The Prosafe share rose at most to over NOK 250 last year after an influx of well-known investors. Now money is raised at NOK 60 per share.
Illustration photo. Prosafe operates residential rigs. The company was in crisis for a long time due to high debt, but made a major restructuring in 2022. Photo: ProsafePublished:
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The Prosafe share is severely punished after the housing rig company reported weaker results and fundraising of NOK 350 million after the end of the market on Wednesday.
The latter is done at a price of NOK 60, down from yesterday’s Oslo Børs closing price for the Prosafe share of NOK 91.
On Thursday morning, the share price fell 28 per cent to NOK 64 on the Oslo Stock Exchange.
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Celebrity heavy
Prosafe has a number of well-known shareholders, according to E24’s investor lists.
On the owner side are, among others, shipping leader Magnus Halvorsen, investor Celina Midelfart, investor Edvin Austbø and shipowner Arne Blystad.
Several high-profile investors flocked to Prosafe in the spring of last year after a major restructuring of the debt had then been completed.
The shares were then bought at NOK 71 each and at most the price rose to over NOK 250 last summer. Since then, however, the rate has plummeted.
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Higher interest and lower stock market?
– Lower utilization
Over several years, the rig sector has been burdened by falling oil prices, which worsened when the corona crisis broke out.
Since then, oil prices have risen sharply, and several players and analysts see better times ahead. Prosafe highlighted on Wednesday that it sees increased demand going forward.
For the third quarter, however, the result before tax ended at minus 5.7 million dollars for the third quarter. That is down from a positive result of 12.5 million dollars in the same quarter last year.
Gross operating profit (ebitda) fell from 24.2 to 8.4 million dollars.
– The decline in ebitda was mainly driven by lower utilization during the quarter compared to 2022, the company writes.
2023-10-26 07:16:58
#Rig #shares #plummet #fundraising
