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Prosafe plans major cutbacks and management reshuffle

Struggling Norwegian owner of hotel vessels in the oil industry, Prosafe, plans to severely cut costs in order to save up to USD 40 million in 2016.

Photo: PROSAFE

Prosafe, listed on the Oslo Stock Exchange, owns and operates floating hotel rigs in the offshore industry and has now announced massive budget cuts, reductions in the onshore business, and changes in senior management.

Prosafe aims to reduce the annual costs by a minimum of USD 30-40 million, the company states in a press release Tuesday. The expectation is that the savings from running a leaner organization will start to make a mark in the third quarter and throughout the remainder of 2016.

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