Prosafe to merge with Floatel

Offshore accommodation vessel operators Prosafe and Floatel have signed an agreement to merge their respective businesses.

Under the terms of the merger, Prosafe will acquire Floatel with consideration in Prosafe shares whereby Floatel’s principal shareholders will become large shareholders in Prosafe.

If all conditions are met, including clearances from competition authorities in Norway and the UK, required consents from creditors and shareholder approvals, the transaction is expected to be completed in the third quarter of 2019.

The resulting merger will create a 14-vessel offshore accommodation fleet which will include Prosafe’s nine existing semi-submersible vessels, with options for two more newbuilds, and Floatel’s five semi-submersible vessels.