Prosafe signed a 6-month Safe Caledonia contract with Ithaca Energy. The $30M–$44M deal implies dayrates of $167k–$244k, signaling strong North Sea demand.
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Prosafe (OSE: PRS) has converted a December 2025 letter of intent into a binding contract with Ithaca Energy for the Safe Caledonia accommodation vessel. The firm 6-month charter, starting in Q2 2027, will support operations at the Captain field in the UK North Sea. The total contract value is approximately $30 million to $44 million, depending on whether Ithaca exercises options for up to 3 additional months.
The firm period of 6 months equates to roughly 180 days. Dividing the total value by that duration yields an implied dayrate between $167,000 and $244,000. That range sits at the upper end for semi-submersible accommodation units, reflecting both the vessel's capabilities and the current tightness in the North Sea market.
Safe Caledonia, built in 2015, can house 450 personnel and is equipped with a motion-compensated gangway for walk-to-work transfers. CEO Reese McNeel specifically noted confidence in the vessel's "class leading gangway connection," a feature that commands a premium from operators running maintenance campaigns on aging platforms. The Captain field, operated by Ithaca, has been producing since 1997 and requires ongoing support to sustain output from its heavy oil reservoirs.
The simple takeaway is that Prosafe added backlog. The better read is that the dayrate confirms operators are willing to pay up for modern, reliable tonnage, even with a start date more than a year away. During the offshore downturn, dayrates for similar vessels dipped below $120,000. The current implied range represents a substantial recovery and suggests that the supply of high-spec accommodation vessels in the North Sea remains constrained, giving Prosafe pricing power. Repeat business with Ithaca, which has previously chartered Safe Caledonia, underscores the value of a proven track record.
Prosafe's fleet of semi-sub accommodation vessels has been steadily rebuilding utilization after the company completed a financial restructuring in 2021. The Safe Caledonia contract provides a firm employment window from Q2 2027, with the potential to extend into Q3 2027 if options are exercised. That forward visibility is valuable for a company that reports backlog as a key metric.
Key contract terms:
The contract's start date in 2027 also signals that Ithaca is planning maintenance and modification work well in advance, a positive indicator for North Sea activity levels. For Prosafe, the award follows other recent contract wins and supports the view that dayrates are stabilizing at levels that can generate healthy margins. The company's other vessels, including Safe Zephyrus and Safe Boreas, are also competing for work; any additional fixtures would further bolster the recovery narrative.
The immediate catalyst is whether Ithaca exercises the 3-month option. Doing so would push the total contract value toward $44 million and keep Safe Caledonia employed through potentially the third quarter of 2027. Prosafe's quarterly reports will provide updates on backlog and revenue guidance, giving investors a clearer picture of the earnings trajectory.
Beyond this contract, the market will watch for awards involving Prosafe's other vessels. Any additional fixtures at similar dayrates would reinforce the recovery narrative. The North Sea accommodation market remains sensitive to oil price trends and operator capital discipline; sustained crude above $70 a barrel supports maintenance spending. For more on the crude backdrop, see our crude oil profile.
Prosafe's ability to lock in a contract with a lead time of over a year demonstrates both client confidence and a tightening market. The next concrete test is whether the options are exercised and whether new tenders continue to price at these levels. For broader commodities context, visit our commodities analysis page.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.