Prosafe Appeals Over Floatel Merger Rejection

Laxman Pai
Tuesday, November 26, 2019

Norwegian accommodation services player Prosafe has filed an appeal against the Norwegian Competition Authority (NCA)’s rejection of its proposed merger with Swedish rival Floatel International.

The merger would create the world's largest fleet of accommodation rigs - a North Sea giant.

Last month, NCA rejected the proposed merger between Scandinavian offshore accommodation/construction support providers.

The Oslo-listed accommodation services player, Prosafe, then said that it would study the decision in detail, and expects to decide on whether to appeal shortly and within the deadline within three weeks.

In the UK, the process with the Competition and Markets Authority is in Phase 2 and more specific information is anticipated to be available in the course of the first quarter of 2020.

Last month the UK’s Competition and Markets Authority raised similar concerns that it could drive up prices to unsustainable levels, with the CMA carrying out further investigations.

The company owns and operates semi-submersible accommodation vessels operating at present in the North Sea region and off Latin America. Sweden-based Floatel International owns and operates a fleet of offshore accommodation and construction support vessels.

Categories: Mergers & Acquisitions People & Company News Offshore Regulation Construction Vessel Support Vessels

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