Prosafe agrees $30m private placement

Oslo-listed semisub accommodation vessel owner Prosafe has raised approximately $30m via a private placement of new shares.

The net proceeds from the private placement of 2.72m shares at a price per share of NOK117 will be used for working capital, preparation for commencement of new contracts and general corporate purposes.

The owner and operator of six accommodation units and one tender support vessel posted a first-quarter net loss of $21.7m on lower utilisation with only two vessels operating in Brazil.

Prosafe said that 2023 liquidity has been impacted by the low activity in the North Sea and capital expenditure plus mobilisation spend for new contracts in Brazil and the US Gulf of Mexico and that additional cash will be required to mitigate a covenant breach and potential liquidity shortfall from Q3 and Q4 2023.

End-April the company announced that Jesper Kragh Andresen will be stepping down as its chief executive after more than six years at the helm. Andersen will continue in his current role until his successor is in place.

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