Prosafe extends standstill agreement with COSCO
Thursday, Jul 26, 2018
Prosafe remains committed to its fleet high-grading and renewal strategy and continues to work with COSCO Shipping (Qidong) Offshore Co. Ltd (COSCO) to find a workable commercial solution for the three completed vessels that currently reside in COSCO’s Qidong shipyard in China.

Consequently, the parties have agreed to extend the standstill agreement related to Safe Nova and Safe Vega until 10 August 2018. If no agreement is reached, Prosafe has the right to claim cancellation of the newbuild contracts due to delay, and claim repayment of the instalments paid including interest of approx. USD 60 million in total, secured by a refund guarantee from Bank of China.

Meanwhile the Safe Eurus is in a preserved, strategic stacking mode with COSCO. The vessel must be delivered before end 2019.  

Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company is headquartered in Larnaca, Cyprus and listed on the Oslo Stock Exchange with ticker code PRS.

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