‘Safe Boreas’ progressing well

Prosafe, one of the world’s biggest providers of accommodation rigs to the international offshore oil and gas industry, has said its new build projects are progressing well and are within budget.

'Safe Boreas' progressing well

The company expects to take delivery of its Safe Boreas unit, currently under construction at Jurong Shipyard in Singapore, in the fourth quarter this year.

“This gives adequate time for mobilisation for the first contract commencing in April/May 2015,” Prosafe has said in its quarterly statement.

Swedish operator Lundin Petroleum has hired the Safe Boreas for its operations at the Martin Linge field in the Norwegian portion of the North Sea.

Prosafe has dubbed its yet to be delivered Safe Boreas flotel as “the most advanced and efficient harsh environment accommodation rig in the world,” with facilities for 450 persons in single man cabins, a DP3 (dynamic positioning) system as well as a 12 point mooring arrangement.

As for the other accommodation rigs being built for Prosafe, the company has said that Safe Zephyrus, the sister vessel to Safe Boreas, will be ready for operations in the North Sea during the summer of 2015.

Safe Boreas, Artist’s impression

Furthermore, construction of the Safe Notos and Safe Eurus at COSCO Quidong in China is proceeding as planned. As a result, the vessels should be ready for operations during the first and second half of 2016 respectively.

The company, which currently owns 11 semi-submersible accommodation units, yesterday reported its 2Q 2014 net profit was $42.1 million, a drop versus  $54.9 million earned in the second quarter of 2013.

Related: Prosafe Places Orders for Two Accommodation Rigs

Prosafe has warned on an increased uncertainty regarding the short-to-medium term market development for the accommodation units, but added the positive long-term demand outlook remains unaffected with prospects of increasing need for offshore accommodation services related to maintenance and upgrades of an aging production infrastructure, hook-up and commissioning of new facilities and decommissioning of old fields.


Offshore Energy Today Staff, August 22, 2014


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