DOF Prepares for Weak Oil Service Market

Oil services firm DOF on Friday forecast 2016 earnings before interest taxes and depreciation (EBITDA) in the range of 2.9-3.3 billion crowns compared to 3.36 billion in 2015.

 

"I hope we can be somewhere in the middle, depending on currency and how we are able to find new work for our boats," Chief Executive Officer Mons Aase said when presenting the firm's fourth quarter earnings.

 

DOF is expecting some difficult years ahead though, as oil firms slash investments and cut costs in the waker of sharply lower crude prices.

 

"The market is going to be tough in 2016 and we plan for a tough market in 2017. We have now started the overall plan so we have necessary financial resources to take the company through weak markets in 2016, 2017 and possible in 2018", Aase said.


(Reporting by Ole Petter Skonnord, editing by Terje Solsvik)