Faroe Petroleum profits hit hard by major repairs to N. Sea platform

Faroe Petroleum logoRevenues and profits in the first half of the financial year at Faroe Petroleum have been hit hard by an extended shutdown at its Njord field in the Norwegian Sea.

The Aberdeen-based oil firm saw turnover fall year-on-year from £89m to £53.5m, while earnings before tax and interest dropped from £56.9m to £15.6m.

Faroe’s Njord A facility was shut down for maintenance in September last year and remained closed until July while structural reinforcement work was carried out.

However, Faroe said production levels were now “higher than ever before”, following the reopening of the facility.

In its interim statement, Faroe highlighted its Pil and Bue discoveries, which it said could be its largest exploration successes to date.

Faroe also bought controlling interests in the Ketch and Schooner fields in the UK Southern North Sea gas basin, which it said will “considerably boost and diversify our oil and gas cash flow generation”.

 

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