Oilfield services group Prosafe reported Q1 net profit of $26.3m - almost slicing in half the $52.8m for the same period last year - hit by by a fall in rig utilisation. But the Olso-listed group was nonetheless very bullish about prospects going forward, especially in the North Sea.

Rig utilisation aside, the group also suffered in its comparison with the last year from the $28.1m profit booked in 2008 from discontinued operations.

Prosafe, which owns accommodation rigs, reported a rig utilisation rate of 77% compared with 88% the previous year.

Operating revenues totalled $81.6m - plunging from $105m previously. Operating profit, however, came in with a more modest fall at $37.5m against $42m previously.

"These figures reflect a temporary lower rig utilisation, mainly due to MSV Regalia underoing a major refurbishment and the mobilisation of Safe Bristolia to Mexico," the company said.

Bullish outlook for North Sea

But Prosafe nontheless reported a strong operation perfomrance and a "robust" financial position.

"Good order intake and asound contract portfolio will contribute to solid earnings going forward," Prosafe said.

It said it had a solid orer backlog and a "good market outlook."

Looking at the market outlook for the North Sea, it said the region featured a mature basin, with increased recovery of deposits and an extended lifetime for fields.

It added that from its perspective, maintenance, modification and upgrade work would be required in years to come.

"We foresee a good outlook for modification and maintenance projects over the next years, and we expect that some of these projects will require additional accommodation offshore in order to carry out the projects efficiently," Prosafe added.