Fred Olsen holding company Bonheur has cut its loss in the second quarter as cruiseships increased earnings.
The Oslo-listed company said the net deficit to 30 June was NOK 812m ($100.34m), down from NOK 1.01bn in 2016.
Revenue dropped to NOK 2.03bn from NOK 3.15bn, while depreciation was NOK 713m from NOK 882m.
The offshore drilling division took an impairment of NOK 635m, against NOK 1.32bn the year before.
The four cruiseships produced EBITDA of NOK 139m, up from NOK 102m.
Operating revenue was NOK 574m, against NOK 550m in 2016.
The division was hit by an 8% decline in NOK/sterling rates. UK revenue was up by 15%, but the exchange rate wiped NOK 57m off this.
The fall of the pound against the dollar also hit EBITDA due to costs incurred in the US currency.
Passenger days dropped to 274,598 from 284 578, but net ticket income per day was 22.5% higher.
Offshore drilling produced EBITDA of NOK 240m, compared to NOK 1.17bn in 2016, while shipping and offshore wind operations saw earnings jump to NOK 140m from NOK 5m.
Installation vessel utilisation was 100%, from 36% a year ago.
It has 41% of the fleet covered by firm contracts up to the end of 2019.
