Prosafe shareholders clear refinancing

Shareholders in Norwegian Prosafe, which leases out accommodation vessels to the offshore sector, has approved a proposed refinancing, and thus both bondholders and shareholders have now cleared the company's restructuring. Prosafe is still negotiating with the remaining banks.

BY DANIEL LOGAN BERG-MUNCH

Prosafe, which is listed on the Oslo Stock Exchange and makes its living renting out accomodation vessels to the offshore sector has today, Tuesday, secured shareholder backing to refinance the company. Prosafe, much like the majority of Norway's suppliers to the offshore branch, is under huge pressure from the low oil price and oil and gas company's subsequent cost-cutting efforts.

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