Prosafe and Floatel seek merger in challenging and changing market

Prosafe SE (“Prosafe”, Oslo Stock Exchange ticker PRS) and Floatel International Ltd (“Floatel") have today signed an agreement to merge their respective businesses. The aim is to create a more robust company with improved services and geographical presence, able to sustain a prolonged cyclical downturn and challenging markets for offshore accommodation.

Prosafe SE, Stavanger, is a leading owner and operator of semi-submersible accommodation vessels (flotels) listed on the Oslo Stock Exchange, and, like Floatel International Ltd, Bermuda, delivers offshore accommodation to clients in the oil and gas industry worldwide. In a merger of equals, Prosafe will acquire Floatel with consideration in Prosafe shares, whereby Floatel’s principal shareholders will become large shareholders in Prosafe.

A merged company will have the most modern and flexible fleet in the global market, with lower costs, increased geographical presence and a strengthened customer offering.

If all conditions are met, including clearances from competition authorities in Norway and the UK, required consents from its creditors and shareholder approvals, the transaction is expected to be completed in the third quarter of 2019.

See attached press release and presentation for full details.

An audiocast will be held at 10am CET on Tuesday 4th of June 2019 where the transaction will be presented by Peter Jacobsson, Glen Rødland and Jesper Kragh Andersen. The audiocast can be followed live by clicking on the webcast link on the front page of or

Bermuda, 3 June 2019
Floatel International Ltd.

For further questions, please contact:
Glen Ole Rødland, Chairman of Prosafe: + 47 907 41 662
Peter Jacobsson, CEO of Floatel: +46 768 56 3618
Jesper Kragh Andresen, CEO of Prosafe: +47 907 65 155