Norwegian investment firm Smedvig has reported a jump in annual profits with the help of its sale of maritime software provider Navtor.
The diversified company posted a pre-tax profit of NOK 863m ($102m) for 2020, compared to NOK 656m in the prior year. Revenue dropped to NOK 1.606bn from NOK 1.653bn.
An important element in the profits last year was the sale of Egersund-based Navtor, which was purchased by technology focused private equity firm Accel-KKR.
