Prosafe SE Signs Contract with Ithaca Energy for Safe Caledonia
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Prosafe SE's Significant Contract with Ithaca Energy
Prosafe SE has recently signed an important contract with Ithaca Energy (UK) Limited concerning the operations of the Safe Caledonia. This agreement follows a prior Letter of Intent issued on July 5, 2024, highlighting the partnership's progression and commitment to providing essential accommodation support. The contract establishes a firm engagement period of six months, set to commence in June 2025, with a provision for options to extend this engagement by an additional three months.
Details of the Contract
The contract's estimated total value ranges between approximately USD 26 million to USD 37 million, contingent on the options exercised. This financial scope reflects Prosafe's strategic positioning in the accommodation market, offering significant value to both parties involved in the contract.
CEO's Statement on the Agreement
Terje Askvig, the Chief Executive Officer of Prosafe SE, expressed enthusiasm about the formalization of the Letter of Intent into a full contract. He stated, "Prosafe is extremely pleased that we have formalised the LoI into contract and we very much look forward to working closely with Ithaca Energy deploying the Safe Caledonia at the Captain field in the UK. As the market continues to tighten, reactivation of the Safe Caledonia will provide optionality to our clients in the years to come." This statement underlines the company’s commitment to meeting client demands and reinforcing its operational capabilities.
About the Safe Caledonia
The Safe Caledonia is one of Prosafe's semi-submersible accommodation vessels designed to provide operational support in offshore environments. By deploying the Safe Caledonia at the Captain field, Prosafe enhances its service offerings, ensuring that clients receive reliable and efficient accommodation solutions. The reactivation of such vessels is crucial for maintaining operational readiness in changing market conditions.
Prosafe SE's Market Position
As a market leader in the ownership and operation of semi-submersible accommodation vessels, Prosafe SE plays a pivotal role in the offshore support industry. Its listing on the Oslo Stock Exchange with the ticker code PRS signifies its established presence and the trust it holds among investors and clients alike. The company is continuously adapting to market needs and exploring new opportunities for growth and collaboration.
Company Contact Information
For further inquiries, Terje Askvig, CEO, can be reached at +47 952 03 886, and Reese McNeel, CFO, is available at +47 415 08 186. These contacts are instrumental for stakeholders seeking more details about the company's operations or the recent contract with Ithaca Energy.
Frequently Asked Questions
What is the main focus of the contract signed by Prosafe SE?
The contract focuses on providing accommodation support for Ithaca Energy at the Captain field in the North Sea using the Safe Caledonia.
When does the contract with Ithaca Energy commence?
The contract is set to commence in June 2025 for a firm period of six months.
What is the estimated value of the contract?
The contract's total value is estimated to be between USD 26 million and USD 37 million, based on options.
Who is the CEO of Prosafe SE?
The CEO of Prosafe SE is Terje Askvig, who has been vocal about the company's strategic initiatives and market readiness.
How does Prosafe SE ensure operational readiness?
Prosafe SE maintains operational readiness through the deployment and reactivation of its semi-submersible accommodation vessels like the Safe Caledonia, adapting to market demands.
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