Prosafe, which rents accommodation rigs for offshore oil and gas companies, has had its busiest quarter since 2015.

The company reports a net profit of USD 10.6m in Q2 against a net deficit of USD 11.2m in the same quarter in 2021, according to the financial report.

Behind the positive result is a well-utilized fleet, which has not been more busy since 2015, with five out of seven vessels having been fully employed throughout the quarter. That gives a fleet utilization of 81% compared to 65.8% in the same period last year.

Prosafe completes restructuring

”Activity level is high in 2022. Prosafe has at least six of seven vessels on contract for all or parts of the year,” writes the company and adds that during the first half of the year, commissions of around USD 300m have been added to the order book.

And Prosafe expects ”further increases in the future based on active tendering activity.”

In relation to the restructuring, which was completed in December 2021, the company’s creditors agreed to convert debt of USD 1.087bn into shares. Overall, the restructuring reduced the debt by 75%, and Prosafe emerged on the other side with a share capital of USD 439.9m and USD 60m in cash balance by the end of 2021.

(This article is provided by our sister media, ShippingWatch)

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Prosafe reports highest quarterly fleet utilization in seven years