Business Sectors
Events
Contents
Register to read more articles.
Floatel, Prosafe sell accommodation semi-submersibles in almost sold-out market
Two owners of semi-submersible accommodation vessels have sold old units to unnamed buyers to concentrate on owning DP3 assets
Within a month, Floatel International and Prosafe have each sold a 15-20-year-old semi-submersible accommodation vessel to focus on modern offshore units.
Floatel International sold its 2010-built accommodation, safety and field support semi-submersible Floatel Reliance, which was in lay-up in Spain and is expected to be handed over to its new owner Q2 2025, and in February, Prosafe announced it had sold 2005-built accommodation, safety and support semi-submersible vessel Safe Concordia for US$5M before commissions and expenses.
After selling Bermuda-flagged Floatel Reliance, Floatel International chief executive Peter Jacobsson said a principle agreement had been reached and a contract would be signed soon. Floatel Reliance had been laid-up since April 2016 and requires reactivation before resuming operations.
“The reactivation cost is considered too high to create shareholder value for Floatel International’s shareholders,” said Mr Jacobsson. “The lead time for reactivation is predicted to be 8-10 months.”
He added the specifications of Floatel Reliance, with DP2 class dynamic positioning and 500 beds in 171 cabins, “does not align with Floatel International’s strategy to serve Tier one customers in high-end DP3 markets.”
Floatel International operates four other semi-submersible accommodation vessels, all DP3 and in service during 2025 and into 2026. The company had a backlog of contracts at the end 2024 of US$338M and additional option work of US$154M.
“The reactivation cost is considered too high to create shareholder value”
2016-built Floatel Triumph is chartered offshore Australia until mid-2026 if a letter of intent covering Q1 2026 becomes a contract this month; and 2015-built Floatel Endurance could be fully employed from now into 2028 in Norway and Canada, if a letter of intent covering 2026 becomes a contract this month. 2013-built Floatel Victory is firmly chartered in Brazil to mid-2025 and into Q1 2026 if existing options are taken; while 2010-built Floatel Superior is chartered in Norway with a few idle periods to mid-2027, and to the end of 2027 if options are declared.
Oslo, Norway-listed Prosafe expects to deliver Safe Concordia to the new owner upon completion of its current charter obligations in the US Gulf area, within a window of March through June 2025. It said the sale of the vessel is subject to customary closing conditions and requirements.
Of its other accommodation vessels in the fleet, Prosafe is reactivating Safe Caledonia in Scapa Flow, UK, and will mobilise this 1982-built, DP2 semi-submersible to the Captain Field, UK in June 2025, keeping this vessel busy into 2026.
Prosafe is also preparing to relocate 2015-built, DP3 semi-submersible Safe Boreas from Norway to Australia during Q2 and Q3 2025 to commence a 15-month contract in mid-November 2025 until Q4 2026, or Q3 2027 if six months of options are taken. Prosafe said this firm contract is valued at US$75M and US$100M if the options are executed.
Its fleet utilisation for accommodation vessels in Brazil was 99-100% in January 2025. 2015-built Safe Zephyrus is contracted to Petrobras until September 2027, but will require thruster overhauls during its next special survey in November or December 2025.
2019-built Safe Eurus is contracted to Petrobras until Q1 2027 and its next survey is due in 2028; while 2016-built Safe Notos is contracted to Petrobras until Q3 2026, but will also need thruster overhauls during its next survey in September or October 2025.
Prosafe’s 1984-built tender-assist and accommodation support semi-submersible, Safe Scandinavia remains laid up in Norway and is earmarked for disposal or reactivation, which would take 8-9 months, should markets improve significantly.
Prosafe has almost completed DP3 accommodation semi-submersibles Safe Nova and Safe Vega, which will take 12 months to be commissioned and delivered.
Rising market demand and utilisation
According to both companies, market demand for semi-submersible accommodation vessels is rising, driven primarily by new floating production systems and projects in Brazil.
Out of a total global fleet of 18 high-end accommodation semi-submersibles, only Floatel Reliance and Safe Scandinavia are out of service and laid up. Total fleet utilisation has risen to over 80% in 2025 from 70% in 2024, and is almost fully sold out into 2026.
Other vessels in the global fleet are three owned by Cotemar, two by POSH and one by CIMC.
Riviera’s Offshore Support Journal Conference, Asia 2025, the largest forum for vessel owners, designers, shipbuilders, charterers and suppliers within the OSV sector in Asia, Use this link to register your interest
Related to this Story
Events
Maritime Environmental Protection Webinar Week
12 May 2025
BST - ONLINE
Cyber & Vessel Security Webinar Week
12 May 2025BST - ONLINE
The illusion of safety: what we're getting wrong about crews, tech, and fatigue
13 May 2025CET - ONLINE
Responsible Ship Recycling Forum 2025
14 May 2025London
© 2024 Riviera Maritime Media Ltd.
