New charter extension for Prosafe unit

Offshore accommodation rig provider Prosafe has secured a contract extension for one of its units for operations in Trinidad and Tobago.

In an update on Thursday, Prosafe revealed that the firm charter period for its Safe Concordia unit in Trinidad and Tobago has been extended and takes the firm operational period through to end-January 2022. The total value of the contract extensions is approximately $6 million.

Prosafe has not revealed any other details about the deal. The accommodation rig was initially awarded this contract for accommodation and construction support in January 2021. It was scheduled to start in the second quarter of 2021.

Safe Concordia is a DP2 semi-submersible ASV with 461 beds for worldwide operations, excluding Norway. The vessel was constructed at Keppel FELS shipyard in Singapore and delivered in March 2005. An upgrade was completed in July 2015. Safe Concordia’s flexible design allows for up to 1300m2 of lay down and deck area.

Prosafe is currently in the financial restructuring process, which is expected to be effective before or around year-end 2021. A major milestone related to this process has recently been achieved following the approval of Prosafe’s restructuring plan in Norway.

The demand for offshore accommodation rigs is starting to recover, as recently stated by Prosafe’s rival accommodation rig provider, Floatel. However, due to market oversupply, it still remains below levels in late 2019 before the Covid-19 pandemic, resulting in prices continuing to be under pressure. As a result, Floatel expects the overall utilisation of the accommodation fleet to remain at modest levels in the near term.