Prosafe SE :Amendment and contract extension signed with Petrobras

Prosafe has signed contract amendments and an extension with Petrobras Netherlands B.V. (Petrobras). The semi-submersible accommodation vessel Safe Eurus will now be substituted by her sister vessel Safe Notos and will commence its contract with Petrobras at an earlier date within Q4 2016. The commencement of operations had previously been agreed to be within Q1 2017. In addition the original contract will now be extended from the original duration of 3 years by an additional 222 days. The total value of the extended Safe Notos contract is now approximately USD 189 million. 

As part of the same agreement, Prosafe has agreed a dayrate reduction of approximately 14 per cent for the Safe Concordia from Q2 2016 and provide Petrobras the option to early terminate the Safe Concordia contract on commencement of Safe Notos operations.

The Safe Notos was delivered in February 2016 and is a technologically advanced and efficient Dynamically Positioned (DP3), harsh environment semi-submersible safety and maintenance support vessel, able to accommodate up to 500 persons with extensive recreation facilities, and capable of supporting construction projects using a large deck area and capable cranes. The Safe Notos has been undergoing final preparatory works offshore Singapore to ensure full compliance with Petrobras requirements and in July will commence the transit to Brazil where the final approval processes will be conducted for commencement of operations within Q4 2016.

Prosafe is the world's leading owner and operator of semi-submersible accommodation vessels. The company operates globally and is headquartered in Larnaca, Cyprus. Prosafe is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com

Larnaca, 7 July 2016
Georgina Georgiou, General Manager
Prosafe SE

For further information, please contact:

Stig Harry Christiansen, Acting CEO and CFO
Prosafe Management AS
Phone: +47 51 64 25 17 / +47 478 07 813

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