Prosafe Firms Up Orders for Semi-Submersible Accommodation Vessels at COSCO

Reference is made to the announcement on 7 November 2013 regarding the Letter of Intent entered into with COSCO (Qidong) Offshore Co., Ltd. for the engineering, procurement and construction of two semi-submersible accommodation vessels, with options for four further units. Prosafe has now completed firm turnkey contracts with the yard.

The vessels will be the most advanced and flexible units for worldwide operations excluding Norway, and will be ready for operations in 2016.

The units will be of Gusto MSC’s Ocean 500 design, and will be equipped with 500 beds, DP3 station keeping systems, 10-point chain mooring and 300 tonne cranes. This will allow for operations in both DP and anchored mode, providing maximum cost efficiency and flexibility.

The contracts are in excess of USD 200 million for each of the two vessels. The vessels will be financed through cash flow from operations, existing debt commitments and new debt facilities.

The two new vessels reinforce Prosafe’s position as world leader in offshore accommodation, in line with the company’s long-term industrial strategy. Prosafe’s continued objective is to remain cost-effective in terms of both construction and future capital expenditure and to own and operate the most versatile fleet for year-round worldwide operations.

The vessels will be named Safe Notos and Safe Eurus, joining Prosafe’s other newbuilds Safe Boreas and Safe Zephyrus, all named after the gods of wind in Greek mythology.