Prosafe & Floatel Seek Merger in Challenging and Changing Market

Source: www.gulfoilandgas.com 6/3/2019, Location: Europe

Prosafe SE and Floatel International Ltd have signed an agreement to merge their respective businesses. The aim is to create a more robust company with improved services and geographical presence, able to sustain a prolonged cyclical downturn and challenging markets for offshore accommodation.

Prosafe SE, Stavanger, is a leading owner and operator of semi-submersible accommodation vessels (flotels) listed on the Oslo Stock Exchange, and, like Floatel International Ltd, Bermuda, delivers offshore accommodation to clients in the oil and gas industry worldwide. In a merger of equals, Prosafe will acquire Floatel with consideration in Prosafe shares, whereby Floatel’s principal shareholders will become large shareholders in Prosafe.

A merged company will have the most modern and flexible fleet in the global market, with lower costs, increased geographical presence and a strengthened customer offering.

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


United Kingdom >>  7/5/2022 - THREE60 Energy has acquired well and pipeline operator and well management specialist, Fraser Well Management, broadening and strengthening the compan...
United States >>  7/5/2022 - Helix Energy Solutions Group, Inc. ("Helix") (HLX) announced the completion of the previously announced acquisition of all of the equity interests of ...

France >>  7/4/2022 - CGG announced that Sercel, its Sensing & Monitoring division, was selected as the successful bidder for the acquisition of ION Geophysical Corporation...
United Kingdom >>  7/4/2022 - Ithaca Energy is pleased to announce that its acquisition of Siccar Point Energy, announced on 7 April 2022, has completed with all conditions having ...

Bermuda >>  7/1/2022 - Golar LNG Limited ("Golar") announces that it has sold to Cool Company Ltd. (“CoolCo”) the management organization responsible for the technical and c...
Norway >>  7/1/2022 - TGS ASA has acquired Prediktor AS ("Prediktor"), a leading provider of asset management and real-time data management solutions to renewable and energ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.