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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.

Photo: PROSAFE

Norwegian rig company Prosafe is so deep into the economic crisis that the company must now ask for help from several of its financial stakeholders in order to survive.

The company, which leases accomodation rigs to the offshore sector, thus becomes the latest in the industry to acknowledge that it cannot withstand the challenge from the oil price on its own.

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