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Prosafe: Big uncertainties on the oil markets

The North Sea equals uncertainty, says Prosafe in its 2nd quarter interim report, and other oil markets are also fraught with risks. The offshore rig hotel company saw both profit and revenue drop.

Photo: PROSAFE

Prosafe's business consists of leasing hotel rigs to the offshore markets, and the company, listed on the Oslo Stock Exchange and based in Cyprus, is the biggest of its kind in the world. As such, the company can clearly feel that the North Sea has become a more risk-fraught market than in the past, with oil companies slowing down and hesitating to perform new investments.

"There are signs that we are entering a period of more uncertainty related to demand for offshore oil services. Several oil companies have signaled reduced E&P spending going forward and have introduced cost reduction programmes. In Prosafe's core markets, this development is most visible in the North Sea region, where there is a lower activity level and fewer tenders and enquiries from clients than in the last three year period," says Prosafe in the 2nd quarter interim report.

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