Flotel provider Axis Offshore has executed a definitive agreement with the offshore accommodation specialist Prosafe regarding the sale of two of its new flotels.
The pair signed a letter of intent for Prosafe to acquire the two harsh-environment semi-submersible accommodation rigs, the Axis Nova and the Axis Vega, in November 2016.
In addition, Prosafe agreed to buy 25% of the shares in Axis’s monohull unit Dan Swift.
The two rigs are currently in the Cosco Qidong Shipyard in China, with their delivery schedules recently delayed by Axis Offshore.
Axis Offshore said on Tuesday the company had executed definitive agreements with Prosafe in respect of these transactions.
The agreed consideration of $70 million (NOK 579.2 million) will be settled by Prosafe through the issuance of 5,868,900 ordinary shares priced at NOK 30 per share, and subordinated zero coupon convertible bonds of NOK 403,092,000, convertible into 13,436,400 shares at a conversion price of NOK 30 per share.
Offshore Energy Today Staff