Floatel and Prosafe extend merger agreement

Major offshore accommodation platform operators Floatel and Prosafe have extended the long stop date in their merger transaction agreement from December 31, 2019 to June 30, 2020.

Floatel and Prosafe signed a merger agreement in June last year, however the potential merger was opposed by competition authorities from both Norway and UK, who have concerns that the merger would could reduce competition in the supply of offshore accommodation support vessels for oil and gas projects, while customers may face higher prices or lower quality offers due to insufficient competition.

Prosafe currently owns a fleet of nine semi-submersible accommodation platforms with another two newbuildings under construction while Floatel owns five similar units.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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