Cypriot floatel owner Prosafe has posted a profit thanks to financial gains from its restructuring.
Net earnings in the third quarter increased to $201.9m, from a loss of $53.2m in 2015.
Revenue dropped to $129.8m from $154.1m, as utilisation fell to 52% from 81%, however.
This was partly offset by a higher average day rate.
Operating expenses rose to $61.5m from $56.5m, but it booked a financial gain of $168.2m
