In short: "I also bought a starter position in Prosafe (trades in Oslo), which I had previously owned many years ago. A similar company to GMS with vessels in the North Sea and Brazil. Came out of a reorganization and was recapitalized. Likely makes it into the portfolio." A re-entry into a known name on a clean balance sheet.
Prosafe owns semi-submersible "flotels" — floating hotels that moor next to offshore oil platforms and house the crews doing maintenance and construction work, chartered by day. It is the same business model as Gulf Marine Services (GMS), which Polomny already owns: you rent out steel to oil companies, and day rates rise sharply when offshore activity picks up because nobody has built new vessels for years.
He owned Prosafe before and got out; what brings him back is not a new story but a new balance sheet. The company went through a reorganization — creditors were paid down or converted, and fresh equity was injected ("recapitalized") — so the debt load that crushed the old shareholders is gone and the vessels are now owned by a company that can survive to the good part of the cycle. Buying a business you already understand once its debt problem has been surgically removed is a low-research, high-familiarity way to add exposure to an upcycle you already believe in. He kept it small ("starter position") and says it will "likely" graduate into the published AIA Portfolio — so as of this post it is a personal holding on probation, not a formal recommendation.
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