Akastor's drilling business takes deep plunge

The struggling offshore sector and the low oil price were costly affairs for the Norwegian oil service group Akastor in the past year, and the drilling business in particular took a big dive in 2015. Big budgets cuts are on the way, the group writes in the annual report.

Norwegian Akastor ASA, which is controlled by billionaire Kjell Inge Røkke (photo) and where the state of Norway is a major shareholder, noted a big blow with a further deterioration of the conditions in the offshore sector in the fourth quarter 2015, which was a year in which especially MHWirth (Drilling technology etc. ed.) took a massive hit.

Akastor, which owns a portfolio of companies in the service industry, exited 2015 with a total revenue of USD 1.8 billion down from USD 2.4 billion in 2014, while the operating result (EBITDA) came to USD 81 million, compared to USD 150 million in the previous year, according to Akastor's annual report released Wednesday.

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