NORTHERN Offshore, the Oslo-listed oil and gas drilling contractor, has reported a significant increase in earnings in 2008 compared to the year before.
The company, which operates rigs through Aberdeen-based subsidiary Northern Offshore UK, said yesterday that 2008 was a transformational year for it.
President and chief executive Marion Woolie said: “We successfully built a quality management team, added two acquired rigs, expanded into new regions and delivered solid financial results. Although 2009 will be a challenging year, I believe we have the team in place to manage through this period.”
Northern posted 2008 net income of £44.8million against income of £24million the previous year. Revenues in 2008 were £189.8million, 54% higher than a year earlier.
Northern Offshore is a Bermuda-based holding company which operates offshore oil and gas production and drilling vessels around the world. The company’s fleet consists of one floating production facility and five drilling units including a drillship, a semi-submersible and three jack-up drilling rigs.
The company’s rigs operate in various markets including the North Sea, the Indian Ocean, offshore Russia, the Mediterranean and south-east Asia.