Fred. Olsen Production Q4 net loss decreases

Fred. Olsen Production ASA has reported a net loss of $1.13 million, or $0.01 loss per share, for the fourth quarter ended December 31, 2012, compared to a net loss of $23.95 million, or $0.23 loss per share, for the same quarter ended December 31, 2011.

Revenues for the fourth quarter ended December 31, 2012 were $29.01 million, compared to $27.82 million for the same quarter ended December 31, 2011.

Net profit for the year ended December 31, 2012 was $1.85 million, or $0.02 per share, compared to a net loss of $28.95 million, or $0.27 loss per share, for the year ended December 31, 2011.

Revenues for the year ended December 31, 2012 were $113.31 million, compared to $109.18 million for the year ended December 31, 2011.