Prosafe signs LOI for two semi-subs

NOVEMBER 7, 2013 — Oslo-listed Prosafe has agreed a Letter of Intent (LOI) with China’s COSCO (Qidong) Offshore Co. Ltd. for the Engineering, Procurement and Construction of two semi-submersible accommodation vessels, with options for four further units.

Prosafe says The vessels will be the most advanced and flexible units for worldwide operations excluding Norway, and will be ready for operations in 2016.

The vessels will be of Gusto MSC’s Ocean 500 design and will be equipped with 500 beds, DP3 station keeping systems, 10-point chain mooring and 300 tonne cranes.

The LOI covers two potential contracts, each valued in excess of $200 million. The vessels will be financed through cash flow from operations, existing debt facilities and new debt commitments.