- Business
- Prosafe SE engages in the ownership and operation of semi-submersible accommodation vessels primarily serving the offshore oil and gas industry. The company's core products and services include the chartering and operation of semi-submersible accommodation, safety, and support vessels; maintenance, modification, production hook-up, commissioning of new fields, tie-backs to existing infrastructure, and decommissioning activities. The fleet comprises six semi-submersible accommodation vessels, one tender support vessel, and options to take delivery of two new harsh environment vessels kept in preserved mode. Prosafe operates globally with significant activity and contracts in South America, North America, Europe, and offshore Africa.
Founded in 1997 and headquartered in Stavanger, Norway, Prosafe SE has positioned itself as a leading provider of floating accommodation vessels with a focus on operational efficiency and HSSEQ (Health, Safety, Security, Environment, and Quality) performance. Recent advancements include a significant financial recapitalization completed in 2025 involving a debt-to-equity conversion raising approximately USD 193 million, which enhanced liquidity and reduced net debt to approximately USD 220 million. This restructuring supports the company's sustainable capital structure, underpinning future capital expenditures and operational growth.
In 2025, Prosafe secured new long-term contracts such as a four-year engagement for its vessel Safe Notos with Petrobras in Brazil, extending to 2030, and maintained high fleet utilization rates with 100% utilization reported in September 2025 and an 86% utilization during the third quarter. The company continues to focus on operational efficiencies, cost reduction initiatives, and organizational right-sizing to improve profitability. Market demand remains robust especially driven by Petrobras and independent operators in Brazil, as well as offshore projects in Africa. Prosafe also prepares for contract expansions and potential backlog growth in markets including Australia and the UK.
Prosafe operates through subsidiaries including Prosafe (UK) Holdings Limited, Prosafe Offshore Holdings Pte Ltd, Prosafe Services Maritimos Ltda, and Safe Eurus Singapore Pte Ltd, supporting its global maritime operations. Leadership includes CEO Terje Askvig and interim CFO Reese McNeel, with a workforce of approximately 281 employees. The company's strategic focus remains on maintaining its position as a leader in the floating accommodation vessel segment while enhancing financial stability and expanding operational capacity.
Overall, Prosafe SE is a specialized maritime services company providing essential semi-submersible accommodation vessels and related offshore support services, backed by recent financial restructuring and new contract awards reinforcing its market leadership and growth prospects through 2030 and beyond.