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Prosafe to merge with competitor

Offshore rig company Prosafe wants to join with Floatel International. The merger will create a new major player in leasing hotel rigs to the oil industry. The Lauritzen Foundation is a major shareholder of Prosafe.

Prosafe moving "home" to Norway

Prosafe is getting ready to move its headquarters from Cyprus to Norway, where the offshore company already has a Stavanger office. The move comes at a time when other companies are leaving Norway.

Prosafe lands deal with Cosco for problem rigs

Accommodation rig company Prosafe has settled a large deal with Cosco's yard in Qidong, which provides some financial buffering for Prosafe and will halt repeated delays of hotel rig deliveries.

Prosafe's vessels had less work in 2017

Prosafe had a lower utilization degree of its eight accomodation rigs in the fourth quarter alone as well as throughout all of 2017. The company recently postponed delivery of new rigs again.

Prosafe delays hotel vessels yet again

Offshore company Prosafe has once again delayed delivery of two accommodation vessels from a Chinese yard. The rigs were ordered in 2013 by Axis Offshore, which at the time was owned by J. Lauritzen and equity fund Hitec Vision.

Analyst: Oil market at its most solid since before collapse

Following the summer downturn, the oil price rose to its highest level in over two years this week. The oil countries' production cap has generated optimism among analysts speaking to ShippingWatch. However, it is critical the production cuts are extended, or prices could slip again.

Prosafe has slashed onshore workforce in half

In onshore alone, accommodation rig company Prosafe has reduced its workforce by almost 100 people over the past year, CEO Jesper Kragh Andresen tells ShippingWatch after the publication of the company's Q3 results.

Prosafe forced to book major rig impairment

A USD 609 million impairment on goodwill and the fleet has sent Prosafe's bottom line into the red in the third quarter. The company expects a market with huge fluctuations and continues its focus on costs.

Prosafe postpones old Lauritzen rigs

Prosafe has opted to postpone two flotels which it took over when acquiring Axis Offshore at the turn of the year. The rigs were ordered when Axis Offshore was partly-owned by Danish carrier J. Lauritzen.

Prosafe celebrates Sverdrup contract in tough times

Times are tough for the hotel rig market, where the downturn has hurt Prosafe's bottom line yet again. Therefore, the company's CEO is celebrating a major contract with Statoil for the Johan Sverdrup field.

Prosafe CEO believes in brighter days ahead

Oil companies are sending positive signals as they seem poised to spend more money, says Prosafe's CEO. He believes in brighter days ahead for the leasing of accommodation rigs – but it will be a long journey, says the Dane with a professional past at J. Lauritzen.

Prosafe suffers setback in Q1

Revenue tumbles while operations dip into the red for Prosafe. However, there are signs of improvement for accommodation rigs, also called flotels, which could begin as early as next year, projects the company.

Prosafe: We are almost at rock bottom

Accommodation rig company Prosafe experienced low utilization rates in 2016 and only realized a profit due to a restructuring of the company. The bottom of the rough market will be reached next year, according to the company.

Former J. Lauritzen CFO joins Prosafe board

Birgit Aagaard-Svendsen, former CFO at carrier J.Lauritzen, will join the board of directors of Prosafe, which leases accommodation vessels. The executive has previously served on the board at competitor Axis Offshore, which Prosafe has now purchased.

Prosafe appoints new CEO

Jesper Kragh Andresen will take over as new CEO of Prosafe, which owns the world's largest fleet of accommodation vessels for the oil sector. He previously headed Lauritzen's offshore company Axis Offshore, which was acquired by Prosafe in early January.

Axis Offshore has now been sold to Prosafe

Axis Offshore, which until now been partially owned by Lauritzen Fonden, has now been sold to competitor Prosafe. The transaction was announced in November and means that Prosafe will take over three accommodation vessels for the oil sector.

Prosafe believes in offshore balance no sooner than 2020

Activity at accommodation rig company Prosafe is down to 50 percent of capacity and the quarterly result was only salvaged by one-off earnings. Prospects of the market regaining balance are far off. No sooner than 2020 does Prosafe expect supply and demand to match again.

Prosafe restructuring has been finalized

After several months of negotiating and promising major cost reductions, Norwegian accommodation rig owner Prosafe now informs that a refinancing deal has been settled and finalized with all relevant stakeholders.

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