OSLO (Thomson Financial) - Fred Olsen Energy ASA posted second quarter
operating profits below expectations, blaming higher operating costs within its
offshore drilling division, but said it is bullish about its market prospects.
For the second quarter, Norway's FOE posted operating profits of 495.0
million Norwegian crowns, up from 397 million a year ago, but below the 550
million consensus forecast of analysts polled by TDN Finans.
At the pretax level, profits came in at 456.9 million, up from 386 million
last time but below the 529 million consensus forecast.
Operating costs, however, rose to 590.1 million crowns from 559.2 million a
year ago, largely due to higher repair and maintenance costs at its offshore
drilling division.
Looking ahead, FOE said the high demand for offshore drilling services is
expected to continue.
alastair.reed@thomsonreuters.com
ar/jlc
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