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Petromena posts loss, as deepwater beckons

Published May 31, 2007

Petrorig III
courtesy Petromena

Oslo-listed rig company Petromena posted a NOK21.7-million ($3.6 million) net, fourth-quarter loss Thursday, down som NOK11 million, as the Larsen Oil & Gas outfit waits out the delivery of three sixth-generation semi-submersibles.

The weakening U.S. dollar also affected finances, including bank balances and work orders.

PetroMena managers await the earnings of long-term contracts $1.35 billion arranged with Petrobras and Petroleo Brasileiro. The rigs are not do from Jurong Shipyard until their separate delivery dates of January 2009, September 2009 (PetroRig II) and January 2010 (PetroRig III)).

Meanwhile, the count of worldwide rigs shows an increasing number without booked work in 2009, although the company declared “The demand for deepwater rigs is expected to remain strong as oil companies have a significant back-log of drilling projects.”

 

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