Prosafe has followed up its financial restructuring with a big management reshuffle as it commenced negotiations with Cosco over two newbuildings.
Former Axis Offshore boss Jesper Kragh Andresen has been appointed as its new chief executive.
Newly appointed chief financial officer (CFO) Stig Christiansen will serve as active chief executive while Robin Laird will be the deputy CFO.
Glen Rodland, chairman of Prosafe, said: “The company has been through a fundamental financial restructuring and has implemented substantial efficiency measures and cost reductions.
“Further cost measures are being implemented during 2017.
“Prosafe will now focus even more toward the external market and on improving the supply side of the industry.”
Cosco negotiations kick-off
In a separate development, the Cyprus-based floatel owner said it has commenced negotiations with Cosco over two newbuildings taken over by rival Axis Offshore late last year.
It said: “The aim is to reach an acceptable commercial solution regarding timing and terms of delivery.”
If an agreement is not reached, Prosafe has the right to cancel the contracts due to late delivery and claim a refund of $60m.
The management changes and the Cosco negotiations were announced as the company posted a fourth quarter net loss of $32.7m, versus $143m in the corresponding quarter of 2015.
