Prosafe’s 3Q profit goes down

Safe Concordia; Image: Prosafe
Safe Concordia; Image: Prosafe

Prosafe, the owner and operator of semi-submersible accommodation vessels, has posted a drop in profit for the third quarter of 2015 when compared to the corresponding period last year. 

Namely, the company’s net profit equalled $53.2 million in the 3Q 2015, versus $67.4 million in 3Q 2014. However, Prosafe has seen a rise in its quarterly profit when compared to the second quarter of 2015 profit of $12.2 million.

In its 3Q results report on Thursday, Prosafe said its operating profit for the third quarter of 2015 amounted to $71.3 million, as opposed to $93 million in the corresponding period last year.

Revenues for the third quarter of 2015 amounted to $154.1 million, a drop when compared to $169.5 million in the same period last year.

Fleet utilisation in the third quarter of 2015 was 81%, a drop when compared to 96% utilisation in the third quarter 2014.

Prosafe said the conversion of Safe Scandinavia to a tender support vessel continued during the third quarter. The vessel is expected to start operations offshore at Oseberg East for Statoil towards the end of the fourth quarter of 2015. The initial plan was for the rig to be ready for delivery in the first half of 2015.

Outlook

In its quarterly results report on Thursday, Prosafe said: “With continued low and highly uncertain oil prices and E&P companies’ capital expenditure being under pressure, the oil and gas services market remains challenging. However, cost reductions in the E&P sector are expected to contribute to more projects becoming economically viable. This, combined with continued focus on asset integrity and maintenance, could create future opportunities.”

The company also added: “Tendering activity for near term accommodation work has slowed down, but medium term opportunities are progressing with the oil companies beginning to demonstrate higher activity levels from 2018 onwards.

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