Prosafe will mobilise its accommodation and construction support unit Safe Concordia from Brazil to Trinidad and Tobago during the next few months
This is after the Oslo-listed accommodation floater specialist secured a contract with an unnamed energy company for use of its 2005-built semi-submersible.
Safe Concordia was working in Brazil on contract to Equinor during H1 2020, but has been out of service during H2 2020.
According to Automatic Identification System data, the Singapore-flagged accommodation vessel is stationed at Port of Acu in Brazil.
Safe Concordia was constructed at Keppel FELS shipyard in Singapore in 2005 to a KFELS Deepwater Technology design and was upgraded in July 2015.
It has accommodation for 461 people and dynamic positioning to DP2 class. It also has workshops and covered storage areas, with up to 1,300 m2 of lay down and deck area.
Prosafe did not provide details of the client or the terms of this contract. However, according to Prosafe’s contract status report, Safe Concordia has a three month and 25-day contract in Trinidad and Tobago between July and October 2021.
This latest award will be welcome relief as Prosafe continues discussions with its lenders concerning financial restructuring and tackling its growing debt mountain, while five of its accommodation vessels remain idle. On 5 January 2021, Prosafe updated shareholders on the financial situation and process with its lenders to turn debt into equity.
Prosafe hopes to “agree a sustainable financial solution on a consensual and cost-efficient basis as early as possible,” it said in the statement. It further warned shareholders of the impact this could have on their holdings.
“It is still unclear what a final solution may look like, but as previously reported, a significant equitisation of debt is anticipated, which in turn is likely to result in minimal or no recovery for current shareholders,” Prosafe warned.
In the meantime, Prosafe continues to defer payments of scheduled instalments and interest under its two bank facilities. In addition, Prosafe has deferred a final instalment owed and due under the seller credit to construction group COSCO concerning construction of Safe Notos semi-submersible.
COSCO (Qidong) Offshore Co built this GustoMSC Ocean 500 design accommodation vessel in 2016 with DP3 capabilities and 500 beds.
Safe Notos has been employed by Petrobras supporting deepwater development projects since its delivery.
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