Total revenue reached $110.1 million in 2014, down from $120.1 million in 2013.

“The significant fall in the oil price during the fourth quarter has led to a challenging environment for the oil and gas industry,” the statement said.

It added that the group has taken precautionary cost-cutting and business improvement measuresin its oil and gas division which will continue throughout 2015.

“Overall, the board expects a reduction in revenue for this division during 2015 as levels of activity are reduced and margins are under increased downward pressure,” the statement said.

The Petrolia group comprises three business segments – exploration and production, oil service and drilling and well technology. Many of its current holdings are on the Norwegian Continental Shelf, and it is listed on the Oslo Stock Exchange.

The group decided to move its head office to Limassol in 2013 to be closer to key markets while maintaining a European presence. It made the move by merging of Petrolia SE and a Cypriot public limited company, Petrolia E & P Holdings PLC. Petrolia SE. Shareholders of Petrolia SE received new shares in Petrolia SE in exchange for their old shares in Petrolia SE.

Source: InCyprus