Norway’s Bergen Group managed to cut down its net loss during the third quarter thanks to its exit from its shipbuilding unit although revenues fell by nearly two thirds.
The company reported a third quarter net loss of $6.4 million, an improvement over last year’s loss of $6.13 million.
Bergen’s revenues dropped by over 60 percent over last year from $48.43 million to $15.80 million, Upstream said.
However, the company’s order backlog for its onshore and services division “significantly increased” to $85.65 million from $12.74 million last year.
Norway-based Bergen said cutbacks in Norwegian offshore activity will not have a major impact on its bottom line and it expects “positive and profitable growth in the coming quarters.”
The company sold its 33 percent stake in NorYards in August, recording a $4.89 million after tax loss for the assets in the second quarter.