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.
