Losses at offshore accommodation provider Prosafe widened in the first quarter as the market remained challenging.
Cyprus-headquartered Prosafe posted pre-tax losses of $17.5million in the first three months of the year, down from a $1.6million deficit for the same period in 2016.
The Oslo-listed firm’s revenues dropped to $75.7million from $103million.
Fleet utilisation was 40% in the first quarter of 2017, compared to 37% a year earlier.
Safe Boreas continued the contract with Repsol Sinopec in UK and was in full operation throughout the quarter.
This contract at the Montrose area was extended to April 24.
Safe Zephyrus completed a contract with Aker BP in Norway at the end of January and is currently laid-up in the UK.
Safe Notos and Safe Concordia were fully contracted in the quarter for Petrobras.
Safe Lancia was sold for scrap in the US in March, while the Safe Regency in process of being offloaded.
Regalia, Safe Bristolia, Safe Astoria and Safe Regency were idle in the quarter.
Prosafe said it was delivering against its cost and capex reduction targets.
At end April, Prosafe was awarded the flotel contract on Statoil’s Johan Sverdrup field in Norway.
Jesper Kragh Andresen, chief executive of Prosafe, said: “We are pleased with the company’s operating performance in this challenging market and the successful award by Statoil of the Johan Sverdrup contract.”