Prosafe SE :Prosafe orders harsh environment semi-submersible accommodation rig
Prosafe has entered into a turnkey contract for the construction of a semi-
submersible accommodation rig at Jurong Shipyard Pte Ltd. in Singapore. The new
unit will be the most advanced and efficient harsh environment accommodation rig
in the world and will be constructed to comply with Norwegian regulations.
The rig will be constructed according to the GVA 3000E design and will be
equipped with a DP3 (dynamic positioning) system as well as 12 point mooring
arrangement. This will allow for operations in harsh environments both in DP and
anchored mode, providing maximum cost efficiency and flexibility. The unit will
have the capacity to accommodate 450 persons in single man cabins.
GVA is an experienced designer of semi-submersible rigs and its track-record
includes numerous vessels operating in harsh environments. The GVA 3000E design
is an enhanced and enlarged version of previous GVA designs and incorporates
long operational experience. Prosafe currently has three GVA rigs in the fleet.
Jurong Shipyard is one of the world's leading constructors of semi-submersible
rigs. The yard has to date delivered 13 semi-submersible DP vessels and has
three on order. Jurong has delivered a number of other offshore vessels,
including vessels designed for operation on the Norwegian Continental Shelf.
Prosafe has chosen Jurong Shipyard due to its demonstrated capabilities and
strong commitment as a rig builder.
Delivery from the yard is scheduled for the second quarter of 2014 and all-in
cost including yard cost, owner-furnished equipment, project management and
financing is estimated at 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. The investment can be funded over the current balance sheet without
impacting the dividend policy. The contract with Jurong also includes options
for two more units, valid for approximately 12 and 18 months, respectively.
The new rig is ordered on the back of a positive market outlook. The majority of
production installations in the North Sea are in a mature stage. At the same
time, many of the larger fields are expected to continue producing well beyond
the initial estimated depletion date. This development is supportive for the
long-term demand for assets and services related to maintenance, modifications
and redevelopments. Furthermore, the recent large discoveries in Norway,
combined with continued high exploration effort, indicate strong demand related
to hook-up and commissioning activities.
With the addition of the new harsh environment rig, Prosafe reinforces its
leading position in the high-end accommodation rig segment, strengthening the
company's ability to meet clients' needs related to increasingly complex
operations in a growing market.
Prosafe is the world's leading owner and operator of semi-submersible
accommodation/service rigs. Operating profit reached USD 221.1 million in 2010.
The company operates globally, employs 500 people and is headquartered in
Larnaca, Cyprus. Prosafe is listed on the Oslo Stock Exchange with ticker code
PRS. For more information, please refer towww.prosafe.com.
Larnaca, 14 December 2011
Georgina Georgiou, General Manager
For further information, please contact:
Karl Ronny Klungtvedt, Chief Executive Officer
Prosafe Management AS
Phone: +47 908 81 657
Sven BÃ¸rre Larsen, Chief Financial Officer
Prosafe Management AS
Phone: +47 909 43 673
Cecilie Helland Ouff, Finance and IR Manager
Phone: +47 991 09 467
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
New build - presentation:
New build - fact sheet:
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Source: Prosafe SE via Thomson Reuters ONE