Prosafe stacking more accommodation rigs

Offshore staff

LARNACA, CyprusProsafe says its new accommodation vessel Safe Notos is in transit to Brazil to start a contract for Petrobras during 4Q.

The $189-million contract runs for three years and 222 days.

However, finding work for the company’s other vessels is proving problematic.

Safe Bristolia, having completed a two-month contract with BG Group in the North Sea, is now laid up in Norway.

Safe Astoria is cold-stacked in Batam, Indonesia, while Safe Lancia is cold stacked in Port Isabel, Texas. The company incurred off-hire and demobilization costs as well as costs related to the removal of the vessel’s thrusters during 2Q.

Safe Regency has transited from Aruba and is preparing for lay-up in Curaçao.

The market outlook remains uncertain in the near term - although there are prospects, Prosafe sees 2017 as the low point in activity level.

Longer term, the company sees demand returning more for traditional maintenance and modification projects with shorter lead times compared to hookup projects.

Also, recent cost reductions in the E&P industry will help more projects become economically viable. This, combined with the continued focus on asset integrity and maintenance on offshore installations, should lead to a gradual offshore support market recovery from 2018 onwards.

08/26/2016

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