Prosafe says future looks bright

Prosafe SE has published figures for 2Q 2007 and plans for the rest of the year.

Offshore staff

OSLO, Norway -- Prosafe SE has published figures for 2Q 2007 and plans for the rest of the year.

The company declared a 2Q net profit of $46.2 million, up from $30.1 million for the same period last year. Operating profit in offshore support services increased by $26.7 million, and floating production increased by $1.3 million, the company says.

Rig fleet utilization for support services totaled 88% in 2Q 2007, up from 86% in 2Q 2006. Improved earnings reflect higher day rates and the expansion of the fleet following the acquisition of Consafe Offshore in July 2006, Prosafe says.

Operating profit for floating production in 2Q amounted to $10.4 million, a figure that reflects higher capitalization of engineering costs due to the high number of ongoing conversion projects, the company says.

The future for the offshore support services segment looks promising through the end of the year, Prosafe says. Fleet utilization rates were high in 2Q, and the company anticipates that numbers for the third and fourth quarters of 2007 will remain high.

With the conversions of theUmuroa and Polvo FPSOs complete, the floating production segment is set for a promising half year as well. Three new conversion contracts are progressing according to schedule, the company says, with plans for completion at the end of 2008.

Over the last two years, Prosafe has years invested in systems to improve project management and has recruited personnel for increased project capacity. The increased size and competence of the organization facilitates continued business expansion, the company says. Prosafe will continue to pursue new opportunities, and is targeting one project award around year-end 2007 and another in the first half of 2008.

8/8/2007

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