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.

About Floatel

Floatel provides top quality offshore Floatels for extreme conditions. With headquarters in Bermuda, Floatel International Ltd. has a Gothenburg subsidiary, Floatel International AB, for onshore operational support and supervision.

About Prosafe

Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company is listed on the Oslo Stock Exchange with ticker code PRS.