Prosafe prolongs standstill agreement with COSCO

Prosafe says that it continues to work with COSCO to find a comprehensive commercial solution for the three Prosafe vessels that are in COSCO’s Qidong shipyard in China.

Offshore staff

LARNACA, Cyprus– Prosafe says that it continues to work with COSCO Shipping (Qidong) Offshore Co. Ltd. (COSCO) to find a comprehensive commercial solution for the three Prosafe vessels that are 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 Nova and Safe Vega has been extended until May 31, 2018.

If no agreement is reached, Prosafe has the right to claim cancellation of the newbuild contracts due to delay, and claim repayment of the instalments paid including interest of about $60 million in total, secured by a refund guarantee from Bank of China.

05/21/2018

More in Rigs/Vessels