Petroleum Africa
Find us on: 
Tuesday, June 4, 2019
Prosafe SE and Floatel International Ltd have entered 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.
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.
“The need for consolidation in oil services is well known. We consider this transaction not only strategically sound, but also necessary to adapt to the significant changes in our markets and competitive landscape in recent years,” says Glen Ole Rødland, chairman of the board at Prosafe SE.
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 Q3 2019.
" alt="Botala Increases Stake in Botswana’s Serowe CBM Project">
" alt="Petrofac Awarded Technical Services Contract by GEPetrol">
" alt="Uganda Signs its Fourth CPF with International Atomic Authority">
" alt="EcoFlow Introduces Loadshedding Technology to South Africa">
" alt="Trafigura to Commercially Deploy Daphne Technology’s Puremetrics™ on LNG Carrier">
" alt="Seatrium and Shell Inks MOU to Collaborate on Floating Production Systems">
" alt="Wildcat Updates Status in the Republic of Sudan and South Sudan">
