Bergen Group’s 3Q loss deepens

Bergen Group, a Norwegian provider of services to marine and offshore oil and gas industries, posted a NOK 72 million loss for the third quarter of 2015. The loss widened compared to a NOK 43.7 million loss in the same quarter a year ago.

Also, the company recorded a drop in revenues. Revenues were NOK 44.6 million, versus NOK 54.5 million in 3Q 2014.

The group has been through a restructuring process, which included sale of its shipbuilding and offshore businesses and the bankruptcy of some subsidiaries.
Its operational activities are now mainly carried out by its subsidiary Bergen Group Services.

According to Bergen Group, the third quarter was characterized by losses and costs due to structural changes that are likely to cause limited effect on the 4Q as well.

Hans Petter Eikeland, who took over as CEO in August, said: “The Q3 results are largely characterised by losses and costs connected to the extensive structural changes within the Group. These processes are expected to have a somewhat limited effect in Q4. After finalising this restructuring process, there is a good foundation for improvements of the result in the coming quarters.”

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