Prosafe SE : Operational update Q3 2018

The fleet utilisation rate in the third quarter of 2018 was 48.1 per cent (Q3 2017: 38.9 per cent).

Safe Scandinavia commenced operations at Aker BP's Ula platform on the Norwegian Continental Shelf on 1 September 2018 and was in operation throughout the month. The contract has a duration of seven months with eight one-month options.

Safe Caledonia has been operating for BP at the Clair Ridge platform in the UK since 22 May 2018 and was in full operation throughout the quarter. On 6 August 2018, BP exercised a one-month option to extend the charter period for Safe Caledonia through end November 2018.

On 19 September 2018, the Safe Caledonia was awarded a contract by a major oil and gas operator to provide accommodation support in the UK sector of the North Sea. The contract is scheduled to commence from mid-April 2019 with a firm duration of four months and up to two months of options.

Safe Notos commenced a three-year and 222-day contract for Petrobras in Brazil on 7 December 2016 and was fully contracted in the quarter.

Safe Boreas continued the contract with Equinor at the Mariner installation in the UK and was in full operation throughout the quarter. During July and August, Equinor exercised the first two of six one-month options, thereby extending Safe Boreas' operational period through early November 2018. On 24 September 2018, Equinor and Prosafe agreed an addendum to the contract which extends the firm period through June 2019 with additional six one-month options.

Safe Zephyrus commenced a 12-month contract for Equinor at Johan Sverdrup in Norway in early May 2018 and was in operation throughout the quarter. On 11 October 2018, Safe Zephyrus was awarded a contract by BP to provide gangway connected operations at the Clair Ridge platform West of Shetland in the UK sector of the North Sea. The duration of the contract is five months with a one-month option, and is scheduled to commence mid-May 2019 following the completion of the Johan Sverdrup contract.

Safe Concordia mobilised from Curacao to Brazil and has been on standby from 5 October 2018. She is anticipated to commence the contract for MODEC before end October 2018. The firm period of the contract is 200 days.

Regalia and Safe Bristolia were idle in the quarter and currently laid-up in Norway. Following a decision by the Board of Directors of Prosafe SE, the process of selling the Safe Astoria for scrap has been initiated.

On 3 August 2018, Prosafe announced that it had reached a commercial solution with Cosco for the three completed vessels that currently reside in COSCO's Qidong shipyard in China, as well as agreement with its lenders for amendments to the loan agreements. Please refer to full details in the announcement from 3 August 2018. The company incurred non-recurring costs related to the activities to reach these agreements in this quarter.

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, 19 October 2018
Prosafe SE


For further information, please contact:

Jesper K. Andresen, CEO
Phone: +47 907 65 155

Stig H. Christiansen, Deputy CEO & CFO
Phone: +47 478 07 813