Prosafe SE: Operational update Q1 2019

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The fleet utilisation rate in the first quarter of 2019 was 62.5 per cent (Q1 2018: 33.3 per cent).

Safe Scandinavia has been operating at Aker BP’s Ula platform in Norway since 1 September 2018, and was in full operation throughout the quarter. On 7 February 2019, Aker BP exercised a one-month option. End of March 2019, Aker BP restructured the remaining seven one-month options to three one-week options, in which two options were subsequently exercised. The contract is now expected to be completed around mid-May 2019.

Safe Caledonia has been laid-up at Scapa Flow in the UK in the quarter. She is scheduled to commence work for a major oil and gas operator in the UK sector from mid-April 2019 with a firm duration of four months and up to two months 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.

Safe Boreas continued the contract with Equinor at the Mariner installation in the UK and was in full operation throughout the quarter. The contract’s firm period has been extended through September 2019 as Equinor exercised three of six one-month options on 10 April 2019. There are three one-month options remaining.

Safe Zephyrus has been operating on a 12-month contract for Equinor at Johan Sverdrup in Norway since early May 2018 and was in full operation throughout the quarter. Following the completion of the contract, Safe Zephyrus will start a contract for BP at the Clair Ridge platform West of Shetland in the UK sector of the North Sea. The duration of the contract is five months with a one-month option, and is scheduled to commence mid-May 2019.

Safe Concordia has been operating on a 200-day contract for MODEC in Brazil since late October 2018 and was in full operation throughout the quarter.

Regalia was idle in the quarter. She is currently undergoing a five yearly special periodic survey (SPS) at a yard in Norway and being reactivated to perform a 60-day contract in the UK sector of the North Sea. The contract is scheduled to start around mid-May 2019 with a 30-day option after the firm period.

Safe Bristolia was idle in the quarter and is laid-up in Norway.

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In January 2019, Prosafe was ranked first place in an online auction for the supply of safety and maintenance support vessels for a three-year contract in Brazil. The compliance evaluation process has been completed. Prosafe will commence mobilizing the Safe Eurus from the yard in China if a contract is formally awarded.

End of March 2019, Prosafe acting as commercial managers for the Axis Offshore owned Safe Swift won a contract to support activities in the Central Mediterranean Sea. Safe Swift will mobilise to conduct gangway connected accommodation duties for a period of five months commencing May 2019.

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, 12 April 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

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