November 30, 2022


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Spittal off short rig - E24

Spittal off short rig – E24

The investor has made a profit betting against the housing drilling company Prosafe, which has a number of high-profile investors as shareholders.

Øystein Stray Spetalen is an active investor in Oslo Poor’s.
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Earlier this fall it became known that investor Øystein Stray Spitalen had entered into a sale, betting on the price down, of Oslo-listed housing unit Prosafe, worth approximately NOK 14 million.

This week his wholly owned investment firm, Tycoon Industries, was for the first time outside the record of short positions in Prosafe stock.

During the period when Spitalen was signed up in a short deal, Prosafe’s stake fell by about 20 percent. It is not known exactly at what rates the sell position, once increased, and therefore not the size of the profit, was set.

FSA listings only show positions of 0.5 percent or more of the company’s shares. So it is possible that Spitalen still holds a smaller stake in Prosafe than this.

Heavy Celebrity

Prosafe shares have risen significantly this year when the investor took the bet.

When famous investors such as Selina Middelfart, Magnus Halvorsen and Edvin Ostbo appeared in March this year, the shares were bought at NOK 71 per share, while now the price is NOK 148. However, in August, it was as low as NOK 250.

Along with a restructuring that removes $1.1 billion in debt built up during several challenging years in the rig industry, this year Prosafe announced several contracts and delivered strong quarterly results.

On the Prosafe shareholder side are investors Arne Blystad and Ketil Skorstad.

The timing is still uncertain

For several years, the drilling sector has been burdened by the drop in oil prices, which worsened with the outbreak of the Corona crisis.

Since then, oil prices have risen sharply, and many players and analysts see better times ahead.

The demand outlook in our core markets is favourable, but the timing remains uncertain. We’re maintaining our focus on ensuring our vessels are in use in 2023. In Brazil, we’re seeing increased activity next year, while tender activity in the North Sea is more focused in 2024 and beyond, CEO Jesper K. Anderson said in relation to the chapter. Quarterly. The numbers are from earlier November, according to Infront TDN Direct.

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