 2014.

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