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Top Norwegian rainmaker predicts oil crash is nearing bottom

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Shipping is about to lead a recovery in global offshore markets that have been battered by plunging oil prices, according to one of Norway’s biggest dealmakers over the past three decades. Mads Syversen, the CEO at Oslo-based investment bank Arctic Securities, said he’s seeing the first signs of a pick ...

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Statoil posts surprise profit as lower costs offset oil drop

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Statoil ASA, Norway’s biggest oil company, unexpectedly posted a profit in the first quarter as cost cutting helped offset the lowest crude prices in almost 12 years. Adjusted earnings after tax fell to $122 million from $902 million a year earlier, the Stavanger-based producer said in a statement Wednesday. The ...

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BP reports surprise profit on strength in refining, trading

BP Plc reported a surprise first-quarter profit as a stronger-than-expected refining and trading performance helped mitigate the impact of sliding crude prices. Profit adjusted for one-time items and inventory changes totaled $532 million compared with $2.6 billion a year earlier, the London-based company said in a statement Tuesday. Analysts had ...

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