Prosafe SE: Operational update Q3 2019

The fleet utilisation rate in the third quarter of 2019 was 48.2 per cent (Q3 2018: 48.1 per cent).

Safe Caledonia completed a four-month contract for a major oil and gas operator in the UK sector on 18 August 2019 and is currently laid up in the UK. On 31 July 2019, Prosafe signed a contract with Total for the Safe Caledonia to provide accommodation support at the Elgin complex in the UK sector of the North Sea. The firm duration of the contract commencing mid-April 2020 is 162 days with one 30-day option.

Safe Boreas continued the contract with Equinor at the Mariner installation in the UK and was in full operation throughout the quarter. On 16 August 2019, Equinor exercised the fourth of six one-month options extending the contract’s firm period through October 2019.

Safe Zephyrus has been operating at the Clair Ridge platform West of Shetland for BP since 14 May 2019 and was in full operation during this quarter. The contract was completed on 14 October 2019.

Safe Concordia is at a yard in Brazil to conduct the vessel’s Special Periodic Survey and prepare for the next contract for Equinor commencing in mid-January 2020. The Safe Concordia will be supporting maintenance and safety services at the Peregrino FPSO in the Campos Basin offshore Brazil. The contract has a duration of 120 days with up to 60 days of options.

Safe Notos has been operating on a three-year and 222-day contract for Petrobras in Brazil since 7 December 2016 and was fully contracted in the quarter.

On 4 July 2019, Prosafe took delivery of the Safe Eurus and the vessel is now being mobilised to Brazil. During a three-year contract commencing in the fourth quarter of 2019, the Safe Eurus will be providing safety and maintenance support to Petrobras.

Safe Scandinavia and Safe Bristolia were idle in the quarter. After the Regalia completed a contract on 11 July, all three vessels including Safe Scandinavia and Safe Bristolia are currently laid-up in Norway. Safe Bristolia is being marketed for scrap and as such is impaired in the quarter.

The company has incurred non-recurring costs of approximately USD 1.5 million in the quarter, which were mostly related to the merger activity with Floatel and the re-sizing of the organisation.

Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com

Stavanger, 17 October 2019
Prosafe SE

For further information, please contact:

Jesper K. Andresen, CEO
Phone: +47 51 65 24 30 / +47 907 65 155

Stig Harry Christiansen, Deputy CEO and CFO
Phone: +47 51 64 25 17 / +47 478 07 813
 
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act