Mystery client eyes Prosafe vessel for project offshore Australia

Oslo Stock Exchange-listed semi-submersible accommodation vessel owner and operator Prosafe has received a conditional letter of intent (CLoI) for one of its vessels to support a project off the coast of Western Australia.

The Safe Boreas is meant to provide gangway-connected operations for a project in Australian waters under the CLoI, which is conditional upon the execution of a final contract. The name of the client has not been disclosed.

The 15-month deal comes with up to six months of options, with contract value ranging from $75 million to $100 million. Before mobilizing from the North Sea in Q2 2025 and starting the contract, the vessel is expected to undergo its five-yearly special periodic survey and other maintenance work.

Prosafe’s CEO, Terje Askvig, felt confident about the subsequent formalization of the contract, noting: “With Safe Boreas, the client will receive a vessel with the highest standard and reputation in supporting the world’s foremost hook-up and commissioning projects. The market outside the North Sea has seen an increasing level of activity and high-end offshore accommodation demand and this CLoI is further evidence of this trend.”

The 2015-built Safe Boreas is a DP3 semi-submersible autonomous surface vehicle (ASV) of GVA 3000E design with beds for 450 persons. The firm recently reported that the vessel was in lay-up in Norway pending future work.

While Prosafe’s fleet utilization rate for April 2024 was somewhat lower than the level reported for January, it showed signs of recovering from the reduced workload in 2023.

Earlier this year, another vessel from the Norwegian player’s fleet, the Safe Concordia, got a contract extension, securing its stay in the Gulf of Mexico until November 2024.