Prosafe SE

Prosafe SE is an offshore services company specializing in the ownership and operation of semi-submersible accommodation, safety and support vessels for the oil and gas industry. Its vessels provide temporary offshore living quarters, logistics, safety support and worksite access for personnel involved in the maintenance and modification of producing installations, the hook-up and commissioning of new fields, tie-backs to existing infrastructure and decommissioning activities. The company’s operating model is centered on positioning an accommodation or support vessel alongside a host platform or other offshore installation. A telescopic gangway allows personnel to move between the vessel and the installation while the vessel supplies cabins, catering, recreation, utilities and other support services. This arrangement can reduce pressure on existing platform accommodation and enable maintenance or construction work to continue without requiring a permanent expansion of the host facility. Prosafe emerged in 1997 when the platform drilling and technical services divisions of Transocean were separated into an independent company. The new business was initially established as Procon Offshore ASA and listed on the Oslo Stock Exchange. It subsequently merged with Safe Offshore ASA, entered the accommodation and service-rig segment, and adopted the Prosafe name. Through acquisitions and disposals, the company developed from a broader offshore-services group into a specialist provider of accommodation and support vessels. A significant expansion occurred in 2006 with the acquisition of Consafe Offshore AB. That transaction brought three semi-submersible accommodation and service rigs and one accommodation jack-up into the group, strengthening Prosafe’s position in the specialist accommodation-vessel market. The company also operated in floating production through the acquisition of Nortrans Offshore in 2001, but that activity was later separated from the core business. Prosafe’s Floating Production division was spun off in 2008 as Prosafe Production Public Limited, which was acquired in full by BW Offshore in 2010. Prosafe’s fleet has included semi-submersible Accommodation, Safety and Support Vessels and a Tender Support Vessel capable of operating in an accommodation role. The company has also pursued new harsh-environment vessels, including Safe Nova and Safe Vega, developed under an arrangement with COSCO shipyard involving flexible delivery and long-term financing. As of the end of 2022, both vessels were completed and ready for delivery according to the referenced company information. Prosafe is listed on the Oslo Stock Exchange and serves offshore energy projects in regions including the North Sea, the Gulf of Mexico, Brazil, West Africa and Southeast Asia. Its competitive proposition is based on specialized vessels, offshore accommodation capacity, gangway-connected personnel transfer and experience supporting complex offshore work scopes. The company’s performance is closely linked to offshore project activity, utilization rates, vessel day rates, fleet availability and capital requirements for vessel construction and upgrades.

Prosafe was formed in 1997 after Transocean separated its platform drilling and technical services divisions into a distinct company. The resulting business was named Procon Offshore ASA and was listed on the Oslo Stock Exchange. It later merged with Safe Offshore ASA, a company active in offshore accommodation and service rigs. Following the merger, the combined company changed its name to Prosafe ASA and developed accommodation and support vessels as a central business area. In 2001, Prosafe acquired Nortrans Offshore. The transaction expanded the group into floating production, including the conversion, chartering and operation of floating production, storage and offloading units and floating storage and offloading units. This made Prosafe a broader offshore-services business for a period, although floating production was later separated from the group. Prosafe sold its Drilling Services division in 2005. The disposal narrowed the company’s operating focus and preceded a major expansion in offshore accommodation. In 2006, Prosafe acquired Consafe Offshore AB. Consafe owned three semi-submersible accommodation and service rigs and one accommodation jack-up. The acquisition materially increased Prosafe’s fleet and reinforced its position as a leading participant in the semi-submersible accommodation and service-rig market. In May 2008, Prosafe separated its Floating Production division into an independent company named Prosafe Production Public Limited. The new company continued the floating-production activities that had been developed through the Nortrans Offshore acquisition. On 25 November 2010, BW Offshore completed the acquisition of 100 percent of Prosafe Production Public Limited. After this transaction, Prosafe’s identity was increasingly associated with offshore accommodation and support services rather than floating production. Prosafe’s accommodation vessels are designed to work alongside offshore installations. A telescopic gangway connects the vessel to the host facility, enabling personnel to move safely between the two units. The vessels can provide accommodation, catering, welfare facilities, logistics and other support during maintenance and modification of producing fields, hook-up and commissioning of new facilities, tie-backs to existing infrastructure and decommissioning projects. The company has operated a fleet consisting of semi-submersible Accommodation, Safety and Support Vessels and a Tender Support Vessel that can also be used for accommodation. Prosafe also entered into an arrangement with COSCO shipyard concerning the delivery and financing of two harsh-environment vessels, Safe Nova and Safe Vega. The referenced information states that both vessels had been completed and were ready for delivery by 31 December 2022. Prosafe remains an Oslo-listed offshore services company with activities linked to international oil and gas developments. Its business is exposed to the level and timing of offshore capital projects, maintenance programs, field-life extensions and decommissioning work. The company’s specialization is the provision of temporary offshore accommodation and worksite support where additional personnel capacity and safe access are required.

• 2022

  Safe Nova and Safe Vega ready for delivery

  [1]Prosafe SEen.wikipedia.org

  The two harsh-environment vessels developed under the COSCO shipyard arrangement were reported as completed and ready for delivery at 31 December 2022.

• 2010

  Prosafe Production acquired by BW Offshore

  [1]Prosafe SEen.wikipedia.org

  BW Offshore completed the acquisition of 100 percent of Prosafe Production Public Limited, ending Prosafe’s direct ownership of that floating-production business.

• 2008

  Floating Production division spun off

  [1]Prosafe SEen.wikipedia.org

  Prosafe separated its Floating Production division into Prosafe Production Public Limited.

• 2006

  Consafe Offshore acquisition

  [1]Prosafe SEen.wikipedia.org

  Prosafe acquired Consafe Offshore AB, adding three semi-submersible accommodation and service rigs and one accommodation jack-up.

• 2005

  Drilling Services divestment

  [1]Prosafe SEen.wikipedia.org

  The company sold its Drilling Services division, reducing the breadth of its offshore-services portfolio.

• 2001

  Nortrans Offshore acquisition

  [1]Prosafe SEen.wikipedia.org

  Prosafe acquired Nortrans Offshore and expanded into the conversion, chartering and operation of floating production and storage vessels.

• 1997

  Prosafe is established as Procon Offshore ASA

  [1]Prosafe SEen.wikipedia.org

  The platform drilling and technical services divisions of Transocean were de-merged into a separate company, Procon Offshore ASA, which became listed on the Oslo Stock Exchange.

• 1997

  Merger with Safe Offshore

  [1]Prosafe SEen.wikipedia.org

  Procon Offshore merged with Safe Offshore ASA, entering the accommodation and service-rig business and adopting the Prosafe name.

Specialist provider of offshore accommodation and support vessels for oil and gas maintenance, construction, commissioning and decommissioning projects.

• Offshore accommodation

  Semi-submersible accommodation vessels

  Prosafe’s core assets are semi-submersible vessels that provide temporary accommodation and worksite support beside offshore platforms and other installations. They typically supply cabins, catering, welfare areas, utilities and logistics capacity for personnel engaged in maintenance, modification, commissioning, construction support and decommissioning. Their semi-submersible design supports offshore stability, while a telescopic gangway can provide a controlled connection to the host installation.

• Offshore support vessel

  Accommodation, Safety and Support Vessels

  Accommodation, Safety and Support Vessels, commonly used as offshore living and support platforms, are positioned next to host installations and connected through a gangway. They are intended to increase accommodation capacity and support safe personnel access during field maintenance, hook-up, commissioning, tie-back and decommissioning activities.

• Offshore support vessel

  Tender Support Vessel

  Prosafe’s Tender Support Vessel is a support unit that can also operate in an accommodation role. This flexibility allows it to contribute to offshore project logistics and personnel-support requirements in addition to its tender-support function.

• Harsh-environment accommodation vessel

  Safe Nova

  Safe Nova is one of two harsh-environment accommodation vessels developed through Prosafe’s arrangement with COSCO shipyard. The vessel is intended for offshore accommodation and support work in demanding operating environments. The referenced information states that it was completed and ready for delivery by the end of 2022.

• Harsh-environment accommodation vessel

  Safe Vega

  Safe Vega is the second harsh-environment accommodation vessel covered by Prosafe’s COSCO shipyard arrangement. It is designed to support offshore personnel and project activities in demanding conditions. The referenced information states that it was completed and ready for delivery by 31 December 2022.

• 2008

  Separation of the Floating Production divisionStrategy

  Background

  Prosafe’s activities included floating production following its acquisition of Nortrans Offshore.

  Action taken

  The Floating Production division was spun off as Prosafe Production Public Limited.

  Aftermath

  The floating-production business became a separate company and was later acquired by BW Offshore in 2010.

  Source

• 2006

  Acquisition of Consafe Offshore ABM&A

  Background

  Prosafe sought to expand its position in the semi-submersible accommodation and service-rig market.

  Action taken

  The company acquired Consafe Offshore AB and its fleet of three semi-submersible accommodation and service rigs and one accommodation jack-up.

  Aftermath

  The transaction strengthened Prosafe’s fleet scale and specialist market position.

  Source

• 2005

  Sale of the Drilling Services divisionStrategy

  Background

  Prosafe operated across several offshore-services activities, including drilling-related services and accommodation support.

  Action taken

  The company sold its Drilling Services division.

  Aftermath

  The disposal reduced the breadth of the group and preceded its stronger concentration on offshore accommodation and service rigs.

  Source

1. 1Prosafe SEen.wikipedia.org
2. 2Prosafe official websiteprosafe.com