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Prosafe SE: Prosafe extends standstill agreement with Cosco

Prosafe remains focussed on its fleet high-grading strategy and continues to work with COSCO (Qidong) Offshore Co. Ltd (COSCO) to find a comprehensive commercial solution for the three Prosafe vessels that currently reside in COSCO's Qidong shipyard in China.


The Safe Eurus is in a preserved, strategic stacking mode and negotiations continue with COSCO to find a workable commercial solution.


The standstill agreement between Prosafe and COSCO related to Safe Nova and Safe Vega has recently been extended until 20 April 2018. Prosafe remains in negotiations with COSCO and related parties for a workable commercial solution for Safe Nova and Safe Vega. If no agreement is reached, Prosafe has the right to claim cancellation of the newbuild contracts due to delay, and claim repayment of the instalments paid including interest of approx. USD 60 million in total, secured by a refund guarantee from Bank of China.


Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company is headquartered in Larnaca, Cyprus and listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com


Larnaca, 7 December 2017

Georgina Georgiou, General Manager

Prosafe SE

For further information, please contact:


Jesper K. Andresen, CEO

Prosafe Management AS

Phone: +47 907 65 155


Stig Harry Christiansen, Deputy CEO and CFO

Prosafe Management AS

Phone: +47 478 07 813

Cecilie Helland Ouff, Senior Manager Finance and Investor Relations

Prosafe AS

Phone: +47 991 09 467



This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Prosafe SE via Globenewswire

Copyright © Thomson Reuters 2017. All rights reserved.
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