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January 22, 2015 Prosafe SE: Operational update Q4 2014The fleet utilisation rate in the fourth quarter of 2014 was 92 per cent. Safe Caledonia, Safe Scandinavia, Regalia, Safe Concordia, Safe Astoria, Safe Lancia, Jasminia, Safe Hibernia, Safe Britannia and Safe Regency were in full operation throughout the quarter. Safe Concordia is operating on a three-year contract with Petrobras in Brazil. The average effective day rate in the fourth quarter was approximately USD 162,000. As announced previously, Safe Bristolia sustained damaged to lifeboats after experiencing bad weather during work at the Everest field in UK in early October. Operations were suspended and the vessel was brought to the Hanøytangen shipyard in Norway for repair work. The vessel will be ready for operations again well in advance of the start-up for the second part of the BG contract in April 2015. To cover extra-ordinary expenses related to the Safe Bristolia incident, a provision of around USD 7 million will be made in the fourth quarter accounts. Safe Britannia and Safe Hibernia are currently working on shorter term contract extensions in Mexico. The new build Safe Boreas was delivered from Jurong Shipyard in Singapore earlier this month. The vessel is now in transit to Norway, where it is scheduled to commence a contract with Lundin Petroleum in connection with hook-up and commissioning of the Edvard Grieg production facility. 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, 22 January 2015 For further information, please contact: Karl Ronny Klungtvedt, Chief Executive Officer Sven Børre Larsen, Chief Financial Officer |