Billion Impairment in Lundin

Photo LundinPhoto Lundin

The oil company Lundin will underwrite stock values of around 2.6 billion in the fourth quarter. Half of these are from the Brynhild field in the North Sea. The company  still had better results than feared.

Turnover in 2015 fell from 785.2 to $ 569.3 million, while the production increased from 23,800 to 32,300 barrels of oil equivalent per day. Operating profit before depreciation (EBITDA) fell from 671.3 to $ 384.7 million.

Net profit fell from -431.9 to -866.3 million US dollars.

The  underwritings undertaken by the company included underwritings of the Brynhild field on the Norwegian continental shelf,  Bertam field in Malaysia and exploration blocks in Malaysia and Indonesia.

In the last three months in 2015, the turnover had increased marginally from 135.2 to 136 million, compared to the same period last year, while operating profit fell from 164.4 to 93.6 million US dollars, according  to the web paper


Source: NTB scanpix / Norway Today