February 9, 2015 / 10:17 AM / 3 years ago

UPDATE 1-Prosafe secures new credit facility, net profit lags forecasts

* Fourth quarter net profit $51 mln vs $59 mln forecast

* Enters into new $1.3 bln bank loan facility

* Shares up 4.3 pct at 1015 GMT (Adds analysts, financing deal, share price)

OSLO, Feb 9 (Reuters) - Offshore accommodation rig provider Prosafe signed a new financing agreement on Monday, sending its shares higher even though its outlook remained uncertain and fourth-quarter net profit missed expectations.

Prosafe, the world's biggest accommodation rig operator, said it had arranged a $1.3 billion loan facility to refinance previous loans at a lower interest rate and a longer maturity, shoring up investor confidence.

"They have refinanced their bank debt at quite attractive terms, and given that the oil services industry is going through a period of high uncertainty it's good when you can finance at good terms and long maturities," Haakon Amundsen, an analyst at ABG Sundal Collier said.

Prosafe shares rose 4.3 percent by 1015 GMT, lifted by the refinancing deal, Arctic Securities analyst Tord Aasen said.

Still, the firm's outlook remained uncertain due to low oil prices. It has signed no new contracts during the last nine months as oil companies reduce capital spending plans.

"In the accommodation support market, the reduction in demand has been particularly visible in the North Sea," Prosafe said in a statement.

"However ... opportunities still exist which could lead to new contracts being awarded over the coming year."

In the fourth quarter, Prosafe's net profit fell 15 percent to $51 million, below forecasts for $59.3 million in a Reuters poll. Its operating profit fell to $77.4 million from $93.0 million, ahead of forecasts for $74.6 million.

The firm's order backlog, including options, declined to $1.84 billion at the end of the fourth quarter from $2.15 billion at the end of third quarter and a record high of $2.5 billion in the first quarter last year. (Reporting by Stine Jacobsen and Balazs Koranyi; editing by Terje Solsvik and David Clarke)

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