DSND Subsea, a Norwegian oil services company that this week merged its underwater construction unit with that of the Halliburton Company, said that its first quarter loss narrowed as sales rose and costs fell.
The loss shrank to 50.6 million kroner ($6.2 million), or 0.84 krone a share, from 95.7 million kroner, or 1.37 kroner a share, in the year earlier period, DSND said at a press meeting. Sales rose by sixteen percent to 494.9 million kroner.
The Oslo based DSND in October agreed to merge its underwater business with that of Halliburton, a US oilfield services company, to tap an expected increase in oil companies' spending and help turn its business around after losing money since 1999.
“The market will continue to be challenging this year,” said brokerage Pareto Securities in a note to investors. Still, “DSND has come a long way in restructuring the company.”