Prosafe remains committed to its fleet high-grading and renewal strategy and continues to work with COSCO Shipping (Qidong) Offshore Co. Ltd (COSCO) to find a workable commercial solution.

Prosafe extends standstill agreement with COSCO

Consequently, the parties have agreed to extend the standstill agreement related to Safe Nova and Safe Vega until 27 July 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 installments paid including interest of approx. USD 60 million in total, secured by a refund guarantee from Bank of China.

Meanwhile, the Safe Eurus is in a preserved, strategic stacking mode with COSCO. The vessel must be delivered before end 2019.  

Source: Prosafe