Norway-based offshore decommissioning expert AF Gruppen reported a profit before tax for fourth-quarter 2008 of 131 million kroner ($19.2 million), or more than double the result of a year-ago after a record year and quarter.
The result came on revenues of 1.45 billion Norwegian kroner ($211 million), slightly less than a year ago although operating revenue for the year was up.
Profit before tax for the year reached 308 million kroner, or 32 percent better than for 2007.
The engineering and construction group said its energy business continues to grow, just as new Norway gets set to build onshore facilities for renewables and carbon research worth billions of dollars.
”It is expected that the demand for AF's energy-related services will continue to grow also in 2009,” a statement said, and overall, the company’s order backlog of energy projects only was up fourfold to 556 million kroner ($82 million).
The company is known for its removal to shore of offshore ConocoPhillips infrastructure and for the offshore “climate control” technology of at least one of its businesses.
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