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Noreco books record sales – and deficit

The Norwegian oil company broke several records in Q4 which was marked by high oil prices and the CEO’s resignation. Nevertheless, the second biggest operator in the North Sea saw losses on the bottom line.

Since David Cook signed as CEO of Noreco in November 2021, Euan Shirlaw has been in charge of many of the day-to-day operations. | Photo: Noreco PR
BY MATHIAS JULIUS FALKENGAARD, TRANSLATED BY CHRISTOFFER ØSTERGAARD

During the last three months of 2021, Norwegian oil company Noreco saw its highest quarterly revenue at USD 175m and its highest earnings before interest, taxes, depreciation and amortization at USD 97m since acquiring Shell’s Danish assets in 2019.

This is evident from Noreco’s Q4 and 2021 results, which were unveiled Wednesday.

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