July 17, 2019 / 5:56 AM / 5 months ago

Norwegian oil firm Okea's second-quarter profit rises

OSLO, July 17 (Reuters) - Oil firm Okea on Wednesday reported higher core earnings for the second quarter in its first-published quarterly report since its debut on the Oslo Stock Exchange.

Company’s earnings before interest, tax, debt and amortisation (EBITDA) came in at 594 million crowns ($69.24 million), compared with a loss of 13 million crowns in the year-ago period.

Okea produced 20,045 barrels of oil equivalent per day (boepd) in the second quarter, up from 358 boepd a year ago.

The Norwegian company, which was listed on the exchange in June, is part of a crowded pipeline for stock market flotations in the European oil sector. It is majority owned by Thailand’s Bangchak Corporation and private equity firm Seacrest Capital.

Oil and gas companies with a combined value of around $41 billion are seen as candidates for listing in the coming years, according to estimates by energy consultancy Wood Mackenzie.

$1 = 8.5791 Norwegian crowns Reporting by Gwladys Fouche, Editing by Sherry Jacob-Phillips

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below