Floating production unit operator BW Offshore insists the future FPSO market remains strong despite seeing profits fall in the last quarter.
Revenues were down £10million to £148million for the third quarter, with net profits of £11.1million compared to £13.8million during the second three months of the year.
However, the figures were up year on year, after BW Offshore was hit by a £37million charge in 2012.
The company, which operates 14 floating production and storage units and a further FSO, logged 99.4% uptime during the third quarter.
However, the company is set to lose its deal for the Azurite floating drilling unit off the Conco coast, after low production volumes from the field.
“The outlook for the energy market in general and FPSO business in particular remains good,” the Norwegian firm said.
“Based on BW Offshore’s products, geographical presence, scale and competence, the company is well positioned to grow its core business.
The company said it was due to begin operating the FPSO Peregrino for Sinochem and Statoil later this month in Brazil.
