Fred. Olsen Q4 core earnings hit by rig repairs
OSLO Feb 6 (Reuters) - Norwegian offshore rig company Fred. Olsen Energy posted a fourth-quarter operating profit below expectations on Wednesday as its costs increased due to higher repair and maintenance level needed on its fleet of drilling rigs.
Fred. Olsen Energy, which operates nine rigs and vessels for BP, Statoil and other oil companies, said its operating profit fell to 394 million crowns ($71.73 million) from 542 million crowns a year ago and below the 463 million expected by analysts.
It proposed two dividends for 2012 totalling 20 crowns, matching analysts' expectations and which matched last year's dividend level.
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