Drilling rig company Fred Olsen Energy ASA (OSE: FOE) reported an operating profit before depreciation of 929 million Norwegian kroner on 1 629 million revenues for second quarter of 2011. The highlight of the quarter was a six-well drilling contract for Bredford Dolphin with Lundin Norway AS, a wholly owned subsidiary of Lundin Petroleum AB (OMX: LUPE, TSX: LUP).
The company says there has been continued tender activity within all floater segments, which has globally materialized in new contracts for both mid-water and deepwater segments. Fred Olsen Energy feels that global market outlooks is positive and supported by increasing long-term demand for oil and sustainable oil prices.
Fred Olsen’s earnings per share were 8.6 NOK. The share closed up over 4% at 201.80 NOK to wrap up the week. The quarterly report in portable document format (pdf) is available by clicking here.
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