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Prosafe incurs operating loss and negotiates with lenders

Offshore company Prosafe struggles with a poor market and remains in negotiations with lenders to secure new financing. The firm expects the market to deteriorate further in 2020.

Photo: PR / Prosafe

Prosafe, which leases hotel rigs to the oil industry and whose stakeholders include Lauritzen Fonden, books a loss on operations while still in negotiations with its lenders to find a long-term solution.

In the fourth quarter of 2019, the company booked a negative operating result of USD 25 million against a loss of USD 1 million from the same period in the preceding year. For the whole year, the operating result ends with a major deficit of USD 342 million against a profit of USD 53 million in 2018.

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