EuropeFinance and InsuranceOffshore

Prosafe agrees restructuring plan

Offshore accommodation vessel specialist Prosafe said Friday it has secured support from its lenders to embark on a major restructuring, following a long period of negotiations.

The company has received confirmation of approximately 79% for the credit facility of $1.3bn, as well as an additional credit of $144m, which is expected to be approved in mid-June.  

The deal will result in deleveraging of the balance sheet with a debt reduction of approximately 75%, around $1.1bn, a sufficient cash balance and, in total, a significant improvement in financial flexibility. 

The agreement, which is subject to shareholders’ approval, also does not involve any binding debt maturity before December 2025.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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