LARNACA, Cyprus – Prosafe is reorganizing its shore-based business in an attempt to cut its annual costs by $30-40 million.
The changes, which include redundancies, should take effect during the current quarter as the company adjusts its accommodation support vessel capacity to meet a falling offshore activity level.
Prosafe is also targeting reduced capex spending to protect its financial position.
The company hopes its measures will ensure it stays competitive in the continuing difficult market conditions and in a solid position to grow once the industry starts to recover.
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