The annual report for 2012, which has just been made public, shows that the company logged a pre-tax loss of $34.4m as against a $48.5m deficit in 2011. Operating revenues increased from $276.7m to $301.4m.
The board says shuttle-tanker activity has been poorer than expected because of lower North Sea production combined with major delays in field start-ups, in both Brazil and Norway.
KNOT
