Oslo-listed exploration firm DNO posted a $39.4 million loss for the first quarter of 2020, down from a net profit of $51.1 million in the first quarter of 2019 on Friday.
"DNO reacted quickly in mid-March 2020 to the oil price crash and growing restrictions on operations from the spreading coronavirus pandemic," it said.
The company cut its 2020 budget by $320 million, or 35%, to $640 million with reductions across all categories and business units.
It cut or deferred most discretionary drilling and capital projects across the portfolio and has renegotiated service contracts for savings and extended payment terms.
The company has also reduced overheads, including staff, in all locations and said it would continue to seek further savings.
By Murat Temizer