Prosafe Announces Q2 Results

Stavanger, Norway-based Prosafe reported that its operating profit for the second quarter was US$23 million, down from US$29.2 million from the same period in 2005. The decline reflects a temporary downturn in fleet utilization for Offshore Support Services owing to the demobilization of two units from the U.S. Gulf of Mexico and Nigeria, respectively.

Net financial income for the second quarter amounted to US$9.7 million (net expenses of US$6.6 million). The company said this high financial income primarily stems from the increased market value of forward exchange contracts.

A large proportion of these contracts were concluded to hedge the company's tax exposure in connection with a refinancing of its bank debt early in the third quarter, resulting in a currency gain in NOK that will imply a tax cost of US$7 million in the third quarter. The refinanced debt was nominated in USD and will not yield any currency gain in the consolidated accounts.

Net profit for the second quarter equaled US$30.1 million (US$21.3 million), and diluted earnings per share were US$0.84 (US$0.63).

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