Prosafe SE: Operational update Q4 2019

The fleet utilisation rate in the fourth quarter of 2019 was 23 per cent (Q4 2018: 63 per cent). The fleet utilisation for the year was 50.9 per cent (2018: 47.3 per cent).

Safe Caledonia is idle and laid up in the UK. Safe Caledonia will commence a 162-day contract for Total at the Elgin complex in the UK sector of the North Sea in mid-April 2020. The contract has one 30-day option.

Safe Boreas completed the contract with Equinor at Mariner in the UK on 31 October and is currently laid up in Norway.

Safe Zephyrus completed the contract at Clair Ridge West of Shetland for BP on 15 October 2019 and is currently laid up. Safe Zephyrus will mobilise for the 80-day Shell Shearwater contract in Q2 2020. The contract has one 30-day option.

Safe Concordia completed the vessel’s Special Periodic Survey and commenced the contract for Equinor mid-January 2020. 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.

Safe Eurus successfully mobilised to Brazil where she is providing safety and maintenance support to Petrobras during a three-year contract. The vessel commenced operations late November.

Safe Scandinavia, Regalia and Safe Bristolia were idle in the quarter and were laid up in Norway. Prosafe has entered into an agreement for the sale of Safe Bristolia for recycling in accordance with all relevant conventions. The sale will be completed within February 2020.

The company has incurred non-recurring costs of approximately USD 6 million in the quarter, which were largely related to the re-sizing of the organisation onshore and offshore, ongoing process with lenders for a long-term solution, and ongoing competition clearance process related to the intention to merge with Floatel International.

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, 20 January 2020
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