With the completion of the Refinancing, the Company will as previously reported have greater financial flexibility throughout the period until the end of 2020, including a solid liquidity buffer to weather a prolonged market downturn. The combined effect of the Refinancing improves the Company's 2017 to 2020 cash flow by ca. USD 1 billion from a combination of new build investment reduction, new equity, amortization holidays, bond conversions and restructuring of the hedge portfolio. The refinancing combined with the reorganization and efficiency measures, completion of the fleet renewal and the scrapping will allow the Company to be well placed to reinforce its leading position in the global accommodation market beyond 2020.
Prosafe is the world's leading owner and operator of semi-submersible accommodation vessels. The company is headquartered in Larnaca, Cyprus and listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com.
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