Fred. Olsen Production Expects Increasing FPSO Demand

Fred. Olsen Production reported its operating revenues in Q3 2013 were USD 29.4 million (USD 28.4 million in Q3 2012) with an EBITDA of USD 12.3 million (USD 14.5 million).

After depreciation of USD 7.2 million (USD 7.1 million) the operating profit (EBIT) was USD 5.1 million (loss USD 7.4 million).

The net financial expenses were USD 0.4 million (USD 1.5 million). The profit before tax was USD 4.7 million (loss USD 5.9 million). The profit after tax was USD 2.8 million (loss USD 3.7 million).

Operations

During the quarter, FOP operated all four units on contracts – with 100% commercial uptime achieved. The FPSO Knock Adoon operated on contract for Addax Petroleum on the Antan field, offshore Nigeria.

FPSO Knock Allan operated on contract for Canadian Natural Resources (CNR) on the Olowi field offshore Gabon.

FPSO Petróleo Nautipa (indirectly owned 50% by Fred. Olsen Production ASA) operated on a contract for Vaalco at the Etame license offshore Gabon.

The management service contract on the MOPU Marc Lorenceau for Addax Petroleum continued for the whole quarter.

Outlook

In its quarterly presentation the company said FPSO market fundamentals remained positive, with increasing demand expected as a result of high energy demand, stable oil prices and a more consolidated FPSO supply side.

The activities of Fred. Olsen Production ASA and its subsidiaries (the Group) consist of the operation and ownership of a fleet of three Floating Production, Storage and Offloading (FPSO) units, one production jack-up (MOPU) and one Aframax tanker.

October 23, 2013

 

Share this article

Follow Offshore Energy Today

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

Offshore Energy Exhibition and Conference (OEEC)

The three-day event features an exhibition where over 600 companies will showcase their products and services…

read more >

Argentina Oil and Gas Expo 2019

The Argentine Oil and Gas Institute (IAPG) organizes the Argentina Oil & Gas Expo bringing together the most…

read more >

OEE Conference & Exhibition 2019

OEE2019 is organised by Ocean Energy Europe, the industry association representing ocean energy in Europe.

read more >

Africa Oil & Power 2019

The Africa Oil & Power conference will bring together an elite class of ministers and senior-level government…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply