Communications Director Remman Evry says to Budstikka that status so far is that half of the reduction will occur through natural wastage.
– We can not rule out layoffs, but it is too early to conclude on this, says Remman.
the employees were informed about downsizing at a meeting this week. Remman says reduction of 80 people, the overall reduction for the whole 2016.
Other business in IT group getting better, and the company hires new people in other departments.
Promotion med annonselenker
Kommunikasjonsdirektør Geir Remman i Evry sier til Budstikka at status så langt er at halvparten av reduksjonen vil skje ved naturlig avgang.
– Vi kan ikke utelukke oppsigelser, men det er for tidlig å konkludere på dette, sier Remman.
De ansatte ble informert om nedbemanningen på et møte denne uken. Remman sier reduksjonen på 80 personer er den samlede reduksjonen for hele 2016.
Andre forretningsområder i IT-konsernet går bedre, og selskapet ansetter nye folk i andre avdelinger. (©NTB)
Lik NA24 her og få flere ferske økonominyheter!
Oslo Stock Exchange fell as expected from the start Wednesday and was after 10 minutes of trading the main index down 0.40 percent to 619.61.
The main index ended in the same area, and eventually fell 0.51 percent to 618.93.
Important indication from the United States
According to ADP Research Institute was created 177,000 new jobs in the private sector in the US in August.
According to our financial calendar was expecting 175,000.
the number of junible revised up from 179,000 to 194,000.
ADP figures are calculated to give an indication of what we can awaited us of non-farm payrolls on Friday. It is considered to be one of the key economic data in the US every month.
In Europe, the atmosphere mixed by numbers.
At the close of trading fell DAX in Frankfurt by 0.28 percent and the FTSE 100 in London was down 0.29 percent. CAC 40 in Paris rose on his side by 0.19 percent –
Crude
At the market close traded Brent oil for $ 47.81 a barrel, down 1.16 percent, while WTI oil falling 0.93 percent to $ 45.92 a barrel.
In comparison, a barrel of North Sea oil traded at $ 49.10 at the close of trading on Tuesday.
Statoil ended the day down 1.64 percent to 131.80 kroner.
DNO was down 4.21 percent, Subsea 7 fell 0.93 percent, and PGS fell 3.11 percent.
the Norwegian found oil
the Norwegian oil company ASA (the Norwegian), the operator of PL 442, reports that drilling of exploration well 25 / 2-18 S in Langfjellet- prospect in the North Sea is about to be completed.
the well encountered a 109 meter gross oil column in Vestland Group. Preliminary estimates of the size of the discovery is between 24 and 74 million barrels of oil equivalent.
The share, however, dropped 0.87 percent to 113.70 crowns on Wednesday.
Frontline disappointment
John Fredriksen’s Frontline reports a net income of $ 14.5 million in Q2 2016, compared with $ 23.2 million in the same period last year. According to TDN Finans was expecting a profit of $ 44 million.
It is proposed a dividend of $ 0.20 per share, compared with $ 0.26 expected.
Neither outlook especially merry out.
the share was today down 7.43 percent to 62.30 kroner, and thus became number seven on the list of losers. We take the rest with us that another Fredriksen company, Archer, fell 7.46 percent to 3.97 million.
Noreco in plus
in Q2 2016 got Noreco Group net income of 31 million, against a loss of 458 million a year ago.
Noreco fell 4.19 percent to 80.00 crowns.
Impairments frames GC Rieber Shipping
GC Rieber Shipping posted a profit after tax of NOK 453.8 million in Q2 2016, compared to plus 103.4 million at same crossroads last year.
There is impairment of 335.5 million kroner in the quarter.
RISH’s shares rose 20.87 percent to 13.90 crowns, and topped thereby winners Today. Turnover in the stock was low.
Awilco LNG loss
Awilco LNG reports a profit after tax of minus $ 11,520,000 in 2. quarter 2016, compared with minus $ 4.57 million in the same period last year.
the share nevertheless ended up 2.61 percent to 5.90 million.
Oil mosquito fell hard
African Petroleum Corporation fell 10.55 percent to 2.29 million on Oslo Axess in the wake of its earnings presentation. The company has also signed a memorandum for a block in Gambia.
Top and Bottom
On top of the winners’ list we find Avance Gas in the space behind said GC Rieber . The stock rose 8.39 percent to 16.80 kroner. Team Tankers followed the space behind with a rally on 8.26 percent to 12.45 crowns.
At the other end of the scale fell EMGS most of all, with 15.56 percent to 3.42 million. Atlantic Petroleum followed close behind, with a fall of 11.11 percent to 16.00 crowns.
This coming Monday adds Property Norway, in cooperation with Finn.no and Property Value, forward house price statistics for August.
It will in all probability show that high pressure remains in the capital, and might also have increased compared to before the holiday.
Partner and broker Jon Kvisgaard in PRIVATmegleren Dyve & amp; Partners believe the latter is the case.
He has never seen a more extreme market.
– The market has made a small leap for summer. There are several reasons. The supply of good housing in Oslo is extremely small. For example, is now around 1,500 homes for sale on Finn.no, the normal 3,000. Given the supply and demand will be a strong driver. In addition, the real interest rate is now negative, while some economists are talking about Norway as the new Switzerland – with a mature economy and low interest rates out our lifetime, he says to Hegnar.no.
– Thus, people have gotten enough information for the trades. And all this trumps fear of unemployment and the transition from oil economy to another economy, adding Kvisgaard to.
article continues below.
Photo: Studio Oslo.
The broker also highlights summer holidays as a time in which people make decisions.
– some might decide to go apart, someone gets together, while others go for a new and larger housing. After the holidays, and especially in summer, we always increased activity among buyers, but this time also no increased activity among the sellers. Thus, the imbalance in the market and jump in prices, he said.
The way it has been, some perhaps disappointed “only” 500,000 kroner over asking price. Is not it dangerous if expectations when such levels?
– Yes, they are expectations unhealthy, and we are a little astray. Alternatively, brokers and fare people adapt to new levels in the market faster – so humble we must be. But while we will keep pace with the market, we would rather not hausse it further – it is a ticklish balancing act explains Kvisgaard (photo: PRIVATmegleren).
Recently he conveyed the sale of a 5 room apartment in Niels Juel street. 142 square meters in a high 1st floor was priced at 7.35 million, but ended at 9.9 million – that is the whole 2.55 million kroner over.
Was this a boom, or says this most about the pace of the market?
– we just have to raise their hands and say we missed the asking price, answer an honest Kvisgaard.
article continues below.
photo: Studio Oslo.
– Two of the bidders was very anxious, and so the value of the simple but good livskaliteten you can get there. But when all is said and the dust has settled, we are still not more than around 73,000 million square meters (including public debt of almost 510,000 million), which roughly cut in Frogner. And that’s how the market is right, he adds.
In the ad pulls broker until the big lodges, the generous headroom (up to 3.45 meters), the two fireplaces and stucco.
– Several actually see the value of staying in a great and high 1st floor of an imposing mansion. The entrance gives some townhouse-feel, with granite steps up from the courtyard. Meanwhile, stakeholders in such an object a little more continental in mindset than it is preprogrammed for many of us – ie draw against staying highest, says Kvisgaard.
article continues under the image.
photo: Studio Oslo.
According to the ad keeps the apartment “normal good standard.”
the living room and dining room comes with solid oak floors in classic herringbone pattern, while the two bedrooms have Merbau-parquet. Both lodges have both stucco and rosettes and double wing doors and large T-glazing. The apartment also has “more space made furnishings of a very high quality.”
What will you otherwise accentuate?
– The address, the location, the access and experience. If something is best Frogner, this is it, end Kvisgaard opposite Hegnar.no.
Photo: Studio Oslo.
Administrerende direktør Irene Waage Basili i GC Rieber Shipping mener at det vil komme flere endringer på eiersiden i norske offshorerederier allerede før nyttår.
– Eiersitsen på rederisiden vil se veldig annerledes ut når vi går inn i 2017 enn det den gjorde når vi gikk inn i 2016, sier hun til E24.
E24 har skrevet flere saker om den alvorlige gjeldskrisen hos mange norske supplyrederier.
Waage Basili peker på at mange selskap som er i spill, og som nå må restrukturere gjelden, har obligasjonsgjeld – og ikke gjeld i banken.
– Rederier som har obligasjonsgjeld og som trenger å restrukturere, kan risikere å miste kontrollen til aktører som tar posisjoner i obligasjonsgjelden, sier Basili.
Det var akkurat det som skjedde da Kjell Inge Røkke-eide Aker kjøpte opp mer og mer av Rem Offshores gjeld, for deretter å blokkere en finansiell redningsplan for rederiet.
Det tok Rem Offshore etter sigende på sengen, og styreleder Åge Remøy kalte Akers opptreden for «et bakholdsangrep». Den karakteristikken syntes konsernsjef Øyvind Eriksen i Aker lite om.
Basili mener at så lenge selskapene kan betjene sin gjeld er obligasjonslån en grei finansieringskilde.
Men når gjelden blir for stor, og rederiene må be kreditorene om refinansiering fordi de ikke klarer å betjene gjelden, kan svakheten utnyttes.
– Når disse selskapene må inn i forhandlinger med ukjente obligasjonseiere, er det risiko for å miste kontrollen, sier Basili.
Samtidig viser hun til at GC Rieber Shipping er i en relativt grei situasjon, til tross for at selskapet har en rentebærende netto gjeld på 2,5 milliarder kroner.
– Vi har kun bankgjeld og ikke obligasjoner. Vi har en langsiktig relasjon med bankene som er långivere, sier Basili.
Hun legger imidlertid til:
– Dersom markedet vedvarer på dagens nivå inn i 2018, må også vi gå diskutere løsninger med våre långivere. Det vil samtlige offshorerederier måtte gjøre, sier Basili.
– Det er ikke utenkelig at man også vil se en konsolidering innen seismikkmarkedet, slik som man nå ser på supply og ankerhåndteringssegmentet, sier Basili.
Hun viser til at seismikk er et lite marked som lett kan komme i spill.
– Seismikk ligger tradisjonelt langt fremme i syklusen både når markedet går opp og ned, og er sånn sett et marked jeg mener vil se en raskere oppgang tidlig i syklusen, sier Basili.
Hun understreker samtidig at effekten av sammenslåinger er overdrevet.
– Betydningen av sammenslåinger innenfor store segment er noe overdrevet. Det man kan oppnå er å få ned administrasjonskostnader og driftskostnader, men disse kostnadene er marginale i det store bildet og den situasjon enkelte av disse selskapene er i, sier Basili.
Hun mener at det som må til er at det kommer inn vesentlig egenkapital eller at gjelden reduseres.
– Alle bransjens problemer vil ikke bli løst av sammenslåinger. Forholdet mellom egenkapital og gjeld i selskapene må forbedres, sier Basili.
Da E24 gikk gjennom gjeldssituasjonen i oljenæringen tidligere i år, var flere av offshorerederiene i gjeldstoppen.
Onsdag morgen la Basili frem røde kvartalstall for GC Rieber Shipping. I regnskapene skrives verdien av flåten ned med hundrevis av millioner kroner.
– Jeg tror vi er på et bunnivå. Vi er nå i en situasjon der investeringer innen leting, vedlikehold og produksjon har vært kuttet i flere år, og etterslepet fra denne reduksjonen vi vil kunne føre til en kraftigere oppgang når sentimentet snur, sier Basili.
Hun forventer at markedet for offshorerederiene blir fortsatt utfordrende i 2017.
– Jeg tror at vi vil se en gradvis forbedring i 2018-2019, Men det avhenger av at oljeprisen. Oljeprisen må stabilisere seg på et nivå rundt 60–65 dollar per fat før man ser en vesentlig aktivitetsforbedring i markedet, sier Basili.
GDP for Mainland Norway rose by a seasonally adjusted 0.4 per cent in Q2 2016, according to figures from Statistics Norway on Wednesday.
This came after zero growth in the second half of last year, followed by an increase in 1 . quarter of 0.3 percent.
the consensus was for 0.3 percent growth in the mainland economy.
– Norges Bank’s estimate and the market consensus was 0.3 percent and significantly higher than the regional network report that indicated a flat growth. Growth is also higher than what we had seen for ourselves, as we considered the risk of a surprise on the downside to be greater than the potential for a surprise on the upside, says chief economist Shakeb Syed Sparebank 1 Markets.
on an annual basis, the figures show growth in the mainland economy of 1.7 percent. In Q1 growth was negative by 0.9 percent. Overall, the increase in GDP of 2.5 percent from Q2 last year.
Electricity production fell noticeably in Q2 after a strong rise the previous quarter. The decline helped push down growth in mainland Norway by 0.1 percentage points.
For the manufacturing industries in total, the preliminary seasonally adjusted figures show a reduction in value added of 0.9 percent in Q2 2016.
This is a somewhat larger decline than in Q1, but the decline has slowed clearly in strength compared with last year.
in oil-related manufacturing industries is mixed: decline in some industries and rising others, including in the shipbuilding industry.
During production industries continued the clear growth in construction, while traditional fishing and fish farming dropped something.
for the service sector was also mixed.
the preliminary figures show growth in including services related to oil operations and merchandising. Hotels and restaurants in Q2 showed high activity despite hotel strike in May. Business Fiscal services continued decline.
Value added in both extraction and pipeline transport, oil and gas and shipping declined in Q2 and contributed to the total GDP was unchanged from Q1.
from the 4th quarter of last year to the 1st quarter GDP rose a total of 1.0 percent.
on an annual basis shows total GDP growth of 2.5 percent, up from 0.6 percent in 1. quarter.
Household consumption rose 0.4 percent in Q2, following growth of 0.6 percent in the previous two quarters. Consumer spending was unchanged from Q1 to Q2, while spending on services increased.
Household investment in housing has risen steadily since late 2014, and rose 2.3 percent in Q2, 2016.
Total gross fixed capital formation by 0.1 per cent in Q2 this year after having mostly fallen over the last two years.
Preliminary figures show a continued decline in petroleum investment, particularly in exploration and production drilling while platform investments increased. The overall decline of as much as 3.7 percent was still clearly lower than in Q1.
For mainland Norway was the growth in investment – primarily in service industries . In industry, investments were reduced by 1.2 percent, after a clearer decline in Q1.
Exports of traditional goods in volume by 0.4 per cent less than in Q1, after a marked decline in quarter.
Traditional merchandise imports fell by 2.4 percent after a decline also in the previous quarter. This reflects the SSB weak growth in import intensive Norwegian demand and improved competitiveness.
Read more here.
Oil service veteran and investor Berge G. Larsen is acquitted of Gulating High Court in what is referred to as Norway’s most extensive economic criminal.
“There is a far more than just arbitrary or theoretical doubt, and the majority do not dare look away from the explanation that the defendant has given the court of Appeal and proof the situation in light of this, is correct, “said the ruling.
it was only during the court of Appeal treatment Larsens version arrived. Larsen has not previously given statements to the police or explained in court.
Age 63
Title: Petroleum and riggründer
Background: Have the last 25 years been a familiar figure in the Norwegian oil and gas industry . Took over the job after his father, rig pioneer Bernhard Larsen, Odfjell Drilling in 1989. It was to be the start of a turbulent oil career. Had at most control of four public drilling contractors and oil company DNO. So unraveled Empire. Rigg initiative collapsed in three of Norway’s largest bankruptcies with a total unpaid debt of nine billion. Remains a modest man with an estimated fortune of several hundred million. Over the last ten years has been under investigation by the police in Bergen in what is one of Norway’s most extensive economic crimes. Fighting against both the IRS and the police. The dispute is about an alleged hidden overseas assets in tax havens Jersey and the British Virgin Islands.
Current Frikjent of Gulating High Court on Wednesday.
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Larsen was accused of financial fraud, tax evasion and for having provided incorrect or incomplete illumination of his fortune. Towards the end of the trial let the prosecutor the claim that Larsen had to be sentenced to five years in prison, of which 2.5 years could gjløres conditionally with a trial period of two years and a fine of three million.
Moreover believed prosecutors that Larsen had to forfeiture of 28,298,751 kroner, and that he would cover the costs of three million. Thus it’s not.
The judgment – which is 61 pages – are not unanimous. One of Court of Appeal shall dissented for all items in the indictment, while one of the lay judges thought Larsen should be judged for that part of the indictment referred infidelity associated with sales of a million DNO shares.
The prosecutor argued in court that Larsen had far greater stakes in companies than he entered. Here came the court majority that the prosecutor has mixed between an owner formal management and a strong leader or entrepreneur decision exercise. The court rejected that Larsen’s power was an indication that the other shareholders in reality were straw men.
“He (Larsen, ed. Note) occurs in many ways” as if he owned the company “- but this does not result in his formal ownership position change,” it says.
Since Larsen was acquitted of adultery from the sale of DNO shares, concludes the court that it is not proven that there has been a tax evasion related to the same.
Larsen is one of the pioneers in the Norwegian oil and gas industry, first as CEO of Odfjell Drilling, since as head of his own business.
Bergen district court, he was two years ago was sentenced to prison for five years, half of which were suspended, for having hidden one foreign fortune of around 700 million using straw men, committed financial fraud and gross tax fraud.
more
Both parties appealed the judgment. Larsen regard assessment of the evidence in the question of guilt and the prosecution appealed because Larsen had been acquitted of one of the record of the charges.
Gulating High Court believes that it is not proven beyond reasonable doubt that there has been misappropriation of funds related to the company Independent Oil Tools (IOT), states the judgment.
When it comes indictment 1b, sales of one million DNO shares, believes the majority of court of Appeal judges that there is reasonable doubt about the actual deed content and Larsen therefore acquitted of this part of the indictment.
attorney Jan-Inge Raanes together with attorney Elisabeth Deinboll and police solicitor Kari Bjørkhaug Trones led case against Larsen.
Raanes was just after the clock 14 heading into a meeting to review the verdict and did not want to give any comment to DN before he has read the legal ruling.
In addition to accusations of misappropriation of funds and evasion of fortune, said prosecutor that Berge G. Larsen had given incomplete information about their overseas shares of tax returns for the years 1997 to 2007 was not the court agrees. the court points out that the requirement is that the information provided should be sufficient that the IRS can ask questions or request further information.
“for the period 1997-2002, it is common that in reality for those fiscal years in the tax return is enlightened about the shares defendants owned in foreign companies, the number and par, “said the ruling. Judges thus comes to that Larsen had given sufficient information.
For the years 2003-2007 the Court that the information that was given was either insufficient or that the defendant subjectively fulfilled illumination duty and that he therefore can not be judged for tax evasion .
Central to the case is a network of companies based in Jersey and the British virgin islands, companies prosecutors believe Larsen controls through intermediaries.
In recent years, the activity of the companies gradually scaled down. Big assets are paid out to shareholders, including Larsen. The companies have direct and indirect stakes in a number of companies in the oil and gas industry. The reason for the downsizing is adverse effects of the investigation, according to Larsen.
In an interview with DN in before summer he pointed out problems with the financing of projects and the confidence of foreign investors as a result of the case.
– It has been difficult for me and my conducting business since February 2006 due to this trial, said Larsen told newspaper Dagens Næringsliv in June.
Larsen would then wait until after the trial to comment further.
$ 51 million, or over 400 million, has in recent years paid out by the companies. Over $ 20 million has been paid out since the judgment in autumn 2013.
Million amounts are paid out to Berge G. Larsen and shareholders who prosecutors believe are straw men for Larsen. Almost all the shareholders are close foreign partners of Larsen for years, with the exception of an American study girlfriend.
– The yields are the answer to who had ownership interests. It shows that Berge G. Larsen does not own more than its registered shareholding in foreign companies. The main problem in this case appears to be that the Tax Administration no later than May 2004 locked into a reality that Berge G. Larsen owned two major foreign companies fully. 12 years of investigation and 200,000 document pages later coves they are not a millimeter from the perception of reality. We believe it demonstrates an extreme degree of tunnel vision and unwillingness to put up with the realities appearing, said Anders Brosveet, head Larsens defending team.
The prosecution was of a different opinion, and pointed that yields first started after Larsen was aware that he was under investigation.
Larsen has recently announced major claims against the state and has reduced its investigation of the authorities’ conduct in this and other cases.
Background: Larsen investigates investigators
It is 11 years ago the police in Bergen started investigation of Larsen after review by the IRS.
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Norway slams, but growth surprises
The twelve-month growth in gross domestic debt (C2) was 5.0 per cent to end-July, unchanged from the previous month, according to Statistics Norway.
Gross domestic debt was 5.055 billion at the end of July.
Household gross domestic debt amounted to 2.986 billion at the end of July. Twelve-month growth was 5.8 per cent until the end of July, down from 6.0 percent the month before.
Non-financial enterprises’ gross domestic debt amounted to 1622 billion at the end of July. Twelve-month growth was 3.5 per cent until the end of July, up from 3.0 percent the month before.
The case is updated.
The Norwegian oil company, more commonly called the Norwegian, has made an oil discovery in Langfjellet project in the North Sea. The company reported in a stock exchange release on Thursday morning.
Read also: Optimism in the Norwegian, despite weaker results
The company, controlled by Kjell Inge Røkke , believe the new discovery contains between 24 million and 74 million barrels of oil.
Langfjellet project is about to be completed and according to Company recorded an hit well one 109 meters gross oil column in Vestland group.
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“a technical sidetrack was drilled to perform data collection and the well is now being prepared for a sidetrack and well test. Preliminary estimates of the size of the discovery is between 24 and 74 million barrels of oil equivalent. The licensees will consider found in terms of a possible development along with other discoveries in the area. As a result of the positive outcome of Langfjellet has licensees identified further prospectivity in the license, “said in a stock exchange announcement from the company which is headquartered at the market square in Trondheim.
The Norwegian company operates and owns 90 percent of the license has named PL 442. Lotos Exploration an Production Norway owns the remaining 10 percent.
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Den økonomiske aktiviteten mellom april og juni overrasker, viser ferske tall.
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Den viktigste indikatoren på aktiviteten i norsk økonomi viser et land i lavgir, men byr på en aldri så liten overraskelse.
Veksten i norsk fastlandsøkonomi var på 0,4 prosent i andre kvartal sammenlignet med kvartalet før, viser tall fra Statistisk sentralbyrå onsdag, som konkluderer med “svak, men økende vekst i fastlandsøkonomien”. En vekst på 0,1 prosent var ventet, ifølge TDN Finans.
“I oljerelaterte industrinæringer er det et blandet bilde av utviklingen: nedgang i noen næringer og oppgang i andre, blant annet i verftsindustrien. Når det gjelder andre vareproduserende næringer, fortsatte den klare veksten i bygge- og anleggsnæringen, mens tradisjonelt fiske og fiskeoppdrett ble noe redusert”, heter det i SSB-rapporten.
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Husholdningenes konsum økte med 0,4 prosent i 2. kvartal etter en vekst på 0,6 prosent de to foregående kvartalene. Varekonsumet var uendret fra 1. til 2. kvartal, mens tjenestekonsumet økte. Husholdningenes konsum i utlandet var på tilnærmet samme nivå i 2. kvartal som i kvartalet før.
Totalt økte bruttoinvesteringene i fast kapital med 0,1 prosent i 2. kvartal i år etter stort sett å ha falt de to siste årene. Oljeinvesteringene var ned, mens investeringene i fastlands-Norge økte, første og fremst i tjenesteytende sektor.
Foreløpige beregninger viser at sysselsettingen ble redusert med 0,1 prosent i 2. kvartal 2016. Målt i antall personer var nedgangen på vel 3000, ifølge SSB. Også for de tre foregående kvartalene viser de foreløpige tallene et liknende sysselsettingsfall.
Det var i forkant store sprik i økonomenes vekst-anslag.
Estimater TDN Finans har innhentet fra seks økonomer, viser en gjennomsnittlig vekstforventning på 0,1 prosent. Estimatene varierer mellom en uendret utvikling og en vekst på 0,3 prosent. I første kvartal steg fastlands-BNP med 0,3 prosent, som også er det reviderte tallet, opplyser SSB onsdag.
“Vi anslår en vekst på 0,0 prosent k/k. Dette er tilsynelatende godt under Norges Banks anslag på 0,3 prosent, men kraftproduksjonen, som Norges Bank pleier å se igjennom, trekker ned 0,2 prosentpoeng i vårt anslag”, skriver Nordea Markets i sin morgenrapport.
Nordea fremholder at utfallet ikke vil ha stor innvirkning på septembermøtet i Norges Bank, dersom dette slår til. Eventuelle markedsreaksjoner som følge av utfallet på nedsiden, ventes korrigere raskt tilbake, mener banken.
DNB Markets ventet BNP-veksten til 0,2 prosent, basert på at det blir en liten oppgang for det private forbruket i andre kvartal, som i første, og at dette løftes av økt forbruk av tjenester.
“Også for investeringene venter vi kun svak oppgang. Her er det imidlertid viktig å skille mellom fastlandsinvesteringene, der vi venter oppgang, og oljeinvesteringene, der vi venter nedgang”, skriver DNB Markets i dagens morgenrapport.
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The Norwegian oil company ASA (the Norwegian), the operator of PL 442, reports that drilling of exploration well 25 / 2-18 S in Langfjellet prospect in the North Sea is about to be completed.
The well encountered one 109 meters gross oil column in Vestland Group. A technical sidetrack was drilled to perform data collection and the well is now being prepared for a sidetrack and well test, it emerges from a stock exchange release.
Preliminary estimates of the size of the discovery is between 24 and 74 million barrels of oil equivalent. The licensees will consider found in terms of a possible development along with other discoveries in the area. As a result of the positive outcome of Langfjellet has licensees identified further prospectivity in the license.
The Norwegian company operates and owns 90 percent of PL 442. LOTOS Exploration and Production Norway AS holds the remaining 10 percent.
From an office on the third floor at the bottom of Karl Johan collects state Eritrea in tax revenues from Eritreans in Norway. According Finansavisen they must tax its income from Norway, whether they still have Eritrean citizenship or Norwegian.
The tax of two percent of gross income, whether we are talking about salary income, social security, pensions or student loans, recovered by those who do not pay lose civil liberties and privileges.
Mussie Weldeslasie has obtained a residence permit in Norway as a refugee from Eritrea. The hope is eventually to get Norwegian citizenship. To obtain documents and confirmations from Eritrea required, and any other documents he may need in other contexts, he must pay 2 percent tax, Finance writes newspaper.
– I met Abraham Woldu office in Karl Johans gate. Have asked if I had paid 2 percent, and I answered no. Then he demanded that I first had to pay for years I have lived in Norway, before I could get any documentation from Eritrea, says Weldeslasie Finansavisen.
Woldu is the man who is listed as head of the Eritrean Information Association who Bronnoysund are registered as “Embassy of the State of Eritre” (no spelling mistakes, editor.).
the couple Michele Paganelli and Alem Araya tried in 2005 to buy a plot in Araya former village Eritrea. According to Finance newspaper was the message from Eritrean Information Association clear: There you can just forget about until you have paid 2 percent tax for the years you have lived in Norway.
Financial newspaper has access to a number of receipts for payment of 2 percent tax from several people in Norway. They are either issued by the Eritrean Ministry of Finance, the embassy in Stockholm or “Eritrean Embassy”, ie office in Karl Johans gate in Oslo.
Association and “embassy” have never delivered anything accounting. Woldu also runs the tavern “The Merry Monk” in Storgata in Oslo. When Finansavisen visited him there one morning last week, would Woldu first did not answer any questions.
– Eritrean Information Association listed as embassy Eritrea. Is that right?
– No.
– Are you a consulate?
– We’re not quite consulate either, but the contact person for all Eritreans living in Norway, between the Embassy and the people of Norway, said Woldu Finansavisen.
at the bar sits a handful of men of African origin which now blends into the conversation.
– You are journalist and he said he did not have time. Come another day. Come on! You heard what he said to you? You are going out!
At this time the mood is so Finansavisen agreements with Woldu him to get the rest of the questions on email.
– How much money have you collected in in Norway?
– I do not know. It is the only embassy in Stockholm who knows, says Woldu by phone the next day.
– Giro shows that money paid to “embassy” in Oslo, a Norwegian account number?
– Yes, but the money goes to the embassy in Stockholm.
Woldu also claims that no one is refused to travel to Eritrea, although they have not paid 2 percent.
– Many of the 20,000 Eritreans in Norway have fled the regime in Eritrea. Is it fair that they should pay regime they fled?
– No, there is no political refugees. These are just economic refugees. No being politically persecuted in Eritrea. There are many who have returned to Eritrea without Norwegian citizenship, and they have not got any problems, says Woldu Finansavisen.
Simplification, standardization and reuse are well probably not the concepts that get technologists’ hearts beating fastest. But it is this which is the core of the group’s cost reductions on the Johan Sverdrup field.
During the ONS could oil company announce that it has reduced the cost of developing the first phase of the giant found by 20 percent.
Now there is thus likely that the development gets a price tag of 99 billion, 24 billion less than in the development plan.
Margaret Øvrum, executive vice president for technology, projects and drilling, will not be part of the Johan Sverdrup is a boring fight.
– Johan Sverdrup is not a very nyteknisk project. It is absolutely right. But that does not mean it’s boring, you know. Very often we think technologists, for I am technologist yourself, that only technology that is fun, and that only new technology innovation. But there are many other things which are innovation, she says to TU.
She points out that doing things differently, standardize, assembling equipment and concepts from different areas – there is also innovation.
– We work with many exciting field development solutions ahead now. It includes articles about putting together things from subsea, from unmanned platforms and unmanned process platforms, which are usually not used in this way, explains Statoil director.
– So we have so clearly some areas where we require technology development and qualification. On IOR for example, there is much technical again we are considering adopting. But overall it is probably not as much as we have tended to have the field developments, stressing Øvrum.
Among the simplifications made in Johan Sverdrup project draws Øvrum especially forward drilling and well.
– We’ve had one of our best drilling campaigns ever. Most wells in Sverdrup being standardized wells. We drill them in exactly the same way and using the same equipment. And when you do one thing 50 times and you’ll get better results than if you do it completely different from time to time, she points out.
In addition, also the wells simplified.
– As a result of that we have had a towering increase in the efficiency of drilling wells. I can not say exactly how much, but it’s very much. I said earlier that we generally have increased the number of meters per day by 70 percent since 2013. And this project is not worse than that.
In addition, she mentions subsea, documentation and technical requirements as examples of areas where they have been simplified.
In addition to cost reductions, they also eliminated bottlenecks in production so that they can now have a higher daily production.
Since the development plan was submitted There is also tension in the resource estimate for the entire field improved from 1.7 to 3.0 to 1.9 to 3.0 billion barrels of oil and gas.
Along with cost reductions, this has contributed to the first phase of the Johan Sverdrup development now has a balance price of under $ 25 a barrel.
When also future phases are built out the field will have a balance price below 30 dollars a barrel.
– And we still see room for improvement in the project, says Øvrum.
Oil Fair in Stavanger (ONS) kicks off this week, and today notified DNB’s large customer manager Harald Serck-Hanssen told Reuters on several years of restructuring in the oil – and that it can come in several phases.
Supply is heavily affected, and in today’s trading on the Oslo stock Exchange, we note such as Farstad Shipping, falling 3.6 percent to 9.00 million in the wake of quarterly results Monday evening.
– Apart from 862 , 5 million in write-downs 961 700 000 million in deficit stood not a word in this section on a possible financial partner. Farstad said the company plans to go alone, with a little help from creditors, wrote chief analyst Karl-Johan Molnes in Norne Securities in an update sent out last night.
the Ålesund-based company says in the report that it is still working to refinance the debt of 11.5 billion.
7-8 banks are according to news agency central, including DNB, Nordea and Danske Bank. According to CEO Karl-Johan Bakken company is also in talks with both industrial and financial investors.
Stand-still agreement with creditors expires on 1 October. A standstill agreement means that lenders refrain from requiring repayment in the current period, without the loans are considered non-performing.
Meanwhile, the company maintains its obligations to customers and suppliers.
– It’s a date that is not picked out of the air, working regardless of getting a solution as soon as possible. It is important to get a good event for the company, so we take plenty of time to talk with creditors to land it, Bakken said.
He shows towards news agency further to the abundance of vessels in the market .
– Consolidation is essential to create viable companies in the long term, Bakken says.
Illustrasjon av feltutviklingen Gullfaks Rimfaksdalen i Nordsjøen. Foto: Statoil
Statoil har satt prosjektet Gullfaks Rimfaksdalen i produksjon tidligere enn opprinnelig planlagt, til en prislapp som ble vel milliarden lavere enn tidligere estimert.
Sist oppdatert:
En vanntett pensjonsavtale gjør at administrerende direktør Carl Krogh Arnet, som fylte 60 i mai, får en svært behagelig pensjonsutbetaling – på tross av at selskapet blør. Det skriver Finansavisen tirsdag.
Etter styrebeslutningen fikk Arnet i juli utbetalt 17,5 millioner dollar (145 millioner kroner), som er verdien av hele pensjonsavtalen, ifølge avisen. Opprinnelig skulle den vært betalt i mai, men selskapet måtte refinansiere først.
Den lukrative pensjonsavtalen kom på kjøpet da APL, hvor Arnet var administrerende direktør, ble kjøpt opp av BWO i 2007.
Avtalen var inngått i 2003, da APL var en del av Statoil, og innebærer en pensjon lik 66 prosent av lønnen fra fylte 60 år.
– Flytting ut av Norge har gitt eksponering mot internasjonale lederlønninger, sier finansdirektør Knut Sæthre for å forklare deler av avtalens verdi.
BW Offshore la mandag frem resultatet for andre kvartal, som viste driftsresultatet (EBITDA) på 84,6 millioner dollar. Det er 12,8 millioner dollar mindre enn for første kvartal, da driftsresultatet var på 97,4 millioner dollar, skriver selskapet i en børsmelding.
Selskapet gikk 6,8 millioner dollar i pluss før skatt. Det samme som for første kvartal 2016. Etter skatt ble resultatet på minus 4,4 millioner dollar, mot minus 2,9 millioner dollar i samme periode i fjor.
Mandag endte aksjen ned nesten seks prosent, og verdier for 185 millioner kroner forsvant.
(Artikkelen fortsetter under bildet.)
KRISETIDER: Grafen viser utviklingen i BW Offshores aksje de siste tre årene.
BW Offshore har nå gjennomført alle sine planer for refinansiering i juli 2016. Den nye langtidsplanen for selskapet vil innebære en estimert sum på rundt 500 millioner dollar i forbedret likviditet frem til 2020.
– BW Offshore har lykkes med å etablere en langsiktig finansiell plattform. Det gir selskapet klar bane frem til markedet har hentet seg inn igjen, skriver administrerende direktør Carl K. Arnet i børsmeldingen.
Selskapet meldte 22. juli at selskapet endelig hadde sikret gjennomføring av finansieringsplanen.
Det er fortsatt trange tider i oljebransjen, og det er ikke alle selskaper forunt å få med kreditorer, aksjonærer og obligasjonseiere med på en finansieringsplan.
For BW Offshore, verdens nest største leverandør av FPSO-tjenester (flytende produksjon, lagring og lossing, tok det trekvart år.
Nå er finansieringsplanen gjennomført med virkning fra 21. juli, og selskapet kan puste lettet ut mot 2020.
Øystein Dørum (54) blir sjeføkonom i arbeidsgiverorganisasjonen NHO.
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Etter atten år i DNB Markets, har Øystein Dørum sagt opp sin stilling som sjeføkonom i meglerhuset. I desember begynner han som sjeføkonom i NHO.
- Vi står fremfor krevende utfordringer i norsk økonomi, og det er viktig at vi lykkes i å skape nye arbeidsplasser og gjøre oss gradvis mindre avhengig av oljenæringen. Dette er noe jeg håper å bidra til, sier Dørum i pressemelding fra arbeidsgiverorganisasjonen.
Dørum vil lede gruppen med samfunnsøkonomer og gå inn i NHOs ledergruppe. Han ser frem til å jobbe i skjæringspunktet mellom analyse og politikk. I NHO kommer 54-åringen til sitte mye nærmere beslutningene enn det han har gjort i DNB, påpeker Dørum overfor DN.
- Det å være med på å legge premisser for de politiske innspillene organisasjonen skal komme med, synes jeg er en spennende utfordring, sier sjeføkonomen.
Dørum opplyser at det var NHO som kom til han med et jobbtilbud.
- Det er ikke med lett hjerte, men det er en tid for alt, sier han.
- Nå fikk jeg et veldig godt tilbud fra en veldig spennende arbeidsgiver Jeg får mulighet for å gjøre noe av det samme, men vinklet mot noe annet. Litt mer operativt, norgesvinklet og politisk orientert, sier Dørum og viser til at han tidligere blant annet har jobbet syv år i Finansdepartementet.
Dørum har embetseksamen i samfunnsøkonomi fra Universitetet i Oslo, samt en mastergrad i statsvitenskap fra London School of Economics and Political Science (LSE).
Han er autorisert finansanalytiker og har også grunnfag i sosialantropologi. I tillegg til Finansdepartementet, har han tidligere jobbet Sparebanken NOR og har også et halvt år bak seg som nasjonal ekspert i EU-Kommisjonen.
Administrerende direktør Kristin Skogen Lund i NHO er svært fornøyd med å få den erfarne økonomen med på laget.
- Han er meget dyktig i faget, er høyt respektert, og er i tillegg en markant profil i den norske samfunnsdebatten. Dette er en god nyhet for både NHO og norsk næringsliv, sier Lund pressemeldingen.
Dørum føyer seg i rekken av profiler som har forlatt DNB Markets det siste året.
Nylig ble det kjent at valutaanalytiker Camilla Viland har sagt opp sin stilling. I likhet med Kjersti Haugland går hun fra DNB Markets til Norges Bank.
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STAVANGER, ONS: A proud chief of the Norwegian continental shelf, Statoil Arne Sigve Nylund, played Christmas music in front of today’s press conference.
I hope we have given you some Christmas spirit. We can now announce that production on Gullfaks Rimfaks valley is under way, although it was planned launched on Christmas Eve.
Even more gratifying than earlier production start is that the costs for this rapid expansion is reduced from 4.8 billion to 3.7 billion.
Read also: Oil the peak inventory
Project Director Hilde Reme says to TU that especially Technip which has been responsible for the entire marine operation, has done a fantastic good job.
And according Reme, due not cost effectiveness just drop in oil prices.
– All subsea equipment was ordered in 2013 so it was not so much to do with. When we submitted a plan for development and operation in December 2014, the price had fallen and all the other work is related to the group’s improvement based on lean processes, says Reme.
Gullfaks Rimfaks valley is built with a standard subsea template with two single gas production wells. At a later stage it may be linked to two other wells. The well stream is connected to existing pipeline to Gullfaks A platform.
It is primarily produced gas from Gullfaks Rimfaks valley. This is transported by pipeline to the processing at Kårstø. The whole project is part of Statoil’s plan to utilize existing infrastructure in mature fields.
– We have reduced mass equipment topside and able to reuse pipelines. I would also emphasize Wood Group which has done an excellent job. All vendors have delivered on time and we have had good weather, says Reme.
Arne Sigve Nylund says that the group now has projects worth 280 billion under development. 80 percent of this is on the Norwegian shelf. Balance Award for projects has been reduced from $ 70 per barrel to about $ 40.
– We see improvements throughout the value chain. This is a tough process for everyone involved, but it is absolutely necessary to be competitive, says Nylund.
The recoverable reserves in Gullfaks Rimfaks valley is approximately 80 million barrels of oil equivalent, mostly gas. Project partners are Statoil as operator (51 percent), Petoro (30 percent) and OMV (19 percent).
Farstad Shipping reports a profit after tax of minus 961 670 000 million in Q2 2016, compared to minus 119.55 million kroner in the same period last year.
Earnings per share were minus 24 , 66 million, against a loss of 3.07 million at the same crossroads last year.
the result before tax was 944.7 million kroner, compared to minus 110.9 million the year before.
EBITDA was 222.2 million kroner, down from 364.8 million kroner in the same quarter last year.
Operating profit (EBIT) was minus 849.43 million kroner, compared with minus 31.02 million the year before .
Cash flow from operations was 119.7 million kroner, down from 349.8 million kroner in the same quarter last year.
revenues amounted to 735.13 million kroner, compared with 1038.79 million in Q2 2015.
This poor performance is largely due to write-downs of 862.50 million relating to the company’s vessels.
in the quarterly report stated that background negative developments in brokers’ valuation of the fleet, as well as weak market outlook and uncertainty about the future.
Read the full report here.
Farstad Shipping has a fleet of 57 vessels (29 AHTS, 22 PSV and 6 SUBSEA) and 1 SUBSEA vessel under construction. Total number of employees on land and sea is 1.780.
Farstad Shipping tok nedskrivninger på 862,5 millioner kroner i årets andre kvartal.
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Offshorerederiet Farstad Shipping er et av selskapene som er hardest rammet av offshorekrisen. Mandag kveld la selskapet frem resultatet for andre kvartal og halvårsresultatet.
Farstad Shipping oppnådde i andre kvartal driftsinntekter på 735,1 millioner kroner, opplyses det i børsmeldingen. I samme periode ifjor var resultatet 1.039 millioner kroner.
Driftsresultatet (EBIT) ble i andre kvartal negativt med 849,4 millioner kroner etter nedskrivninger på 862,5 millioner kroner. Resultat etter skatt ble negativt med 961,7 millioner kroner.
«Nedgangen er et resultat av den krevende markedssituasjonen», heter det i rapporten.
- Tallene vi legger frem reflekterer direkte det markedet vi er i ferd med gå igjennom, sier Farstads konsernsjef Karl-Johan Bakken til DN mandag kveld.
Driftsinntektene pr. 30.06.16 ble 1.562,3 millioner kroner. Driftsresultatet (EBIT) ble negativt med 801,3 millioner kroner etter nedskrivninger. Resultat etter skatt ble negativt med 867,5 millioner kroner.
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Netto rentebærende gjeld var på over 10 milliarder kroner per andre kvartal. Selskapet jobber nå på høygir med å løse sine finansielle utfordringer og håndteringen av rederiets gjeld. En stillstandsavtale med majoriteten av långiverne løper frem til 1. oktober 2016.
Det var ventet at Farstad skulle presentere detaljene i en restrukturering av gjelden i forbindelse med fremleggelsen av resultatet for andre kvartal. Tidligere denne måneden ble resultatfremleggelsen utsatt. Mandagens rapport inneholder imidlertid ingen nyheter rundt dette.
- Vi jobber med det. Med hensyn til naturen i den type arbeid, kan ikke jeg kommentere nærmere, sier konsernsjefen til DN.
I rapporten skriver selskapet at det er i samtaler med potensielle investorer og partnere.
Tidligere i år kjøpte Kjell Inge Røkkes Aker seg inn i Skudeneshavn-baserte Solstad Offshore og presset også frem en sammenslåing med Rem Offshore. Aker har varslet at det også er interessert i å gå i dialog med Farstad Shipping. Også de to London-baserte milliardærene og investorene Kristian Siem og John Fredriksen har signalisert at de ønsker en konsolidering i bransjen.
Konsernsjef Bakken viser videre til at Ålesund-rederiet jobber med å kutte kostnader. I slutten av februar kunngjorde Farstad at 26 stillinger skulle bort fra hovedkontoret. Det utgjorde cirka en tredjedel av staben på hovedkontoret.
Driftskostnadene i andre kvartal ble redusert til 512,9 millioner kroner, fra 673.9 millioner kroner samme kvartal ifjor.
– Vi har gjort en betydelig innsats for å redusere driftskostnader, sier Bakken, som ikke ønsker å gi noen ytterligere kommentarer.
I rapporten skriver selskapet at det ikke ser noen synlige tegn på bedring i markedet, til tross for at oljeprisen har økt den siste tiden. Det understrekes at usikkerheten vedvarer rundt når den neste oppturen kommer.
Farstad Shipping er et av de største offshore serviceskipsrederiene i Norge med en samlet flåte på 57 fartøyer.
Selskapet har hovedkontor i Ålesund og er børsnotert i Oslo. Farstad-familien er største eier med cirka 46 prosent av aksjene. Aktiviteten er i hovedsak konsentrert om markedene Nordvest-Europa, Brasil og Australia/Asia.
Krisen i Farstad setter også sine tydelige spor i regnskapet til Ålesund-familien som kontrollerer rederiet. DN skrev nylig at brødrene Sverre (63), Erik (55) og Jan Henry Farstad (62) gikk med nær 870 millioner kroner i underskudd før skatt ifjor gjennom sitt felleseide selskap Tyrholm & Farstad as.
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In a press release confirming Amedia LO Media acquires all shares in Newspaper News Agency (ANB) of the group, including site siste.no, which the agency operates. ANB will continue to deliver content to Amedia local newspapers.
“ANB has over 100 years of history as news agency. Through the acquisition of the company contributes LO Media to strengthen labor journalism and continuing news agency proud traditions, “the press release, where it does not disclose anything about the purchase price.
The leader of the editorial team in ANB, Helge Rønning Birkelund , told the journalist of the staff have been well informed about the process.
– When we learned about the plans before the summer holidays, so it was with great relief and joy. There is no denying that we are after the big downsizing in 2014, when we went down from 16 to 4 employees, and after the change of ownership to Amedia in winter, have felt that work places were unsafe. This is a good solution that is very well received, says Birkelund, who had already gotten a new job in LO News from December 1. He is however replaced in ANB.
– ANB is one of the country’s top editorial environments in many of the same disciplines as LO Media newsrooms covering. We therefore see many opportunities for cooperation and development with this purchase, says general manager of the LO Media, Tore Ryssdal Suresnes .
ANB had a primary responsibility to deliver content to Amedia local newspapers. This continued as before, although ANB now change ownership. Meanwhile, the agreement gives the possibility to deliver ANBS content for multiple media, which can provide a wider distribution of the agency’s services.
– We are delighted that ANB get a long-term and good corporate governance in LO Media, and that we have an agreement that continues the distribution of content from ANB to our local newspapers. LO Media takeover contributes to a further development of ANB, said director of publisher questions and Public Affairs at Amedia, Stig Finslo .
ANB continues as a separate company, owned by LO Media. Initially operated company that today, but will eventually be cooperation and development done jointly with LO Medias editorial environment. Editor Kjell Werner in ANB think this is a good solution.
– We are pleased with this agreement and believe this solution secures jobs in ANB. We look forward to continuing our commitment to journalism in working life, society and politics, but with new owners, says Werner.
LO-affiliated labor movement Press Association wants ANB welcome as part of the LO Media, says union leader Nina Hanssen .
– although this came as a surprise to us, as we see in the APF this as awesome solution to a difficult situation for ANB. Now we keep the agency and all journalist positions, and as we understand is also the employees happy with that now they will become part of the foundation LO Media, she said.
APF has to speak and the right to trade union secretariat. Association chairman did not even help to treat this matter and would like to received more information along the way and helped to influence the process.
– I think it’s sad that not APF has been able to participate in the internal media selection in LO where both LO leadership and the heaviest unions are represented, or received information along the way. It is not certain that the outcome would have been different. Today we are pleased on behalf of the four employees who produce news and commentary on politics and working in ANB. But think it’s stupid we as an LO union with members in the press even have to read about this case in Journalisten.no to get information, she said.
