Revenue on the Norwegian shelf fell by more than half

HanøytangenHanøytangen.Photo: Tore Meek / NTB scanpix

The 22 oil companies on the Norwegian Continental Shelf more than halved their overall results from 2014 to 2015, according to a review by Sysla .

In 2015, the companies with revenues on the Norwegian shelf showed a profit of 75 billion NOK before taxes, compared with 194 billion the year before. Overall operating revenues fell from 430 to 341 billion, wrote Sysla.

– The numbers are interesting. Revenue went down roughly equivalent to the substantial oil price decline, measured in Norwegian kroner, as expected, says chief economist Kyrre M. Knudsen of SpareBank 1.

– Nevertheless, the overall performance of the industry reacted positively. There are not many industries that have had clearly positive operating with such a significant revenue shortfall. It testifies to an adaptable sector, he continued.


Source: NTB scanpix / Norway Today