Songa Offshore Beats Street in Q1

Norwegian rig company Songa Offshore posted forecast-beating operating profit in the first quarter, but warned of continued fierce competition for few tenders in the market.

"Songa Offshore is of the view that 2015 and 2016 will be two challenging years for the industry. We expect more rigs to leave the Norwegian Continental Shelf and some being stacked going forward," the firm said in a statement.

The firm posted earnings before interest and tax (EBIT) of $20.2 million, above expectations for $16.4 million in a Reuters poll of analysts and $11.2 million a year earlier.

It booked a net loss of $11.3 million however, below expectations for a profit of $7.6 million.