OSLO (Thomson Financial) - Teekay-Petrojarl ASA posted second quarter
operating profits of 30.2 mln usd, swinging from last year's 568,000 usd loss,
after the firm benefited from a released liability for one its vessels worth
25.7 mln usd.
Excluding the released liability -- which relates to the vessel 'Petrojarl
Foinaven' -- operating profits for the quarter came in at 4.5 mln usd, down from
5.6 mln in the first quarter.
Revenues, meanwhile, came in at 71.6 mln usd, up by 1.1 mln over the
quarter.
The Trondheim-based firm, which specialises in the operation of floating
production storage and offloading (FPSO) vessels, said the weaker performance at
the operating level was a result of higher cost of sales, which increased by 5.5
mln usd over the quarter.
Teekay-Petrojarl, which de-merged from Petroleum Geo-Services last year, is
63 pct owned by US-listed shipping group Teekay Corp, while Norwegian peer
Prosafe holds almost 30 pct.
alastair.reed@thomson.com
ar/jfr
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