Prosafe has been granted an extension to the previously reported forbearance arrangement with a majority of its lenders across its $1,300 million and $288 million facilities from the end of May to the end of June 2020.
In conjunction with the update, the company will continue to defer making payments on both facilities. Similarly, payment of the final instalment owed and due to Cosco for the Safe Notos semi-submersible accommodation vessel remains as initially reported on Feb. 13, subject to ongoing discussions with Cosco and the lenders.
“The forbearance arrangement shows support for the company and creates stability to work with lenders to agree a long-term financial solution, while lenders reserve their rights,” Prosafe said in a written statement. “Pending this, the company continues to operate on a business as usual basis to protect and create value through challenging market conditions.”
Prosafe owns and operates seven semi-submersible Accommodation, Safety and Support Vessels (ASVs) and one Tender Support Vessel (TSV) that can also operate as an accommodation vessel. It also has an agreement with Cosco shipyard for flexible delivery and long-term financing of two new build harsh environment vessels: Safe Nova and Safe Vega.
The company’s vessels have accommodation capacity for 159 – 500 people and offer quality welfare and catering facilities, storage, workshops, offices, medical services, deck cranes and lifesaving and firefighting equipment.
Prosafe’s operations are related to maintenance and modification of installations on fields already in production, hook-up and commissioning of new fields, tie-backs to existing infrastructure and decommissioning.
To contact the author, email bertie.taylor@rigzone.com.
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