North Sea activity helps Prosafe narrow losses

Prosafe news
Prosafe's Safe Caledonia vessel.

Increased tendering activity for the North Sea helped Prosafe significantly narrow its pre-tax losses.

The accommodation vessel owner has posted a pre-tax loss of £83.3million for the year to September, reduced from a loss £484.3m at this point in 2017.

Prosafe said it is “promising” to see growth in its order book for the UK.

In September, the Safe Caledonia vessel was awarded a four-month contract for 2019 with an undisclosed “major operator in the UK, and the Safe Boreas won an eight-month extension at the Mariner field with Equinor.

The following month the Safe Zephyrus won a five-month contract with BP at Clair Ridge.

Prosafe, which saw its Q3 losses drop to £83.3m, a reducation of £401m compared to last year, said it shows work is being sanctioned again.

A deal with Cosco shipping in China also came into effect, allowing the long-term financing of three vessels stationed in Qidong shipyard.

CEO Jesper Andresen said: “We are generally observing increased tendering activity in the North Sea and internationally. With a renewed fleet including the possibility to take delivery of three additional vessels, we are well positioned to take our share of this upcoming work.

“Following the agreements with Cosco and lenders from August to reposition the company, it is promising to see growth in order intake after several years of falling order backlog.

“We are especially glad to see that maintenance and modification work, which has traditionally been Prosafe’s bread and butter, is being sanctioned again”.

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