Safe Offshore / ProSafe
1997-2004

Safe Offshore

In February 1997, the JCE Group acquired three semi-submersible construction and accommodation service rigs (“floatels”) from UBS Private Equity and Phildrew Ventures. In April 1997, Safe Offshore was established as the rig owning company and was listed on the Oslo Stock Exchange with the JCE Group as its main shareholder with a post IPO shareholding of approximately 42%.

The three floatels, named Safe Britannia, Safe Caledonia and Safe Lancia, were originally delivered to and owned by Consafe Offshore until 1985. They had been owned by UBS Private Equity and Phildrew Ventures since 1994.

Merging to form ProSafe

In late 1997, Safe Offshore and the Norwegian listed company Procon Drilling merged to form ProSafe. As a result of the merger, the JCE Group ownership’s was diluted to a ~20% ownership.

Procon was a provider of drilling services (such as providing personnel, drilling and maintenance crews as well as logistics to fixed offshore installations on the Norwegian sector in the North Sea) whereas Safe Offshore provided floatels chartered to oil & gas companies with offshore operations. The rationale for the merger was to become a major player and to increase competitiveness in the international offshore services market by providing a broader range of offshore services.

In February 1998, the JCE Group sold its subsidiary Consafe Engineering, a UK based supplier of accommodation, standardized or customized modules for the offshore industry, to ProSafe. As a result of the transaction, the JCE Group’s shareholding increased to ~29% (payment in shares). The rationale for ProSafe was to become a “one-stop-shop” within offshore services for the oil & gas industry, by combining the provision of floatels, drilling services and engineering and fabrication services to the offshore oil & gas industry.

Exit

In 2004, the JCE Group decided to sell its shareholding in ProSafe. However, having sold his shares, an old but proven business idea again started to grow in Christer's mind. And he knew just the right name for it.

Selected case studies