North Sea shutdowns caused production losses of nearly 20% at Dana Petroleum in 2013, the oil and gas firm said on Tuesday.
Aberdeen-based Dana reported average output of 46,891 barrels of oil equivalent per day for 2013, down from 57,284 the year before.
“This reflects the challenges encountered during the year,” it said.
“These included the loss of a full year’s production from the Banff, Kyle and Enoch fields due to on-going shutdowns and extended operational shutdowns in the Greater Guillemot Area.”
The fall in output wiped 8% off the firm’s annual revenue, which totalled £1billion last year.
Pre-tax profits nearly halved to £145million, from £288million, which Dana said was caused by factors including a £49.6million writedown for the Jotun asset in Norwegian waters, higher spending on exploration and appraisal, increased administration costs and currency exchange losses.
Profits would have been lower but for asset sale net gains during the year, including £9.2million from the previously unreported disposal to Taqa Bratani of a 19% stake in the Otter field north-east of Shetland.
Dana’s latest annual report highlighted significant progress for its Western Isles project, in which it has invested £1billion.
“Our revenues have stood up well in the face of production challenges,” said Graham Scotton, acting chief executive.
“Going forward, we are focused on growing our production, building reserves and delivering the Western Isles project.
“We are investing around £600million a year to achieve this and create a robust, high-performing business.”
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