EnergyWatch

Prosafe believes in offshore balance no sooner than 2020

Activity at accommodation rig company Prosafe is down to 50 percent of capacity and the quarterly result was only salvaged by one-off earnings. Prospects of the market regaining balance are far off. No sooner than 2020 does Prosafe expect supply and demand to match again.

2016 has pretty much been a horror story for Norwegian accommodation rig owner Prosafe and the most recent result for the third quarter is no exception.

Only a one-off income of USD 198 million, related to a restructuring and the cancellation of bond debt, meant that the result before taxes came to a positive USD 207 million, according to the company's interim report.

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