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Norway: Regulator rejects Prosafe’s Rig Rival buy

By  |  October 28, 2019

Norway has rejected Prosafe SE’s plan to create the world’s biggest offshore accommodation company by buying Floatel International, stating it would hurt competition.

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    Prosafe and Floatel decided to merge their operations earlier this year to build a company capable of sustaining a prolonged slump in the oil-service market. Both companies supply accommodation rigs for people working on offshore oil and gas platforms and have suffered from lower demand since oil companies reduced spending following a collapse in crude prices that started in 2014.

    Floatel and Prosafe will study the decision in detail and expect to decide on whether to appeal shortly.

    Prosafe currently owns a fleet of nine semi-submersible accommodation platforms with another two new buildings under construction while Floatel owns five similar units.

    Full Content: Bloomberg

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