Prosafe SE: Prosafe issued Conditional Letter of Intent for Safe Boreas

Prosafe SE

Oslo, 30 May 2024

Prosafe has been issued a Conditional Letter of Intent (CLoI) for the Safe Boreas to provide gangway connected operations to support a project off the coast of Western Australia. The CLoI is conditional upon execution of a final contract.

The firm duration of the contract linked to the CLoI is 15 months with up to six months of options. The Safe Boreas will mobilise from the North Sea within Q2 2025. Safe Boreas will undergo its five-yearly special periodic survey and other maintenance works prior to commencement of the contract.

The value of the contract linked to the CLoI is approximately USD 75 million to USD 100 million depending on options.

The Safe Boreas is one of the world’s most advanced and versatile semi-submersible DP-3 accommodation vessels and complies with stringent rules in Australia, Norway and UK. Single person cabins, extensive recreation facilities, combined with a large deck area, cranes and passive motion compensated gangway will ensure the highest level of performance.

Terje Askvig, CEO of Prosafe says: “Prosafe is proud to receive this Conditional LoI and confident of formalising to contract. With Safe Boreas, the client will receive a vessel with the highest standard and reputation in supporting the world’s foremost hook-up and commissioning projects. The market outside the North Sea has seen an increasing level of activity and high-end offshore accommodation demand and this CLoI is further evidence of this trend.”

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. For more information, please refer to https://www.prosafe.com

For further information, please contact:  
Terje Askvig, CEO 
Phone: +47 952 03 886

Reese McNeel, CFO 
Phone: +47 415 08 186

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act