Prosafe and Floatel International have decided to merge to create a global market leader within floating accommodation vessels as the industry struggles its way up from a market slump.
Formally a merger of equals, the stock-swap deal will give the owners of Stavanger-based Prosafe 55% of the new group, which will keep the Prosafe name and its listing on the Oslo Stock Exchange, while shareholders of closely held Floatel will retain 45% on a fully diluted basis.
