Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Cairn Energy reports nearly £400m half-year losses

Cairn has struck a deal to sell its 40% stake in Senegal's Sangomar field to Russia's Lukoil, allowing the Scottish company to plan a special dividend.
Cairn Energy's board visits the Ocean Rig Athena, Dakar Senegal. Picture Ian Rutherford

Oil and gas exploration firm Cairn Energy has reported nearly £400 million in half-year losses.

The Edinburgh headquartered firm saw pre-tax losses of £383m for the first six months of 2018, despite North Sea growth for the company.

The company reported that it has made significant financial losses on the “derecognition of financial assets” to the tune of £176m.

Last year, Cairn revealed it was back in the black, reporting pre-tax profits of £185million and an improvement on a deficit of £108million in 2016.

Simon Thomson, chief executive, Cairn Energy PLC said: “Cairn has made strong progress across its balanced portfolio. Cash flow from the North Sea is now established and development projects in Senegal and Norway are well advanced to support the production base over the long term.

We are also delighted to have enhanced our exploration portfolio with potentially high impact opportunities across frontier and emerging basins. This additional acreage supplements our existing active programmes in the UK, Norway and Mexico.

 “This continued strategic delivery, together with our strong balance sheet, ensures Cairn remains well-positioned to access material value growth potential.”

In 2017, the firm celebrated first oil from the Kraken and Catcher fields, in which Cairn holds non-operated stakes.

Cairn owns 29.5% of Kraken, which is operated by EnQuest.

Recommended for you

More from Energy Voice

Latest Posts