Two owners of semi-submersible accommodation vessels have sold old units to unnamed buyers to concentrate on owning DP3 assets
Within a month, Floatel International and Prosafe have each sold a 15-20-year-old semi-submersible accommodation vessel to focus on modern offshore units.
Floatel International sold its 2010-built accommodation, safety and field support semi-submersible Floatel Reliance, which was in lay-up in Spain and is expected to be handed over to its new owner Q2 2025, and in February, Prosafe announced it had sold 2005-built accommodation, safety and support semi-submersible vessel Safe Concordia for US$5M before commissions and expenses.
After selling Bermuda-flagged Floatel Reliance, Floatel International chief executive Peter Jacobsson said a principle agreement had been reached and a contract would be signed soon. Floatel Reliancehad been laid-up since April 2016 and requires reactivation before resuming operations.
“The reactivation cost is considered too high to create shareholder value for Floatel International’s shareholders,” said Mr Jacobsson. “The lead time for reactivation is predicted to be 8-10 months.”
He added the specifications of Floatel Reliance, with DP2 class dynamic positioning and 500 beds in 171 cabins, “does not align with Floatel International’s strategy to serve Tier one customers in high-end DP3 markets.”
Floatel International operates four other semi-submersible accommodation vessels, all DP3 and in service during 2025 and into 2026. The company had a backlog of contracts at the end 2024 of US$338M and additional option work of US$154M.
“The reactivation cost is considered too high to create shareholder value”
2016-builtFloatel Triumph is chartered offshore Australia until mid-2026 if a letter of intent covering Q1 2026 becomes a contract this month; and 2015-builtFloatel Endurance could be fully employed from now into 2028 in Norway and Canada, if a letter of intent covering 2026 becomes a contract this month. 2013-builtFloatel Victory is firmly chartered in Brazil to mid-2025 and into Q1 2026 if existing options are taken; while 2010-built Floatel Superior is chartered in Norway with a few idle periods to mid-2027, and to the end of 2027 if options are declared.
