Oil and gas field engineering and construction firm Kvaerner has seen a slump in activity but it said the long-term outlook was positive.
The firm – spun out of the Aker group and listed on the Norwegian stock exchange as its own entity earlier this year – said its third-quarter figures reflected lower activity, especially in its international business.
Operating revenue dropped 19% in the third quarter of 2010 to £297million, from £366million a year earlier.
Pre-tax profits rose £10.2million to £17.7million, which Kvaerner said was due to projects winding down in the third quarter.
Order intake fell to £125million, from £480million previously.
The firm said its North Sea business was experiencing lower activity, while international trade had “decreased substantially” as work on the Kashagan hook-up project in Kazakhstan neared an end.
However, the firm said there was high tendering activity in its upstream and downstream businesses.
It added: “New development projects are expected to be awarded during next year both in the North Sea and internationally.
“In the long-term, recent successful exploration results are positive and represent future opportunities for Kvaerner as an important participant on the Norwegian Continental Shelf.
“Within concrete solutions, we see increased demand due to more oil and gas developments in Arctic areas and harsh environments.
“Kvaerner also see stable market opportunities for jackets ahead with several opportunities both in the North Sea and internationally.”