Prosafe posts fall in profit. Provides optimistic outlook

Prosafe, the Oslo-listed provider of offshore accommodation units, posted a drop in both its second quarter revenue and profit.

The company’s revenue fell to $92.5 million, from $133 million a year ago, and profit dropped to $12.2 million from $42 million in the second quarter of 2014.

Fleet utilisation in the second quarter was 58 per cent, with several vessels on yard stays.

However, Prosafe’s third quarter has kicked off with a bang as the company has entered into contracts of a total gross value of approximately $240 million so far in August. From Q1 2017 Safe Eurus will work for three years for Petrobras in Brazil. Safe Notos will be deployed on an eight-month contract in the UK from Q2 2016, with Safe Zephyrus covering a short period at the start of the contract.

The company provided a relatively optimistic take on what’s ahead for the floating accommodation market.

“The oil and gas services market remains challenging, and in the current lower oil price environment Prosafe has seen prospects being deferred or work scopes being reduced. However, Prosafe has been awarded several new contracts and extensions, resulting in improved short-term revenue visibility.  Set against this relatively robust short-term outlook, uncertainty remains in respect of the medium term.

“Nevertheless, the company should be well placed to continue to take relative advantage of market conditions in the longer term.”

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Posted on August 21, 2015 with tags .

Events>

<< Jul 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

8th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

Gas Indonesia Summit 2019

Gas Indonesia Summit & Exhibition is returning for the fourth edition in Jakarta…

read more >

Shanghai Int Petrochemical and Offshore Oil & Gas and Chemical Industry Technology and Equipment Exhibition 2019

cippe Shanghai has attracts both…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply