Prosafe SE: Operational update Q4 2021

21 Jan 2022 07:00 CET

Company Name

PROSAFE

ISIN

NO0010861990

Market

Oslo Børs

Symbol

PRS

The fleet utilisation rate in the fourth quarter of 2021 was 59.3 per cent (Q4
2020: 25.0 per cent). The fleet utilisation for the year was 54.5 per cent
(2020: 20.4 per cent), the highest utilisation rate since 2015.

Safe Zephyrus was in the yard in Norway preparing for the start-up of a contract
for BP in Q1 2022. The vessel will be supporting the Seagull project at ETAP in
the UK North Sea for a 10-month contract with up to four months of options.

Safe Caledonia was operating for TotalEnergies at the Elgin platform in the UK
until 29 October 2021. The vessel is currently alongside the Elgin platform on a
standby rate and will resume operations in March 2022, taking the firm
operational period through to December 2022.

Safe Boreas completed the contract for CNOOC at Buzzard in the UK on 14 October
2021. Thereafter, the vessel was taken to yard to prepare for the ConocoPhillips
contract at Ekofisk starting in Q2 2022. This contract has a firm duration of
three months and two additional one-month options.

Safe Eurus has been providing safety and maintenance support to Petrobras in
Brazil since November 2019 and was in full operation in the quarter. The
contract has a firm duration until March 2023, with additional two-years of
mutual optionality.

Safe Notos has been operating for Petrobras in Brazil throughout the quarter.
The original three-year and 222 days firm period has previously been extended
through to mid-November 2021. On 5 November 2021, the contract was further
extended taking the firm operational period through to mid-July 2022.

Safe Concordia commenced a 117-day contract in Trinidad and Tobago on 25 July
2021 and has been in full operation since then. The client has extended a number
of options, taking the current operational period through to mid-March 2022.

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 isolated 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.

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, 21 January 2022
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


Source

Prosafe SE

Provider

Oslo Børs Newspoint