BW Offshore books loss in tough market

BW Offshore's revenue and earnings have dropped significantly in the past year. The market is challenged, and so are the customers, notes the company, which has secured padding through a large financing agreement earlier this year.

BW Offshore emerged from the second quarter with a drop in revenue as well as earnings.

Revenue for the company, which operates a fleet of FPSOs  (floating production storage and offloading), came to USD 172.5 million in the second quarter this year, down from USD 243.7 million last year. The bottom line after the second quarter was negative, with a deficit of USD 4.4 million against, against a profit of USD 19.6 million in the second quarter last year.

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