Prosafe extends standstill agreement with COSCO

Prosafe continues to work with COSCO to find a commercial solution for three completed but uncontracted vessels currently laid up at the Qidong shipyard in China.

Offshore staff

LARNACA, CyprusProsafe says that it continues to work with COSCO Shipping (Qidong) Offshore Co. Ltd. (COSCO) to find a comprehensive commercial solution for three of its vessels that currently reside in COSCO’s Qidong shipyard in China.

TheSafe Eurus is in a preserved, strategic stacking mode and negotiations continue with COSCO to find a workable commercial solution.

The standstill agreement between Prosafe and COSCO related to theSafe NovaandSafe Vega has been extended to May 20, 2018.

The companies and related parties remain in negotiations for a workable commercial for the two vessels. If no agreement results, Prosafe retains the right to claim cancellation on the newbuild contracts due to late delivery, the company says, and to claim repayment of the instalments paid including interest of about $60 million fully secured by Bank of China.

04/02/2018

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