HitecVision is pleased to announce that Prosafe SE and Axis Offshore Pte. Ltd.have entered into a Letter of Intent for a transaction that will effectively merge the operations of the two companies.
Prosafe will acquire Axis’ two semi-submersible units under construction, Axis Vega and Axis Nova, as well as a 25% minority stake in the company’s monohull Dan Swift. Prosafe will also take on commercial management of the vessel. As consideration Axis Offshore will receive a combination of shares and convertible bonds in Oslo Stock Exchange-listed Prosafe SE valued at USD 70 million.
The transaction is expected to be value accretive for owners in both companies. Prosafe consolidates the market and gains access to two modern, high-spec rigs at no cash cost and without assuming any new debt, while the owners of Axis Offshore will retain their market exposure as new shareholders in Prosafe.