Prosafe

Infobox Company
company_name = Prosafe SE
company_
company_type = Public
foundation = 1972 as Morcon
location = Larnaca, Cyprus
key_people = Reidar Lund (Chairman of the board), Arne Austreid (President and CEO)
area_served =
industry = Petroleum
products = Semi-submersible accommodation, service rigs
revenue = US $527.1 million (2007)cite web |url=http://www.prosafe.com/getfile.php/2007%20annual%20report/PDF%20filer/Annual%20report%202007.pdf |title=Annual Report 2007 |publisher=Prosafe |accessdate=2008-05-27]
operating_income = profit US $222.2 million (2007)
net_income = profit US $143.7 million (2007)
num_employees = 1,360 (2007)
parent =
subsid =
homepage = [http://www.prosafe.com www.prosafe.com]
intl = yes

Prosafe SE (ose|PRS) is the world leader in semi-submersible accommodation and service rigs and a large operator of Floating Production Storage and Offloading (FPSO) and Floating Storage and Offloading (FSO).

Operations

Accommodation rigs

Prosafe operates eight accommodation rigs worldwide. The company also owns Consafe Offshore, which operates three accommodation rigs and one service rig.

ervice rigs

Prosafe offers a number of services including extended well test, tender assisted drilling (TAD), subsea construction, decommissioning, and subsea well intervention.

In 2003, Prosafe conducted three well interventions for Statoil on the Statfjord, Visund and Åsgard oil fields.

Floating Production Storage and Offloading

Prosafe operates a total of eight FPSOs and FSOs in Brazil, Egypt, Gabon, India, Indonesia, Ivory Coast, New Zealand and Nigeria.

History

Morcon AS was established in 1972 to provide services to the Ekofisk oil field on the Norwegian continental shelf. Morcon later became Transocean ASA, and in 1997, the drilling division was demerged and became Procon Offshore ASA. The company is listed on Oslo Stock Exchange. In the same year, Safe Offshore was created and the two companies later merged into ProSafe ASA. In 1998, Prosafe merged with Consafe and Discoverer ASA. In 2001, the Prosafe name was used for all three marked sections: Prosafe Production, Prosafe Offshore, and Prosafe Drilling Services. The drilling division was sold in 2005 to KCA Deutag Drilling. In June 2006, Prosafe acquired Consafe AB.

In year 2008, Prosafe decided to spin-off its FPSO division Prosafe Production to focus on the accommodation rig business. BW Offshore which initially owned 26.5 percent stake in the company sold all its shares in Prosafe. However, with the growing FPSO business being its main focus, BW Offshore still holds about 24 percent shares in Prosafe Productions, making it the largest shareholder of the spun-off company.

References