Prosafe SE: Contract and tender status update - November 2023

Contract update

Fleet utilization for October was 57 percent.

Safe Notos had utilization of 100 percent in October 2023.

Safe Zephyrus had utilization of 100 percent in October 2023.

Safe Eurus had utilization of 100 percent in October 2023. Safe Eurus will be off-hire for approximately 35 days starting mid November 2023 for Petrobras compliance works, hull cleaning and Special Periodic Survey (SPS).

Safe Concordia had utilization of 100 percent in October 2023.

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 expects further tenders in Brazil from Petrobras and other operators with contract commencements from end 2024 onwards.

A tender was recently issued for 2025 operations in the Norwegian Continental Shelf for a high specification accommodation unit. The tender has an expected duration of approximately 6 months.

In addition, Prosafe continues to see an increase in enquiries from potential clients and is optimistic that there will be additional tenders and/or direct awards in the North Sea in the coming months with a particular focus on 2025 onwards.

Terje Askvig says, “I am very excited to have joined Prosafe as the new CEO on 1 November. Prosafe is the market leader in our niche, has a great team with fully integrated operations and some of the best and most modern vessels in the market. The oil service industry is on a positive trajectory with clients increasing spending as a result of the favourable oil price and a renewed focus on maintenance. The accommodation vessel market is late cyclical and driven by hook ups and maintenance work. We see favourable supply/demand dynamics going into 2025, and increasingly so in the years beyond. We already see increased tendering activity. This, in combination with the fact that Prosafe is fully funded to 2025, following the NOK 350 million private placement in October, means we are well positioned to capitalize on the market ahead. Prosafe will continue its strategy of seeking sustainable rates in a tightening market.”

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, 15 November 2023
Prosafe SE

For further information, please contact:

Terje Askvig, CEO
Phone: +47 952 03 886

Reese McNeel, CFO
Phone: +47 415 08 186

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.