Consafe Offshore
2004-2006

Identifying a rising demand

In 2004, the JCE Group foresaw an increased demand for semi-submersible accommodation and construction support service platforms (“floatels”) for the future development of offshore oil and gas fields. This was due both to an aging fleet and increasing maintenance requirement in the offshore oil and gas industry. In March, the JCE Group acquired two semi-submersible drilling rigs, Sedco 600 (renamed Safe Bristolia) and 602 (renamed Safe Astoria), from Transocean for conversion to floatels. In 2004, the JCE Group also ordered the first purpose built floatel (Safe Concordia) for more than 20 years, from Keppel Shipyard in Singapore.

In 2005, the JCE Group reorganized and created a separate floatel business by establishing the company Consafe Offshore AB.

Quick expansion

In March 2005, the JCE Group extended the shareholder base in the company through a private placement where approximately 50 percent of the company was offered to the market, followed by a listing on the Oslo OTC list. In June 2005, Consafe Offshore made an additional private placement, followed by a subsequent offering. Consafe Offshore then acquired Safe Esbjerg, an accommodation jack-up rig. Consafe Offshore now controlled four accommodation rigs and had become number two in the world for accommodation and service platforms.

In September 2005, Consafe Offshore was listed on the Oslo Stock exchange, in order to finance continued expansion, which among other things enabled Consafe Offshore to take over the full ownership of Safe Concordia.

Exit

In mid 2006, Consafe Offshore was acquired by the Norwegian company Prosafe through a public takeover (share offer). After the acquisition, Prosafe owned 11 of 17 available floatels worldwide of which 7 of them had been originally built by the former Consafe Offshore in the 1980´s and three of them came from the acquisition of Consafe Offshore in 2006.

Selected case studies