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Prosafe revenues down 16% as vessel utilisation sinks

The Prosafe Regalia
The Prosafe Regalia

A drop in demand for Prosafe vessels reduced third quarter revenues at the offshore accommodation provider by 15.5% to $130million.

Oslo-listed Prosafe, which is headquartered in Cyprus, said its utilisation rate was 52%, compared to 81% in the third quarter of 2015.

Pre-tax profits rose 275% to $207million.

During the quarter, Prosafe said its future had been secured through to the end of 2020 after its refinancing plans were approved.

It said all lenders behind the firm’s $1.6billion financial facilities had agreed to the proposals.

In line with the plans, Prosafe issued new shares at a price of NOK 0.25 each, raising about $130million.

Also during the three months, Prosafe sold the Jasminia and Safe Hibernia units for scrapping in the US.

Looking ahead to next year and beyond, the company said: “Market outlook remains uncertain in the near term, and although there are a number of prospects in the years ahead, 2017 is still expected to be the low point in activity level.

“In general, the market activity is expected to normalize in the years ahead through a combination of maintenance and modification, hook-up and decommissioning. Further cost reductions in the E&P sector are expected to contribute to more projects becoming economically viable.

“Combined with continued focus on enhanced recovery, life extensions and safe and efficient operations, the company expects a gradual market recovery from 2018 onwards.”

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