Prosafe (OSL:PRS) reports Q12012 figures broadly as expected, great dividend story
The offshore accommodation speclialist yesterday reported an EBITDA of US$75m vs estimates of US$77E. EPS came in at USD 0.21 vs 0.23E and the dividend of US$ 0.133 was as expected
The results were impacted by a higher than expected SG&A and interest cost with net debt USD$660 slightly higher than estimates
Management remains very optimistic about the accommodation market and sees solid demand for next 3 years.
In the near term the focus is a contract for the jackup Esbjerg, as well as securing more backlog for 2013 for the floaters.
The lower risk offshore story with an attractive c7% yield on offer!
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