Prosafe SE: Contract and tender status update - April 2023
Contract update
Fleet utilization for Q1 2023 was 28.6 percent. This compares to 68.1 percent in Q1 2022 and 56.1 percent in Q4 2022.
Safe Zephyrus is in Brazil and final preparations are ongoing for contract commencement with Petrobras. Prosafe expects that the 650-day contract will commence as planned on 1 May 2023.
Safe Eurus started its four-year contract with Petrobras on 17 February 2023 following directly from the expiry of the previous contract. Safe Eurus will be off hire for approximately 35 days in Q1 2024 to complete Petrobras compliance works, hull cleaning and SPS.
Safe Notos continued operations with Petrobras during Q1 2023. Safe Notos is expected to be off hire for approximately 30 days in mid-May 2023 for Petrobras contract compliance works and hull cleaning.
Safe Concordia is in Curaçao where ramp-up and mobilization works are ongoing for the upcoming contract in the US Gulf of Mexico. The Concordia upgrade and contract compliance works are challenged by the condition of the vessel, requirements for operation in the US GoM and the current high inflationary environment. The commencement window is now 1 August through 15 September 2023. A standby rate of USD 28,000 per day has been agreed for the period from 1 August until completion of mobilisation.
Safe Caledonia is laid up at Scapa Flow in the UK pending future work.
Safe Boreas is laid up in Norway pending future work.
Safe Scandinavia is laid up in Norway and is being marketed broadly.
Tender update
Prosafe is participating in the following tenders:
| Year | Firm duration | Option(s) | Region | Expected competition |
| 2024 | 4 months | 4 months | UK | Semi-submersible |
| 2024 | 4 months | 1 month | UK | Semi-submersible / W2W |
| 2024 | 3 months | 1.5 months | UK | Semi-submersible / Jack-up / W2W |
| 2024 | 3 months | 1 month | UK | Semi-submersible / Jack-up |
| 2025 | 3 months | 2 months | North America | Semi-submersible |
| 2025 | 6 months | 2 months | Australia | Semi-submersible |
Prosafe expects additional tenders and/or direct awards in the North Sea for 2024 and 2025. Petrobras will likely announce new tenders in 2023.
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 April 2023
Prosafe SE
For further information, please contact:
Jesper K. Andresen, CEO
Phone: +47 51 65 24 30 / +47 907 65 155
Reese McNeel, CFO
Phone: +47 47 51 64 25 17 / +47 415 08 186
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
