Olsen Sinks On News From Titanic Shipyard

Olsen Energy ASA, the Norwegian base oil rig owner, has said it will take “a substantial” write-down of the value of its assets at the Harland & Wolff shipyard in Belfast, Northern Ireland because the yard has too few contracts. The write-down in value of Olsen's 92.2 percent stake in the yard that built the Titanic comes because of a “lack of new orders,” the company said in a statement to the Oslo Stock Exchange. The amount to be written off has not been set yet and will be announced later. The charges will have an effect on Olsen's first quarter results, the company has said.

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