Financial performance
The business area had a turnover of NOK 300 million, where the operating profit includes the effect of a large write-down on receivables at Scana Vestby after the bankruptcy of FPSOcean.
The other companies in the business area still show growth and generate operating margins of about 15 per cent. This is in line with our goals.
During 2008, the companies in the business area also secured several strategically important contracts within service, maintenance and development. The order intake in 2008 was NOK 203 million, while the order reserve at the end of the year was NOK 61 million. The development in the oil price during 2009 will be decisive for activity level in the industry. Scana expects some reduced activity levels in the short term, but sees interesting business opportunities in the long term.
