Prosafe announces comprehensive refinancing

Prosafe has today announced the terms of a proposed comprehensive refinancing. The refinancing will provide greater financial flexibility for the Company throughout the period until the end of 2020, including a solid liquidity buffer to weather a prolonged market downturn.

The refinancing includes two share issues; reduced amortisation on all bank facilities until 2020; the conversion of bonds to equity; and an agreement to postpone delivery of the company’s latest newbuild. At the end of 2020, the Company will continue to have a strong global competitive position, with a large modern fleet of accommodation vessels to service its worldwide operations. HitecVision portfolio company North Sea Strategic Investments has pre-committed to participating in the first share issue, and will increase its shareholding in the company.

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