Prosafe, Floatel to discontinue merger

Photo: Prosafe

The planned merger between offshore accommodation services providers Floatel International and Prosafe will not proceed upon mutual agreement of the two companies, Keppel Corporation confirmed via a Singapore Exchange filing dated February 13.

Keppel said that both Floatel, an associate company of Keppel Offshore and Marine, and Prosafe were of the view that any near-term completion of a “value enhancing merger” was unlikely.

The two companies had announced earlier in mid-2019 that they would merge and form a 14-vessel accommodation fleet.

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