Prosafe loss widens on impairment charges

Offshore accommodation specialist Prosafe has posted a net loss of $360 million in the third quarter of 2019, compared to a loss of $118 million a year ago.

“Due to a prolonged downturn and weaker outlook in the North Sea, in particular, an impairment of $341 million has been made to the book value of vessels, resulting in marginalized book equity. Prosafe has adequate liquidity of $216 million,” Prosafe said.

The company’s fleet utilization for the quarter was 48.2 percent, similar to 48.1 percent a year ago.

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