Bergen's red ink

Norway's Bergen Group has seen a decrease in both revenue and net profit, following its decision to exit the shipbuilding industry and focus on marine services.

The company booked a loss of NOK 24.5m ($4m) versus a NOK 116m loss a year ago.

It said that this was primarily due to costs relating to the shipbuilding activities, which have now been fully sold out of the group.

Revenue went down by 46% to NOK 439m while its EBITDA loss was NOK 26m, from NOK 136m in the same stage of 2013.

Bergen expects that its recent partnership with Apply Rig & Modules and Semco Maritime will pay off soon.

Asle Solheim, chief executive, said: "The cooperation with Apply and Semco provides a unique capacity and competence within the execution of complex and cost effective projects relating to rig upgrades, modifications, installation and commissioning."

The group is now involved in attracting tendering processes with an order backlog of NOK 243m and the basis for profitable growth is considered to be good, Bergen said.​