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Prosafe extends time frame for merger plans

Prosafe and competitor Floatel have extended the long stop date for their merger by six months. The merger is still pending necessary approvals after Norwegian authorities initially rejected the endeavor.

Prosafe appeals rejection of merger in Norway

Prosafe has now appealed the decision from the Norwegian Competition Authority, which rejected Prosafe's merger with competitor Floatel three weeks ago. The merger would create the world's largest fleet of accommodation rigs.

Prosafe impairs hotel rigs by more than USD 340 million

The downturn in the offshore sector and weaker prospects made Prosafe book a massive impairment on accommodation rigs. The company also says that it will appeal the Norwegian authorities' rejection of its merger with a competitor.

Oil companies support Prosafe merger – but authorities say no

Equinor, Aker BP and Total all see the advantages of a merger between Prosafe and Floatel. Each company is fragile on its own, according to a response that ShippingWatch has read via a right of access to documents. Norwegian authorities have rejected the merger.

Banks support Prosafe's merger with competitor

Banks have declared their support for the merger between Prosafe and Floatel, which will create a new major player in hotel rig leasing. However, several crucial approvals are still needed.

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.

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