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Profit for Odfjell Drilling was halved in the third quarter of 2018, the company's quarterly report said Thursday.
Operating income amounted to $ 181.19 million, compared with $ 178.45 million in the third quarter of 2017.
The results were nevertheless better than the analysts' forecasts. In an update, Pareto Securities says its revenues are higher than expected in the MODU and Drilling & Technology businesses, writes TDN Direct.
The brokerage agency estimates that Odfjell is publishing a positive overall report that supports the stable performance of a company capable of generating significant cash flow from its well-equipped fleet in a challenging environment over the next few years. years.
The market lifts the stock
The stock is trading Thursday, up 9.44% in Oslo Børs at NOK 29.55.
Analyst Truls Olsen of Fearnley Securities believes Odfjell is producing a decent quarter, but points out that the current price hike comes after the stock fell much earlier this year.
After today's curse, Odfjell shares are still down 18.9% in 2018.
"They continue to do a good job and provide constant support for the platform they are on, so it's not surprising that the shares are going away," he told TDN Direct.
Olsen also believes that the company is very well positioned in the market for challenging environments that is improving.
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