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Increased oil prices have Prosafe taking a brighter view of the future

Elevated oil prices will lead to multi-year surges in the investments of the oil and gas industry, forecasts hotel rig firm Prosafe, which books a positive operating result for the year’s first quarter in the wake of increased activity.

Photo: PR / Prosafe

Prospects for the offshore market are looking much more positive than they have for a long time, says Prosafe, which bagged positive earnings before interest, taxes, depreciations and amortizations (EBITDA) of USD 4.8m in the first quarter of the year compared to a loss of USD 10.1 in the same period last year.

In its quarterly financial report, the accommodation rig provider writes that recent months’ highly elevated oil prices have seen the offshore market’s outlook ”improved significantly” after an extended period with very low levels.

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