Consafe to sell accommodation rig

Offshore accommodation specialist Consafe to sell one of its flotels, then charter it long-term, thereby releasing funds for expansion of its fleet


Offshore staff

(Gothenburg). Consafe is set to sell its accommodation rigSafe Concordia for $185 m. Under the transaction, arranged by Ship Finance International, the rig will be chartered back to Consafe for 30 years. There will also be a profit split on an annual basis, calculated after tax, operating and overhead expenses.

The ownership change should go through after the rig completes its current upgrade program. Consafe has the right to buy it back at any time over the next ten years. The refinancing package gives Consafe greater flexibility in expanding its fleet.

1/12/06

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