Prosafe SE

"Prosafe" redirects here. For the European organisation that supports cooperation among European Market Surveillance authorities, see Market surveillance (products).

Prosafe SE is a company specialized in owning/operating semi-submersible accommodation vessels. The company is listed on the Oslo Stock Exchange.

Prosafe SE

Company type	Societas Europaea
Traded as	OSE: PRS
Industry	Petroleum
Founded	1997 as Procon Offshore ASA
Headquarters	Norway (Global HQ)
Key people	Glen Rødland (Chairman), Jesper Andersen (Chief Executive Officer)
Products	Semi-submersible accommodation, service rigs
Revenue	US $548.7 million (2014)[1]
Net income	US $178.8 million (2014)[1]
Total assets	US $1.816.8 billion (end 2014)[1]
Total equity	US $748.5 million (end 2014)[1]
Number of employees	401 (end 2018)[2]
Website	www.prosafe.com

Operations

Prosafe’s operations are related to maintenance and modification of installations on fields^{[clarification needed]} already in production, hook-up and commissioning of new fields, tie-backs to existing infrastructure and decommissioning.^{[citation needed]}

Prosafe is listed on the Oslo Stock Exchange with ticker code PRS.

Accommodation/service rigs

Prosafe owns and operates six semi-submersible Accommodation, Safety and Support Vessels (ASVs) and one Tender Support Vessel (TSV) that can also operate as an accommodation vessel. ^[3]

Prosafe have an agreement with COSCO shipyard for flexible delivery and long-term financing of two new build harsh environment vessels: Safe Nova and Safe Vega. These vessels are completed and ready for delivery as of 31 December 2022.

The vessels are positioned alongside the host installation and are connected by means of a telescopic gangway so that personnel can walk safely to work.

History

Prosafe was formed in 1997, when the platform drilling and technical services divisions de-merged from Transocean^{[clarification needed]} as a separate company and became listed on the Oslo Stock Exchange as Procon Offshore ASA. This company merged with Safe Offshore ASA, thereby entering the business segment of accommodation/service rigs, and changed its name to Prosafe ASA.

Prosafe acquired floating production company Nortrans Offshore in 2001, extending its activities to include the conversion, chartering and operation of FPSOs and FSOs.^{[citation needed]}

In 2005, Prosafe sold the Drilling Services division. In 2006, the company acquired Consafe Offshore AB, which owned three semi-submersible accommodation/service rigs and one accommodation jack-up. This acquisition cemented Prosafe’s leading position in the market for semi-submersible accommodation/service rigs.^{[citation needed]}

In May 2008, Prosafe spun off business division Floating Production. This business division became an independent company, named Prosafe Production Public Limited. On November 25, 2010, BW Offshore completed the 100% ^[4] acquisition of Prosafe Production Public Ltd., for approximately NOK3,120.92m ($489.88m).

References

1. "Annual Report 2014" (PDF). Prosafe. Archived from the original (PDF) on 20 July 2011. Retrieved 5 May 2011.
2. "Annual Report 2018" (PDF). Prosafe. Retrieved 5 May 2019.
3. "Our Business | Find Out More About the Prosafe Fleet & Our Mission".
4. BW Offshore Acquires Remaining 76.12% Stake Of Prosafe Production Archived 2012-04-26 at the Wayback Machine, researchviews.com