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Prosafe result sliced in half in 2015

Hotel and service rig provider Prosafe, along with its colleagues in the offshore industry, cannot escape the low oil price and the oil majors' eagerness to cut costs. A continued weak market in the short and medium-long terms, assesses the Norwegian company.

Photo: PROSAFE

Norwegian Prosafe, which is the world's largest operator of hotel and service rigs, finds itself in the middle of a market which is dominated by an extremely low and unprofitable oil price. The major oil companies' steadfast effort to increase efficiency and cut costs as much as possible is taking its toll across the board of subcontractors, which are dependent on the oil majors' investments.

This includes Prosafe, which in 2015 withstood pressure, while the company's net result took a dive from USD 178.8 million in 2014 to just USD 85.6 million last year.

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