CYPRUS: Prosafe shares to yield new company

CYPRUS: Prosafe shares to yield new companyProsafe SE shareholders look set to get the shares of the company’s floating production division as a dividend in kind when the new unit floats on the Oslo Stock Exchange under the name Prosafe Production.

The Prosafe board also proposed letting 10 percent of the new business free float for other investors.

Company leadership aslo resolved in future to pay-out 50 percent of Prosafe SE’s net profit.

The Cyprus-listed Prosafe attained operating profit of $222.2 million in 2007 on the strength of floating production ships and service rigs.

Source: Scandinavian Oil & Gas

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