Prosafe vessel seals multimillion-dollar deal offshore Australia

Oslo Stock Exchange-listed semi-submersible accommodation vessel owner and operator Prosafe has ironed out the terms of a contract for one of its vessels to support a project off the coast of Australia.

Prosafe won a conditional letter of intent (CloI) with an undisclosed client in May 2024 for the Safe Boreas unit to provide gangway-connected operations for a project in Western Australian waters, conditional upon executing a final contract.

As the contract has now been signed, the vessel will work on this project for 15 months, however, the deal also offers up to six months of options. The Safe Boreas vessel is slated to mobilize from the North Sea within Q2 2025.

Terje Askvig, CEO of Prosafe, commented: “Formalising this contract has been a result of close and positive collaboration. Prosafe is confident that the Safe Boreas industry leading operational and safety performance will be delivered once again.”

The unit will undergo its five-yearly special periodic survey and other maintenance works before it starts the contract in Australia. This deal will bring Prosafe approximately $75 to $100 million, depending on options.

Constructed at Jurong Shipyard in Singapore, the 2015-built Safe Boreas offshore accommodation unit, a sister vessel to the Safe Zephyrus, is equipped with a DP3 system and a 12-point wire mooring arrangement.

A few months ago, another vessel from the Norwegian player’s fleet, the Safe Concordia, secured a contract extension, enabling its stay in the Gulf of Mexico until November 2024.