Prosafe misses final payment to Cosco amid talks with lenders

Offshore accommodation specialist Prosafe has missed its final payment to China’s Cosco shipyard for the Safe Notos flotel amid talks with lenders meant to secure financial flexibility for the longer term.

As part of this, the company’s final payment of approx. $18.5 million owed and due under the sellers credit to Cosco for the Safe Notos flotel has not been made. This payment is subject to certain contractual subordination and coordination arrangements with the financial lenders, and discussions with Cosco on this payment is ongoing.

The Safe Notos has been operating on a three-year and 222-day contract for Petrobras in Brazil since December 7, 2016.

Continue reading

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.