Prosafe SE

Operational update Q3 2017

The fleet utilisation rate in the third quarter of 2017 was 38.9 per cent (Q3 2016 52 per cent).

There has been no Lost Time Injury (LTI) in the quarter.

The Safe Scandinavia Tender Support Vessel (TSV) was fully contracted in the quarter for Statoil with a firm contract period until the end of June 2018.

Safe Caledonia commenced a contract with Total in the UK in mid-May 2017 and was fully contracted in the quarter. The contract runs until late October 2017.

Safe Notos commenced a three-year and 222-day contract for Petrobras on 7 December 2016. From 1 July 2017, Safe Notos was off-hire to conduct preventive maintenance and repair of the gangway. The vessel recommenced operations with Petrobras in early August.

Safe Concordia completed the contract with Petrobras in late July. In the quarter, the vessel mobilised from Brazil to Curacao and incurred transit costs. The vessel is now laid-up in Curacao and is available for future work.

Safe Boreas commenced the 13-month firm contract period for Statoil at the Mariner installation in the UK in early August.

Safe Zephyrus, Regalia, Safe Bristolia and Safe Astoria were idle in the quarter. Safe Zephyrus, Regalia and Safe Bristolia are laid up in Norway, while Safe Astoria is laid up in Indonesia.
Safe Eurus is in a preserved, strategic stacking mode with COSCO (Qidong) Offshore Co. Ltd. (COSCO) in China. Consistent with previous quarters, the company has accrued for lay-up cost for Safe Eurus. According to the agreement with COSCO, 50 percent of the accrued lay-up cost shall be paid on delivery and the remaining 50 percent after delivery.
The standstill agreement between Prosafe and COSCO relating to Safe Nova and Safe Vega has been extended until December 2017. Prosafe remains in negotiations with COSCO and related parties to find a workable commercial solution for these vessels. If an agreement is not reached, Prosafe has the right to cancel the Safe Nova and Safe Vega newbuilding contracts due to delay and claim a refund of the instalments plus interest equal to approx. USD 60 million secured by Bank of China.
Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company is headquartered in Larnaca, Cyprus and listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com

Larnaca, 19 October 2017
Georgina Georgiou, General Manager
Prosafe SE


For further information, please contact:

Jesper K. Andresen, CEO
Prosafe Management AS
Phone: [phone]

Stig Harry Christiansen, Deputy CEO and CFO
Prosafe Management AS
Phone: [phone]

Cecilie Helland Ouff, Senior Manager Finance and Investor Relations
Prosafe AS
Phone: [phone]


This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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Source: Prosafe SE via Globenewswire