Update on merger process with Prosafe - competition process

The Norwegian competition authority (“NCA”) has today issued a Statement of objections to Floatel and Prosafe regarding the proposed merger. Floatel and Prosafe do not agree with the NCA.

Prosafe and Floatel have already presented remedial measures to the NCA, to ensure customers on the Norwegian continental shelf have access to sufficient vessel capacity at short notice, on competitive terms. While some of Norway’s most professional customers are positive the measures have so far not been accepted by the NCA.

Prosafe and Floatel will submit responses to NCA’s considerations. A final decision from the NCA is expected towards the end of October.

For further information, please contact:

Peter Jacobsson, CEO, Floatel International AB – Tel: + 46 31 352 07 00; Mob: +46 76 856 36 18