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Ithaca returns to Prosafe for Captain field support
A UK North Sea oil and gas operator has approached a Norwegian-listed accommodation unit owner for a long-term maintenance campaign on one of its major assets
Ithaca Energy has handed a letter of intent (LoI) to Prosafe to lock in capacity for a semi-submersible accommodation unit to support long-term maintenance and upgrade work on a production asset in the UK sector of the North Sea.
Prosafe said the LoI is for 1982-built Safe Caledonia to provide gangway-connected accommodation support at the Captain field for six months, starting in Q2 2027. There are options to extend this work for another three months and the final contract award is expected in Q1 2026 and is valued at US$30M for the fixed period or US$44M if all the options are exercised.
Safe Caledonia has been supporting Ithaca on the Captain field since June 2025 and will remain there until early February after multiple contract extensions were agreed.
“This LoI for operations in 2027 is a real testament to the capabilities of both vessel and crew in the demanding North Sea environment, and the strong relationship Prosafe has with Ithaca Energy," said Prosafe chief executive Reese McNeel.
“The Safe Caledonia extensions and new LoI provide additional visibility into early 2026 and from Q2 2027 while we continue to evaluate further opportunities between contracts.”
Safe Caledonia is moored using four thrusters and has accommodation for 454 workers. It has been upgraded twice, in 2004 and 2012, and has a 37-m telescopic gangway and two 50-tonne cranes.
Its operations on the Captain field, where a floating production storage and offloading vessel is connected to two platforms, helped Prosafe to achieve 100% fleet utilisation in November 2025, as Safe Eurus, Safe Notos and Safe Zephyrus were all booked in Brazil.
In a fleet update, Prosafe noted the special periodic surveys for Safe Notos and Safe Zephyrus had moved from Q4 2025 to be completed before the end of March 2026.
Prosafe also said its accommodation unit Safe Boreas started receiving a day rate from 15 December 2025 after it arrived in Australia. The Oslo, Norway-listed owner agreed with the undisclosed client that the 15-month firm period would commence upon gangway connection, which was expected in Q1 2026.
“With all units now contracted into 2027, we maintain focus on providing safe offshore accommodation services, capturing the strong market to extend backlog at materially higher day rates, and realising operational efficiencies and cost reductions to drive future revenue and EBITDA growth," said Mr McNeel.
Ithaca has long-term investment plans for the Captain field, with development drilling, maintenance work and subsea support expected to continue into the 2030s, as it employs enhanced oil recovery technologies.
In December, Ithaca awarded contracts to TechnipFMC and Subsea7 to provide subsea services on fields it operates in the UK sector of the North Sea.
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