Prosafe Emerges as Lowest Bidder in Brazil Offshore Tender
European owner and operator of semi-submersible accommodation vessels Prosafe has submitted the largest bid in two online auctions for the supply of safety and maintenance support vessels to Brazil."Prosafe has participated in an online auction for the supply of safety and maintenance support vessels to Brazil and on conclusion of the auction achieved first place commercial ranking," said a statement from the operator of offshore accommodating units known as flotels.The auction concluded on 23 January 2019 was related to a two batch public opportunity with each resulting contract being for a three year duration.With Prosafe being ranked first place in both batches…
Prosafe Signs Pact with Cosco
Norwegian contractor Prosafe and COSCO Shipping (Qidong) Offshore Co have come to an agreement on three newbuild offshore accomodation units being built in China."Prosafe has reached agreements with COSCO and its lenders which will transform the company’s fleet, market position and earnings potential, and secure a significantly enhanced financial runway," said a statement from the company.The agreement allows for flexible delivery and long-term financing of Safe Eurus, Safe Nova and Safe Vega. The Agreement with COSCO includes flexible option…
Equinor Extends Prosafe Deal
Semi-submersible firm Prosafe said that it has been offered a month extension for the Safe Boreas charter contract at the Mariner project by operator Equinor."Equinor UK Limited (formerly Statoil (UK) Limited) has exercised the first of six one-month options to extend the charter of the Safe Boreas. The total value of the option is USD 6 million," said a press statement.In early August 2017, the Safe Boreas commenced a 13 month firm operational period at Mariner in the UK sector of the North Sea. The firm operational period will now continue through to early October 2018.Prosafe is a leading owner and operator of semi-submersible accommodation vessels.
Prosafe Extends Standstill Agreement with COSCO
Prosafe has extended a standstill agreement with COSCO Shipping (Qidong) Offshore Co. Ltd in China for two harsh environment semi-submersible accommodation units, Safe Nova and Safe Vega.The standstill agreement has been extended until May 21, 2018 as Prosafe continues negotiations with COSCO and related parties for a workable commercial solution for the two units.A third unit, Safe Eurus, is in a preserved, strategic stacking mode and negotiations continue with COSCO to find a workable commercial solution.If no agreement is reached, Prosafe has the right to claim cancellation of the newbuild contracts due to delay…
Prosafe Mulls Scrapping as it Awaits Market Upturn
Accommodation rig firm Prosafe will continue to scrap old rigs and take part in consolidation if opportunities arise while it awaits better market conditions, it said on Friday, after posting a low utilisation rate in the first quarter. Prosafe provides rigs where oil firms can house staff working offshore. That market has declined since 2014, when the price of crude slumped, and has yet to significantly recover despite oil firms posting booming profits. Prosafe said on Friday it had saw more tendering activity and expects a gradual market pick-up from next year.
Mobilizing the Offshore Organization for Johan Sverdrup Field
The mobilization of up to 2,400 women and men who will work to hook-up, finalize and eventually start-up the Johan Sverdrup field in the North Sea.Later today approximately 150 people – plus crew from the flotel-operator ProSafe – will sail away onboard the floating accommodation vessel "Safe Zephyrus" from Mekjarvik outside Stavanger with the North Sea as their destination.When the flotel arrives at the Johan Sverdrup field this weekend, this will mark the beginning of the offshore mobilization for the giant field which will be in production for more than 50 years.“This is a big day for Statoil and the Johan Sverdrup partnership.
DNV GL Performs Offshore Drone Survey
Classification society DNV GL said its surveyors have carried the group’s first offshore drone survey on the semisubmersible vessel Safe Scandinavia in the North Sea. The 25,383 GT tender support vessel (TSV) Safe Scandinavia is owned and operated by Prosafe, supporting Statoil’s drilling operations off the coast of Norway. Using camera-equipped drones, DNV GL’s drone pilots checked the TSV’s fairleads and their connection with the vessel’s two columns as part of the intermediate survey. “We chose to try the drone survey, as it helped us optimize our survey requirements and allowed us to save significant amounts of time and money…
Prosafe Taps Andresen as CEO
Semi-submersible accommodation vessels owner and operator Prosafe has made several changes to its management team. Jesper Kragh Andresen was appointed as Chief Executive Officer (CEO), and Stig H. Christiansen as Deputy CEO and Chief Financial Officer (CFO) of Prosafe Management AS. Georgina Georgiou will continue as General Manager of the parent company Prosafe SE. From 2012 and until recently, Andresen was CEO in Axis Offshore. Prior to this he was President of Lauritzen Offshore and Managing Director of J. Lauritzen Singapore. Andresen holds an Executive MBA from INSEAD, France/Singapore, and a Masters degree in law from University of Copenhagen.
Prosafe: Market to Pick up from 2018
* Oslo-listed Prosafe shares were trading 3.6 percent up from the previous close by 1200 CET (1100 GMT) at 37 Norwegian crowns ($4.45) per share, outperforming a European oil gas and index up 0.8 pct.
Prosafe to Buy Newbuilds, 25 pct in Dan Swift for $70 mln
* Axis shareholders include HitecVision Fund VI and LF Investment ApS (a company owned by Lauritzen Fondet), who respectively own approx. * Danske Bank has delivered a fairness opinion on the terms of the transaction to the Board of Prosafe.
Prosafe Sees 2017 Pain; 2018 Recovery
Market outlook remains uncertain in near term, and although there are a number of prospects in years ahead, 2017 is still expected to be low point in activity level. * Net interest-bearing debt $1.24 bln at end of Q3 vs $1.22 bln a year ago.
Ten Out of 14 Prosafe Rigs to Be Out of Operation
Accommodation-rig operator Prosafe said on Monday another two of its rigs were expected to be taken out of the Mexican market due to low oil prices and spending cuts by state-owned oil firm Pemex. The two rigs, called Safe Lancia and Safe Regency, will be taken out of operation in mid-March. Safe Lancia was originally contracted until the end of 2016 while Safe Regency was contracted until the end of 2017. The move means that all five Prosafe rigs working off Mexico, and ten out of the company's 14 rigs worldwide, will be idle. Prosafe provides accommodation rigs to oil companies working offshore.
Shell Charters Regalia in 2016
Prosafe announced it has signed a contract worth approximately $24 million with Shell U.K. Limited for the provision of the Regalia semi-submersible accommodation vessel at the Brent C platform in the U.K. sector of the North Sea. The short duration contract commencing in the second quarter of 2016 will provide dynamically positioned (NMD3) gangway connection for the duration of the project. The contract award follows the Regalia recently completing an assignment for Shell at the Shearwater platform. The Singapore-flagged Regalia was built in 1985 at GVA Sweden to an enhanced GVA 3000 design.
Prosafe Signs First Contract for Safe Notos
Owner and operator of semi-submersible accommodation vessels Prosafe announced it has signed a contract with an undisclosed client for the provision of an accommodation vessel in the U.K. sector of the North Sea. The contract firm period commitment is over eight months and will involve an initial short period using the Safe Zephyrus commencing in the second quarter of 2016, to be replaced with the Safe Notos on arrival into the North Sea. In addition, Prosafe has granted four one-month options. Total value of the contract for the firm period is approximately $60 million.
Christiansen Assumes CFO Role at Prosafe
Stig H. Christiansen has today assumed his new position as chief financial officer (CFO) at Prosafe. Christiansen’s appointment was announced by semi-submersible accommodation vessels owner and operator Prosafe on July 3, 2015. Christiansen will overlap through the end of August with current CFO, Sven Børre Larsen, who resigned from his position to take on the CFRO role at TGS-NOPEC Geophysical Company.
Prosafe CFO Larsen Resigns
Chief Financial Officer of Prosafe Management AS, Sven Børre Larsen, has decided to resign from his position to take on the role as Chief Financial Officer in TGS-NOPEC Geophysical Company in Asker, Norway. The final day of Larsen’s employment at Prosafe is yet to be determined. Karl Ronny Klungtvedt, CEO of Prosafe Management AS, said, "I would like to thank Sven Børre Larsen for his efforts during his tenure at Prosafe. Mr. Larsen has contributed greatly to the progress of the company, and we wish him the best of luck in his new role." Prosafe said the process to find Larsen’s replacement has been initiated.
Prosafe, BG Group to Re-phase Safe Bristolia Work
Moored semi-submersible accommodation vessel Safe Bristolia sustained damage to lifeboats after experiencing bad weather during work at the Everest field in UK in October 2014, forcing operations to be suspended and the vessel to be brought to the Hanøytangen shipyard in Norway for repair work. Prosafe and BG Group have agreed to re-phase Safe Bristolia 2015 work program at the Everest platform with a shorter 2015 period and the addition of a new 2016 duration. Operations at BG Group’s Everest platform are scheduled to commence in June 2015 for a firm period of four months.
Prosafe Beats Street as Activity and Prices Rise
Offshore accommodation rig provider Prosafe posted first-quarter operating earnings above expectations on Wednesday and said activity has picked up in the second quarter as oil prices rebounded from their early year lows. Its first-quarter operating profit rose to $55.4 million from $22.9 million in same quarter a year ago and beat forecasts for $45.0 million. It is however down from $77.4 million in previous quarter. Prosafe's net profit rose to $27 million from $18.3 million a year earlier, below expectations for $33.2 million in a Reuters poll.
Prosafe Q2 Earnings Below Expectations
Offshore accommodation rig provider Prosafe reported second-quarter earnings below expectations on Thursday and said that its short-term market outlook is weaker as oil firms cut back on exploration spending. Prosafe's operating profit fell 20 percent to $55 million, short of expectations for $58.8 million while net profit fell 23 percent to $42.1 million, short of expectations for $47.4 million in a Reuters poll. "There are signs that we are entering a period of more uncertainty related to demand for offshore oil services," Prosafe said.
Prosafe Slashes Dividend Target, cites Sector Weakness
Offshore accommodation rig provider Prosafe cuts its near term dividend target on Wednesday as the offshore oil sector continued to weaken on capital spending cuts and a near 30 percent fall in crude oil prices since June. Prosafe, the world's biggest accommodation rig firm, said spending cuts have delayed several projects on both the British and Norwegian sides of the North Sea, even as the Mexican and Brazilian markets remained healthy. Oil firms around the globe have been cutting back over the past year, aiming to increase shareholder returns and protect margins amid a slump in oil prices.
