A prolonged downturn in the oil and gas sector and an accident which took place a year ago have dragged BW Offshore (BWO) to the red.

The Oslo-listed FPSO owner posted a net loss of $234.5m in the fourth quarter, compared to earnings of $12.7m at the same period of 2014.

This number includes impairments of $322.4m due to the negative outlook for new contracts and direct damages from the