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Prosafe postpones old Lauritzen rigs

Prosafe has opted to postpone two flotels which it took over when acquiring Axis Offshore at the turn of the year. The rigs were ordered when Axis Offshore was partly-owned by Danish carrier J. Lauritzen.

Prosafe celebrates Sverdrup contract in tough times

Times are tough for the hotel rig market, where the downturn has hurt Prosafe's bottom line yet again. Therefore, the company's CEO is celebrating a major contract with Statoil for the Johan Sverdrup field.

Prosafe CEO believes in brighter days ahead

Oil companies are sending positive signals as they seem poised to spend more money, says Prosafe's CEO. He believes in brighter days ahead for the leasing of accommodation rigs – but it will be a long journey, says the Dane with a professional past at J. Lauritzen.

Prosafe suffers setback in Q1

Revenue tumbles while operations dip into the red for Prosafe. However, there are signs of improvement for accommodation rigs, also called flotels, which could begin as early as next year, projects the company.

Prosafe: We are almost at rock bottom

Accommodation rig company Prosafe experienced low utilization rates in 2016 and only realized a profit due to a restructuring of the company. The bottom of the rough market will be reached next year, according to the company.

Former J. Lauritzen CFO joins Prosafe board

Birgit Aagaard-Svendsen, former CFO at carrier J.Lauritzen, will join the board of directors of Prosafe, which leases accommodation vessels. The executive has previously served on the board at competitor Axis Offshore, which Prosafe has now purchased.

Prosafe appoints new CEO

Jesper Kragh Andresen will take over as new CEO of Prosafe, which owns the world's largest fleet of accommodation vessels for the oil sector. He previously headed Lauritzen's offshore company Axis Offshore, which was acquired by Prosafe in early January.

Axis Offshore has now been sold to Prosafe

Axis Offshore, which until now been partially owned by Lauritzen Fonden, has now been sold to competitor Prosafe. The transaction was announced in November and means that Prosafe will take over three accommodation vessels for the oil sector.

Prosafe believes in offshore balance no sooner than 2020

Activity at accommodation rig company Prosafe is down to 50 percent of capacity and the quarterly result was only salvaged by one-off earnings. Prospects of the market regaining balance are far off. No sooner than 2020 does Prosafe expect supply and demand to match again.

Prosafe restructuring has been finalized

After several months of negotiating and promising major cost reductions, Norwegian accommodation rig owner Prosafe now informs that a refinancing deal has been settled and finalized with all relevant stakeholders.

Prosafe looks ahead following Q2 profit and a refinancing deal

The market for offshore services remains difficult, but a new financing agreement means that Prosafe, which provide accommodation vessels, can look forward to a brighter future. And the company achieved profits on operations and the bottom line in the second quarter of 2016.

Prosafe shareholders clear refinancing

Shareholders in Norwegian Prosafe, which leases out accommodation vessels to the offshore sector, has approved a proposed refinancing, and thus both bondholders and shareholders have now cleared the company's restructuring. Prosafe is still negotiating with the remaining banks.

Yet another leading offshore figure succumbs to the dire market

The Chairman of Norwegian drilling rig company Prosafe will step down due to the straining work load. This is the second time in nine months that Prosafe says goodbye to a member of senior management, and yet another offshore head who bows out under the market pressure.

Prosafe seeks help from banks and replaces CEO

Yet another company in the distressed offshore sector must face a severe crisis because of the low oil price, and is asking shareholders, banks and shipyards for help. This time, it is Prosafe, which is also appointing a new CEO.

Farstad CEO calls for more scrapping

Following Norwegian supply carrier Farstad's giant deficit, published last week, the company's CEO calls on the industry in general to make a serious effort to incease scrapping substantially.

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