Prosafe

Prosafe SE

Type	Societas Europaea
Traded as	OSE: PRS
Industry	Petroleum
Founded	1997 as Procon Offshore ASA
Headquarters	Larnaca, Cyprus
Key people	Michael Parker (Chairman), Karl Klungtvedt (President and CEO)
Products	Semi-submersible accommodation, service rigs
Revenue	US $442.4 million (2010)[1]
Operating income	US $221.1 million (2010)[1]
Profit	US $198.5 million (2010)[1]
Total assets	US $1.266 billion (end 2010)[1]
Total equity	US $410.3 million (end 2010)[1]
Employees	430 (end 2010)[1]
Website	www.prosafe.com

Prosafe SE is an owner/operator of semi-submersible accommodation and service rigs. The company is listed on the Oslo Stock Exchange and posted revenues of USD 442 million in 2010.

Operations

Prosafe owns 11 of 17 available semi-submersible accommodation/service rigs. The rig fleet is versatile and able to operate in all geographical areas. In 2012, six of Prosafe’s rigs were on long-term bareboat charters in the Mexican Gulf of Mexico. The five other rigs were operating offshore Norway, UK, and Australia. The vessels are capable of operating in all offshore environments.

Accommodation/service rigs

Accommodation/service rigs are traditionally used wherever there is a need for additional accommodation, engineering, construction or storage capacity offshore. The majority of Prosafe's services are linked to maintenance and modification of installations on fields already in production, while some activity is also related to commissioning and decommissioning.

Prosafe's rigs have substantial accommodation capacity, with berths for 245-812 people. They offer welfare and catering facilities, medical services, storage, workshops, offices, deck cranes, lifesaving and fire fighting equipment. The rigs 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 refined its commercial portfolio with the sale of 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).

At present, Prosafe comprises one business division, Offshore Support Services, which owns/operates 11 accommodation rigs, with 2 newbuilds under construction in Singapore for 2014/2015

References