Prosafe sees potential for new contracts. Net profit up

Prosafe, world’s largest provider of offshore accommodation rigs, has reported its net profit for the first quarter of 2015 of $27 million, up from $18 million in the first quarter of 2014.

The company’s operating profit for the first quarter amounted to $55.4 million versus $22.9 million in the same quarter of 2014. The increase reflects a combination of a higher average day rate level and a higher utilisation of the fleet. Utilisation of the fleet was 80 per cent in the first quarter of 2015 compared to 76 per cent in the first quarter of 2014.

Outlook

Providing its view on what the future holds, Prosafe said: “The oil companies’ focus on reduced spending and increased cost efficiency has continued during the quarter. Demand for assets and services related to exploration, development and production of oil and gas resources has therefore remained at a low level.

“In the latter part of the period, a positive movement in the oil price has been observed, and if sustained, could be expected to lead to a moderate increase in demand for offshore accommodation services.

“Tendering activity is currently at a higher level than in the first quarter, and there is potential for contract awards during the coming months.”

 

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