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July 18, 2014 Prosafe SE: Operational update for Q2 2014Utilisation in the second quarter of 2014 was 84 per cent. Regalia, Safe Concordia, Safe Lancia, Jasminia, Safe Hibernia, Safe Britannia and Safe Regency were in full operation throughout the quarter. The existing contract with Petrobras for Safe Concordia completed on 10 June and was immediately followed by a further three-year extension. The average effective day rate for the quarter was approximately USD 148 000. Safe Caledonia underwent preparatory work at Burntisland in the UK before mobilising for the contract with Nexen in the UK. The contract commenced on 3 June and the vessel was in full operation throughout the remainder of June. Regalia was in full operation for Statoil in Norway throughout the second quarter. Safe Scandinavia commenced the contract with Statoil in Norway on 28 April and was in full operation throughout the remainder of the quarter. Safe Bristolia commenced the contract with ConocoPhillips in the UK on 1 May and was in full operation throughout the remainder of the quarter. Safe Astoria completed its operation for Swiber in Indonesia on 15 May and then moved to the yard in Batam preparing for the contract with Shell at Malampaya in August. The vessel earned a de-mobilisation day rate until arriving in Batam on 20 May. Prosafe is the world's leading owner and operator of semi-submersible accommodation/service vessels. Operating profit reached USD 245.1 million in 2013 and net profit was USD 199.1 million. The company operates globally, employs about 650 people 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, 18 July 2014 For further information, please contact: Sven Børre Larsen, Chief Financial Officer Cecilie Helland Ouff, Senior Manager Finance and Investor Relations |