Prosafe Q2 Earnings Below Expectations

Posted by George Backwell
Thursday, August 21, 2014

Offshore accommodation rig provider Prosafe reported second-quarter earnings below expectations on Thursday and said that its short-term market outlook is weaker as oil firms cut back on exploration spending.

Prosafe's operating profit fell 20 percent to $55 million, short of expectations for $58.8 million while net profit fell 23 percent to $42.1 million, short of expectations for $47.4 million in a Reuters poll.

"There are signs that we are entering a period of more uncertainty related to demand for offshore oil services," Prosafe said. "Several oil companies have signalled reduced exploration and production spending going forward and have introduced cost reduction programmes."

"In Prosafe's core markets, this development is most visible in the North Sea region, where there is a lower activity level and fewer tenders and enquiries from clients than in the last three year period," it added.

(By Balazs Koranyi)
 

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