The Oslo-listed outfit booked a net loss of NOK 22.5m($3.8m) for the period compared to a NOK 100.75m reversal in the second leg of2012.

An operating loss of NOK 14.5m was around a quarter of the NOK54.5m deficit last time round.

Revenue leapt to NOK 23.15m from NOK 6.9m in the second legof 2012.

Delivery of three long-delayed hulls at Davie yards is on trackand the first vessel is expected to hit the water by the end of February, Cecon said.

The