More red ink for Fred. Olsen Energy

Norwegian offshore driller Fred. Olsen Energy (FOE) booked a bigger loss in the first quarter of 2018 as its revenues fell compared to the prior-year period. 

According to its report on Wednesday, the driller’s revenues dropped to $71 million from $98.4 million in the corresponding period of 2017.

The company’s net loss was $42.6 million compared to $26.4 million loss in the same period of 2017.

Four of its semi-submersible drilling rigs – Bideford Dolphin, Borgland Dolphin, Bredford Dolphin, and Byford Dolphin – are currently unemployed and stacked in Norway.

Furthermore, the ultra-deepwater drillship Bolette Dolphin is currently warm-stacked offshore Tenerife and drillship Belford Dolphin is preserved and maintained in Labuan, Malaysia.

Only one of its rigs has an upcoming contract and that is the semi-submersible Blackford Dolphin, which is currently smart stacked in Flekkefjord, Norway.

Recently, a one-well contract was secured for this rig with BP estimated to 60 days, with four options linked to the contract. Two of the options have been exercised. The unit is estimated to start the contract in May.

When it comes to the company’s Harland & Wolff engineering and fabrication yard, the turnover has improved in the first quarter compared to previous quarter. However, the profitability has been weak in first quarter and the yard will continue to explore business opportunities in all markets.

Offshore Energy Today Staff

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