Norwegian Petroleum Servicing Firm Posts Falling Profits
Petroleum Geo-Services ASA, which services oil firms, said Wednesday net profit fell 21 percent year-on-year to 17.3 million dollars (20 million euros) in the three months to September 30.
The Norwegian firm suffered a lower profit because of higher financing costs despite buoyant sales, which were up 12.0 percent year-on-year to 246.9 million dollars, Petroleum Geo-Services said in a statement.
"Oil and gas prices remain high because of tight supply," said chief executive Reidar Michaelsen. "As a result, oil and gas companies have increased spending on production and exploration," he said in a statement -- OSLO (AFP)
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