Record year for Norsk Hydro

Norsk Hydro, Norway's second largest oil company, reported that its after-tax profit in 2000 was the largest ever for a single year: USD 1.6 billion (NOK 14 billion). That represents an improvement over 1999 of USD 1.1 billion (NOK 10 billion). Egil Myklebust, who is retiring after 10 years at Norsk Hydro's helm, described the achievement as "a robust platform for further growth." But he also acknowledged that the company has experienced a disturbing increase in safety problems offshore.