The Norwegian firm Prosafe has signed a deal to acquire Bermuda-based Floatel International. Amid the need for consolidation in the market facing overcapacity, Prosafe will create the “world’s largest” offshore accommodation company at Floatel. The value of the deal is undisclosed yet and the new company will be named as Prosafe SE. Following the deal’s completion by Q3, Prosafe shareholders will own 55% shares, with Floatel shareholders owning 45%.