Revenue on the Norwegian shelf fell by more than half
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
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