Norway-based offshore floating production outfit Prosafe has posted a record 2007 operating profit of $222 million, or up $70 million over the previous year on the start of paying floater contracts and earnings from Consafe Offshore, bought in 2006.

Yet Prosafe reported expenses were up nine-fold to $64.5 million on the cost of borrowing for the company’s floating production expansion.

Fourth quarter operating profit was also up and nearly doubled year-on-year to $44.7 million.

The company reported day rates were on the rise throughout the year for its offshore support rigs.

The start of production from the vessels FPSO Polvo and FPSO Umuroe meant revenue quickly accrued to $150.4 million, a 62-percent improvement over 2006.

The company will now focus on splitting into a production-only entity and one focused on support rigs.

Tags: Prosafe