Shell will "compensate" vessel accommodation owner Prosafe for a 10-month deferral of a UK North Sea contract.
Bosses at Prosafe have lamented a “lost year” after it slumped to pre-tax losses of £683 million ($895m) in the first half 2020.
Prosafe has seen the clock run down on its agreement with lenders to extend its loan facilities, but insists it will operate as “business as usual”.
Bosses at Prosafe are hoping an office move will “refresh and reinvigorate” the firm’s Aberdeen operations at a time when the oil and gas industry is at an “all-time low”.
Flotel owner Prosafe has received some financial relief as it works to stay afloat amid the latest downturn.
Vessel-owner Prosafe has reported a significant knockdown in its fleet utilisation rate for the first quarter of 2020.
The Covid-19 pandemic has created a severe demand shock for the energy market, coinciding with an oil price war that has caused prices to plummet further.
French oil giant Total has delayed a contract due to be led by vessel-owner Prosafe at its Elgin field in the North Sea.
Offshore accommodation provider Prosafe will support the removal of subsea tanks from EnQuest's Thistle Alpha platform in the UK North Sea.
Two offshore accommodation vessel contractors have thrown in the towel on their plans to join forces after running into opposition from monopoly watchdogs.
The UK’s monopoly watchdog has cast serious doubt on the completion of a merger between two North Sea offshore accommodation vessel suppliers.
Prosafe said today that its Safe Caledonia offshore accommodation vessel would start a contract with Total at the Elgin field in the UK North Sea in April.
Impairment charges of £265million from a “prolonged downturn and weaker outlook in the North Sea” have taken Prosafe to a heavy loss in the third quarter.
Vessel accommodation owner Prosafe has had its proposed takeover of Swedish rival Floatel blocked by Norway’s competition watchdog.
The UK’s monopoly watchdog has decided to carry out an in-depth investigation into the planned merger between two offshore accommodation providers.
The UK's monopoly watchdog is considering ramping up its investigation into the planned merger between two offshore accommodation rig owners.
Prosafe’s Safe Boreas accommodation vessel has been given a one-month extension to its time at Equinor’s Mariner field.
Prosafe has signed a deal to acquire Bermuda-based Floatel International to create the “world’s largest” offshore accommodation company.
Offshore accommodation vessel owner Prosafe reported a loss for the start of the year amid “modest” tendering activity.
Prosafe has today confirmed in its 2019 first quarter (Q1) report that its Safe Zephyrus accommodation vessel will begin its agreed contract with BP in May.
Prosafe has been awarded a contract extension at Equinor’s Mariner project amid another setback to first oil from the project.
Offshore accommodation provider Prosafe narrowed its losses in 2018 as utilisation picked up.
Union bosses have accused offshore accommodation provider Prosafe of perpetrating one of the most “appalling examples of social dumping” ever seen.
Offshore vessel owner Prosafe has revealed it will shed up to 150 jobs through voluntary redundancy in a effort cut operating costs.
Prosafe has won two North Sea contracts worth £18.1million.