Scandoil.com

Norwegian Energy stocks make huge gains


Published Nov 21, 2008
stock market up graph

Norwegian energy stocks made powerful strides early Friday in defiance of oil dipping below $50 and the trend the night before in North America, where energy indices followed the burses in downward spirals of up to five percent.

Offshore handling automator TTS Marine was lead gains and was up 15.38 after a slieu of recent mooring and port equipment orders. Rival Odim was also up over nine percent.

Wavefield rose 14.8 percent and is up on a wave of suitor interest after its settlement with TGS-Nopec ended legal woes.

Seafloor survey outfit Reservoir Exploration Technology soared 12 percent by mid-morning after the market approved of a share offering and financial results that showed signs of progress.

Supplier-contractor Aker Solutions was up 3.58 percent despite a large group loss reported earlier this week and the subsequent resgination of its chief executive officer.

Anglo-Norwegian-owned Caucausus region explorer Canargo Energy Corp. was up 10.87 percent, although Scandoil.com failed to discover why.

Oil companies Det norske oljeselskap and Norse Energy Corp. were up 11 percent and 14 percent on their Norwegian and Brazilian business.

The early morning start in Oslo defied 14 percent losses reported in energy-focused Toronto after yesterday’s oil-price dip to just under $50 a barrel.

Tags: Aker Solutions, ODIM




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