Prosafe, an Oslo Stock Exchange-listed semi-submersible accommodation vessel owner and operator, has won a letter of award (LoI) with North Sea-focused Ithaca Energy for one of its flotels.
This LoI is for the charter of the Safe Caledonia vessel to provide gangway connected accommodation support at the Captain field in the UK sector of the North Sea. The firm duration of the contract beginning within Q2 2027 is a six-month assignment with up to three months of options, with final contract award expected in Q1 2026.
The value of the contract linked to the LoI is approximately $30 to $44 million, depending on options. Safe Caledonia, which maintained 100% commercial uptime at the Captain field in the UK, is currently on contract up to early February 2026 after Ithaca Energy exercised nine weeks of options, with further three weeks of options still at its disposal.
Reese McNeel , CEO of Prosafe, commented: “The Safe Caledonia has been providing high quality accommodation support with class leading gangway connectivity at the Captain facility since June 2025 and has been extended to early February 2026.
“This LoI for operations in 2027 is a real testament to the capabilities of both vessel and crew in the demanding North Sea environment, and the strong relationship Prosafe has with Ithaca Energy.”
Prosafe also provided an update on the current status of its fleet. While Safe Eurus , Safe Notos , and Safe Zephyrus continued to operate in Brazil at full capacity in November 2025, delivering near 100% commercial uptime.
The special periodic survey (SPS) and related off-hire period for Safe Zephyrus has been moved to 2026. Both other two vessels are now expected to complete their SPS’ by the end of the first quarter of 2026.
Safe Boreas has arrived in Australia and is receiving full day rate from December 15, 2025. The company has agreed with its client that the 15-month firm period shall start upon gangway connection, which is expected in the first quarter of 2026.
McNeel added: “We continue to deliver consistent strong performance across the Prosafe fleet with high gangway uptime and safe operations. The Safe Caledonia extensions and new LoI provide additional visibility into early 2026 and from Q2 2027 while we continue to evaluate further opportunities between contracts.
“With all units now contracted into 2027, we maintain focus on providing world-class, safe offshore accommodation services, capturing the strong market to extend backlog at materially higher day rates, and realising operational efficiencies and cost reductions to drive future revenue and EBITDA growth.”