Oil Firms Slash Investments News

Oil services firm DOF on Friday forecast 2016 earnings before interest taxes and depreciation (EBITDA) in the range of 2.9-3.3 billion crowns compared to 3.36 billion in 2015. "I hope we can be somewhere in the middle, depending on currency and how we are able to find new work for our boats," Chief Executive Officer Mons Aase said when presenting the firm's fourth quarter earnings. DOF is expecting some difficult years ahead though, as oil firms slash investments and cut costs in the waker of sharply lower crude prices.