Prosafe sees profits rise

Upgrade: Safe Caledonia

Prosafe

related stories

Steve Marshall

 08 February 2013 08:58 GMT

Oslo-listed flotel contractor Prosafe boosted fourth-quarter net profit despite seeing its quarterly operating earnings dented by downtime for a pair of units.

Net income for the quarter increased to $42.3 million from $36.5 million a year earlier as lower financial costs helped to offset a 7% year-on-year revenue decline to $113.1 million.

However, quarterly operating profit of $45.5 million dropped from $51.8 million in the same period of 2011 due to a life extension upgrade for the 1982-built accommodation semi-submersible Safe Caledonia, as well as a lack of work for the Regalia unit after it earlier completed a contract at the Yme field off Norway.

The company's full-year operating profit rose 16% year-on-year to $222.4…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index