July 17, 2019 / 6:10 AM / 4 months ago

Norwegian oil firm Okea's second-quarter profit rises

OSLO (Reuters) - Oil firm Okea (OKEA.OL) on Wednesday reported higher core earnings for the second quarter in its first-published quarterly report since its debut on the Oslo Stock Exchange.

Company’s earnings before interest, tax, debt and amortization (EBITDA) came in at 594 million crowns ($69.24 million), compared with a loss of 13 million crowns in the year-ago period.

Okea produced 20,045 barrels of oil equivalent per day (boepd) in the second quarter, up from 358 boepd a year ago.

The Norwegian company, which was listed on the exchange in June, is part of a crowded pipeline for stock market flotations in the European oil sector. It is majority owned by Thailand’s Bangchak Corporation (BCP.BK) and private equity firm Seacrest Capital.

Oil and gas companies with a combined value of around $41 billion are seen as candidates for listing in the coming years, according to estimates by energy consultancy Wood Mackenzie.

Reporting by Gwladys Fouche, Editing by Sherry Jacob-Phillips

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