StatoilHydro, Norway’s largest oil and gas company, on Wednesday reported fourth-quarter results that were hit by the costs associated with the merger that created the $95bn group last year.

The state-controlled company said fourth-quarter net profit fell 59 per cent to NKr6.15bn ($1.18bn) from NKr14.94bn a year earlier, although the drop was expected after it warned about one-off merger-related costs.