BW Offshore finally in the black in second quarter

The BW Group's listed offshore carrier BW Offshore logged a net profit of USD 5.2 million and finally closed a quarter without a deficit for the first time since the second quarter 2015, shows the latest report.

Photo: BW Offshore

Oslo-listed BW Offshore was finally able to book a profit in this year's second quarter landing a net result of USD 5.2 million. In the same period last year, the offshore carrier, which is part of the BW Group, booked a loss of USD 4.4 million, shows Tuesday's interim report.

The company's operating result grew significantly to USD 118.6 million from USD 62 million, which is especially related to the fact that BW Offshore saw return of capital from Chinese Addax, which prematurely completed a contract on one of the company's FPSOs (floating platform for storage and production of oil and gas).

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