Okea's Second-quarter Profit Rises

July 17, 2019

(Photo: Okea)
(Photo: Okea)

Oil firm Okea on Wednesday reported higher core earnings for the second quarter in its first-published quarterly report since its debut on the Oslo Stock Exchange.

Company's earnings before interest, tax, debt and amortization (EBITDA) came in at 594 million crowns ($69.24 million), compared with a loss of 13 million crowns in the year-ago period.

Okea produced 20,045 barrels of oil equivalent per day (boepd) in the second quarter, up from 358 boepd a year ago.

The Norwegian company, which was listed on the exchange in June, is part of a crowded pipeline for stock market flotations in the European oil sector. It is majority owned by Thailand's Bangchak Corporation and private equity firm Seacrest Capital.

Oil and gas companies with a combined value of around $41 billion are seen as candidates for listing in the coming years, according to estimates by energy consultancy Wood Mackenzie.


($1 = 8.5791 Norwegian crowns)

(Reporting by Gwladys Fouche, Editing by Sherry Jacob-Phillips)

Categories: Finance Europe Production


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