Consafe Offshore
1977-1985

Purpose built accommodation platforms

A new subsidiary of Container Safe, called Consafe Offshore, was established to explore the new market opportunity of accommodation platforms. Consafe Offshore ordered the world’s first purpose-built accommodation platform, or “floatel”, from Götaverken Cityvarvet shipyard in Gothenburg in 1977. The platform, which was of a so-called semi-submersible type, was delivered in June 1978 and named “Safe Astoria”. Being purpose-built, the platform offered improved capabilities compared to former oil platforms converted into accommodation platforms.

Becoming market leader

The Safe Astoria was later followed by 10 additional new-buildings from 1979 to 1982, making it the world market leader in offshore accommodation at that time.

In 1982, Consafe Offshore was listed on the Stockholm Stock Exchange.

In addition to its accommodation rigs, Consafe Offshore also took delivery of the Safe Regalia in 1985, which was the world’s most advanced diving vessel (also a semi-submersible) at that time.

The end of an era

In 1985 there was a sudden decrease in oil price which quickly went from USD 40 to USD 10 per barrel. This resulted in low utilization of the company’s platforms as several contracts suddenly were cancelled within a short period of time. Having debt financed large part of the company’s expansion and with a very uncertain market outlook, Consafe Offshore was unable to gain sufficient support from its lenders and shareholders to continue operations. As a result, both Consafe Offshore and the privately owned Container Safe went into bankruptcy.

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