Noreco slides to Q1 loss but reports ‘strengthened’ position amid production rise

Noreco slides to Q1 loss but reports ‘strengthened’ position amid production rise

Norwegian Energy Company (Noreco) reported a pre-tax loss of $17.1 million for Q1 2022, but maintained strong revenues and production at the upper end of its guidance.

In a Q1 results statement on Tuesday Noreco reported total revenues of $179m for the quarter, with EBITDA of $106.8m, both minor improvements on the previous period.

However, net losses extended to $44.9m after tax.