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Uncertainty grows among Norwegian oil sector firms - survey.

NORDIC BUSINESS REPORT-9 March 2010-Uncertainty grows among Norwegian oil sector firms - survey(C)1994-2010 M2 COMMUNICATIONS

9 March 2010 - The number of oil sector companies in Norway which are uncertain about the future almost doubled from March 2009 to November 2009, according to surveys by KPMG, obtained by local business daily Dagens Naeringsliv (DN) today.

The surveys were carried out in the respective months among 70 companies in the oil, gas and supply industry.

The report which is currently being prepared showed a number of changes from the first to the other survey, DN said.

The uncertainty about the future has also shifted form exploration and production companies to the suppliers.

"The aim was to see the development in what can be characterised as a very turbulent period. In the beginning of last year the oil prices were low, under USD45 per barrel. Towards year-end, they had jumped to levels around USD75," Henning Hummervoll, senior manager at KPMG and project manager for the survey, told DN.

Toril Nag, partner at KPMG said that uncertainty rose clearly among engineering companies.

A total 27% of all companies in the latest survey could not forecast a future cash flow with a sufficient exactness. In March the share was 15%. Only one-fourth of the companies said they have a positive and rising cash flow.

(EUR1 = USD1.4)

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Publication:Nordic Business Report
Date:Mar 9, 2010
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