Prosafe said a lower demand for accommodation vessels in the North Sea region has seen a number of projects postponed or made smaller.
The company posted its third quarter results with an operating profit of $93million.
It said its board of directors would now be focusing its efforts on “strengthening the balance sheet” and securing strategic flexibility.
Prosafe said: “As a result of E&P companies’ spending and cost cutting initiatives there has been a softening of demand for accommodation vessels in the North Sea region.
“Several projects both in Norway and in the UK have been descoped and/or postponed, resulting in a temporary reduction in demand for accommodation support.
“Overall, this will most likely lead to a reduction in the North Sea contract inflow going forward, compared to the levels experienced during the past two to three years.”
Despite a decrease in its North Sea business, the company said the quarterly result for operating profit was the highest ever in its history.
Recommended for you
