Prosafe SE: Operational and financial update Q3 2021

·3 min read

Operational
The fleet utilisation rate in the third quarter of 2021 was 70.9 per cent (Q3 2020: 16.4 per cent). This is the highest fleet utilization rate since Q2 2019.

Safe Zephyrus completed the contract for Shell at the Shearwater platform in the UK on 7 August 2021. On 17 September 2021, BP awarded the Safe Zephyrus a 10-month contract with up to four months of options to support the Seagull project at ETAP in the UK North Sea. The vessel is currently in the yard in Norway preparing for the start-up of this contract in Q1 2022.

Safe Caledonia has been operating for TotalEnergies at the Elgin platform in the UK since 30 March 2021 and was fully utilised in the quarter. The client has exercised the two available options and also confirmed an additional 24-day option, resulting in operations through 31 October 2021.

Safe Boreas has been operating for CNOOC at Buzzard in the UK since 20 April 2021 and was fully utilised in the quarter. The duration of the contract including options amounted to a total of 178 days and was successfully completed on 15 October 2021. Thereafter, the Safe Boreas was taken to the yard to prepare for the ConocoPhillips’ contract at Ekofisk starting in Q2 2022.

Safe Eurus has been providing safety and maintenance support to Petrobras during a three-year contract since November 2019. In this quarter, the Safe Eurus was off hire from 30 August 2021 due to a technical issue and resumed operation again on 15 September 2021.

Safe Notos has been operating for Petrobras in Brazil throughout the quarter. The vessel will be on contract at least until 19 November 2021.

Safe Concordia commenced a 117-day contract in Trinidad and Tobago on 25 July 2021 and has been in full operation since then. The available 28 days of option have been exercised by the client together with an additional 7 days taking the current firm period until 23 December 2021. The client has been afforded a further six consecutive options of 7 days each.

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

The impact from Covid-19 on the macro environment has been challenging, with the company also experiencing cases in the fleet. In all instances there has been close coordination with the client to ensure that any occurrence is dealt with promptly and effectively. Safety measures at workplaces and vessels to protect people and assets remain rigorously in place.

Financial
Please refer to a number of separate press releases, the latest dated 14 October 2021, regarding a long-term financial solution for the company. The implementation in Singapore and Norway is on track with support from all lenders, and the solution is anticipated to be effective before or around year end 2021.

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 https://www.prosafe.com

Stavanger, 18 October 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


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