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BW Offshore hit with new deficit in depressed market

Norway's BW Offshore suffered setbacks across the board in the third quarter where oil and gas markets are still being kept down by a low oil price. The company has also announced a reverse share split to ensure its place on the Oslo Stock Exchange.

BW Offshore
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BW Offshore is still losing money in the depressed offshore market.

The Norwegian offshore company suffered a net loss in the third quarter 2016 of USD 11.2 million, compared to a loss of USD 7.3 million in the same quarter 2015, while revenue in the period plunged from USD 308.7 million to USD 159.6 million, shows BW Offshore's interim report Monday.

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