Prosafe Signs LOI with Cosco to Build 2 Semisub Accommodation Vessels

Cyprus-based Prosafe announced Thursday that it has agreed a Letter of Intent (LOI) with Cosco (Qidong) Offshore Co. Ltd. for the engineering, procurement and construction of two semisubmersible accommodation vessels, with options for four further units.

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

The vessels will be of Gusto MSC’s Ocean 500 design and will be equipped with 500 beds, DP3 (dynamic positioning 3) station keeping systems, 10-point chain mooring and 300 ton cranes.

The LOI covers two potential contracts, each in excess of $200 million. The vessels will be financed through cash flow from operations, existing debt facilities and new debt commitments.

Prosafe is the world's leading owner and operator of semisubmersible accommodation vessels. Operating profit reached $222.4 million in 2012 and net profit was $177.5 million. The company operates globally, employs 570 people and is headquartered in Larnaca, Cyprus. Prosafe is listed on the Oslo Stock Exchange with ticker code PRS.


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