Prosafe

Prosafe SE

Type	Societas Europaea
Traded as	OSE: PRS
Industry	Petroleum
Founded	1997 as Procon Offshore ASA
Headquarters	Larnaca, Cyprus
Key people	Ronny J. Langeland (Chairman), Karl Ronny Klungtvedt [(CEO)]
Products	Semi-submersible accommodation, service rigs
Revenue	US $548.7 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	796 (end 2014)[1]
Website	www.prosafe.com

Prosafe SE is the world's leading owner/operator of semi-submersible accommodation vessels. The company is listed on the Oslo Stock Exchange and posted revenues of USD 523.5 million in 2013.

Operations

Prosafe owns/operates 11 semi-submersible accommodation vessels, and has 4 new build vessels under construction. Two harsh environment semi-submersible accommodation vessels are being constructed at Jurong Shipyard. Furthermore, Prosafe is building two semi-submersible accommodation vessels at COSCO (Qidong) Offshore Co. Ltd.

Prosafe’s operations are related to maintenance and modification of installations on fields already in production, hook-up and commissioning of new fields, tie-backs to existing infrastructure and decommissioning.

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

Accommodation/service rigs

Accommodation vessels offer additional accommodation, engineering, construction or storage capacity offshore. Prosafe’s vessels have accommodation capacity for 306-812 people. They have catering facilities, storage, workshops, offices, medical services, deck cranes and lifesaving and fire fighting equipment aboard. The vessels are positioned alongside the host installation and are connected by means of a telescopic gangway so that personnel can walk to work.

History

Prosafe was formed in 1997, when the platform drilling and technical services divisions de-merged from Transocean 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.

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.

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% ^[2] acquisition of Prosafe Production Public Ltd., for approximately NOK3,120.92m ($489.88m).

References