Prosafe SE: Prosafe orders second harsh environment accommodation rig
(Thomson Reuters ONE) -
Reference is made to announcement of 4 October 2012 regarding Letter of Intent
with Jurong Shipyard Pte Ltd. ("JSPL") in Singapore for the construction of a
second harsh environment semi-submersible accommodation rig. Prosafe has now
entered into a firm turnkey contract with the yard. Delivery of the rig, which
will be named Safe Zephyrus, is scheduled around year-end 2014.
With a similar design as the Safe Boreas, which is presently under construction
at JSPL, the new unit will be the world's most advanced and versatile
accommodation unit, constructed to comply with Norwegian regulations and capable
of operating in the harshest environments and with the highest standards of
safety.
As the Safe Boreas, the new unit will be constructed according to the GVA 3000E
design and equipped with a DP3 (dynamic positioning) system as well as 12-point
mooring arrangement. This will allow for operations in both DP and anchored
mode, providing maximum cost efficiency and flexibility. The unit will have the
capacity to accommodate 450 persons in single man cabins.
Cost including yard cost, owner-furnished equipment, project management and
financing is estimated at around USD 350 million. 20 per cent of the yard cost
is payable at signing of the contract, while the remaining 80 per cent will be
paid at delivery.
Prosafe has received bank commitments for a five-year post delivery term loan
facility of USD 420 million to finance both Safe Boreas, and the new unit. The
facility has an interest rate of 3-months LIBOR + 2.95 per cent and a repayment
profile of 12 years. Closing is anticipated to take place in December.
JSPL has also granted options for two additional new builds. The additional two
options can be designed for either the Norwegian Continental Shelf or for world-
wide operations outside the North Sea. In addition, Prosafe has an outstanding
option from the first new build contract that was signed in December 2011, and
has thereby in total options for three further new builds at JSPL.
Prosafe is the world's leading owner and operator of semi-submersible
accommodation/service rigs. Operating profit reached USD 192.3 million in 2011.
The company operates globally, employs 550 people and is headquartered in
Larnaca, Cyprus. Prosafe is listed on the Oslo Stock Exchange with ticker code
PRS. For more information, please refer to www.prosafe.com.
Larnaca, 19 November 2012
Georgina Georgiou, General Manager
Prosafe SE
For further information, please contact:
Karl Ronny Klungtvedt, Chief Executive Officer
Prosafe Management AS
Phone: + 47 51 64 25 81
Sven Børre Larsen, Chief Financial Officer
Prosafe Management AS
Phone: +47 51 64 25 30
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Prosafe SE via Thomson Reuters ONE
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