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Oil price and exchange rates put Dana in black

Korean-owned Dana Petroleum had a year of “solid delivery” in 2017 that saw the first oil from its Western Isles FPSO.
Korean-owned Dana Petroleum had a year of “solid delivery” in 2017 that saw the first oil from its Western Isles FPSO.

An upturn in foreign exchange rates and higher oil prices returned Aberdeen-headquartered Dana Petroleum to the black in 2017.

The Korean-owned business recorded pre-tax profits of £119 million for the 12 months, a vast improvement on its £137m deficit in 2016.

Dana suffered “significant unrealised foreign exchange losses” of £115m in 2016 on “US dollar denominated borrowing and liabilities” as the pound weakened following the Brexit referendum.

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