OSLO, Feb 11 - Norwegian offshore services company Fred. Olsen Energy (FOE.OL) posted a rise in fourth-quarter operating profit, meeting forecasts, and said a lower oil price and financial turmoil may revise budgets and delay projects.
Earnings before interest and tax (EBIT) stood at 1.06 billion Norwegian crowns ($157 million) in October-December, against 349 million a year ago and the 1.03 billion crown average forecast from a Reuters poll of 14 analysts.
"A significant change in sentiment has occurred in all offshore areas during the last three months," Fred. Olsen Energy ASA, the second largest Oslo-listed offshore drilling company after SeaDrill (SDRL.OL), said in a statement.
"Lower oil prices and the almost complete disappearance of available new financing are affecting many oil companies."
Fred. Olsen said a number of small independent oil companies in Britain were particularly exposed to the funding squeeze, but added the balance between supply and demand for offshore floating drilling units was healthy in a long-term perspective.
Fred. Olsen will propose to keep its dividend for 2008 unchanged from a year earlier at 25 crowns per share, it said.
Shares in Fred. Olsen Energy will restart trade on 0800 GMT.
Earnings before interest and tax (EBIT) stood at 1.06 billion Norwegian crowns ($157 million) in October-December, against 349 million a year ago and the 1.03 billion crown average forecast from a Reuters poll of 14 analysts.
"A significant change in sentiment has occurred in all offshore areas during the last three months," Fred. Olsen Energy ASA, the second largest Oslo-listed offshore drilling company after SeaDrill (SDRL.OL), said in a statement.
"Lower oil prices and the almost complete disappearance of available new financing are affecting many oil companies."
Fred. Olsen said a number of small independent oil companies in Britain were particularly exposed to the funding squeeze, but added the balance between supply and demand for offshore floating drilling units was healthy in a long-term perspective.
Fred. Olsen will propose to keep its dividend for 2008 unchanged from a year earlier at 25 crowns per share, it said.
Shares in Fred. Olsen Energy will restart trade on 0800 GMT.
