Caithness still has eyes on flotation

Published on 06/10/2012 00:00

Caithness Petroleum, the oil and gas explorer with operations in the Moray Firth, Morocco and Texas, is continuing to target an initial public offering (IPO) after narrowing its full-year losses.

Writing in the company’s annual report, chairman David Donnelly said: “We will complete an IPO when market conditions allow and work is well under way in order that we may achieve this.”

Pre-tax losses for 2011 fell to $9.8m (£6m), from $40.2m the previous year. London-based Caithness had mulled a flotation last year, but only if market conditions were “favourable”.