Prosafe SE: Operational and financial update Q1 2021

Prosafe SE
·2 min read

Operational
The fleet utilisation rate in the first quarter of 2021 was 25.7 per cent (Q1 2020: 32.7 per cent).

Safe Zephyrus completed her five-yearly special periodic survey at Averøy yard in Norway before mobilising to the Shearwater platform in the UK where she started a 145-day contract for Shell on 27 February 2021. Shell has an option to extend the contract after the firm duration by up to 30 days.

Safe Caledonia was mobilised to the Elgin platform in the UK and commenced a contract for Total on 30 March 2021. The contract has a firm duration of 162 days and a 30-day option.

Safe Boreas is preparing for the Buzzard contract for CNOOC in the UK which is due to start shortly. The contract has a firm duration of 100 days and three 30-day options.

Safe Eurus has been providing safety and maintenance support to Petrobras during a three-year contract since November 2019 and was in full operation throughout the quarter.

Safe Notos was off-hire through January 2021 conducting her five-yearly special periodic survey and resumed operations on 6 February 2021 continuing through until mid-November 2021.

Safe Concordia was in early January awarded a 117-day contract in Trinidad and Tobago. The vessel is now preparing for this contract which is scheduled to commence in July 2021.

Safe Scandinavia and Regalia were idle in the quarter and were laid up in Norway. Regalia was sold for recycling in April 2021.

The impact from Covid-19 on the macro environment has been challenging, with the company also experiencing cases on the Safe Zephyrus. Implemented procedures limited the impact and the situation was rapidly controlled. Safety measures at workplaces and vessels to protect people and assets remain rigorously in place.

Financial
Please refer to separate press release from 5 January 2021 and the update in the Annual report published on 25 March 2021 regarding the ongoing discussion with lenders about a long-term financial solution for the company.

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, 15 April 2021
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