Prosafe SE: Operational update Q2 2022

The fleet utilisation rate in the second quarter of 2022 was 81.0 per cent (Q2 2021: 65.8 per cent), with five out of seven vessels in full operation throughout the quarter. Safe Boreas was working part of the quarter while Safe Scandinavia remains idle. This is the highest quarterly utilisation since Q3 2015.

Safe Zephyrus has been operating for bp at ETAP in the UK North Sea since 22 January 2022 on a 10-month contract with up to four months of options.

Safe Caledonia has been operating for TotalEnergies at the Elgin platform in the UK since 7 March 2022. The vessel will be on contract until December 2022 with one 30-day option.

Safe Boreas commenced a contract on the Norwegian Continental Shelf on 1 May 2022. The contract had a firm duration of three months, and the client informed that neither of the two one-month options would be exercised. On 15 June 2022, Safe Boreas was awarded a contract by a UK client to support a platform shutdown in the UK North Sea. The firm duration of the contract starting September 2022 is 21 days with up to 30 days of options. Safe Boreas is currently located quayside in Norway in anticipation of start-up in September in the UK.

Safe Eurus has been providing safety and maintenance support to Petrobras in Brazil since November 2019 and the contract has a firm duration until February 2023. On 25 May 2022, Safe Eurus was awarded a four-year contract with Petrobras aiming to commence around end of March 2023 following on from the expiry of her current contract.

Safe Notos has been operating for Petrobras in Brazil since December 2016. On 4 May 2022, Safe Notos was awarded a four-year contract by Petrobras with commencement on 18 July 2022, in direct continuation of the previous contract.

Safe Concordia was in full operation during the quarter in Trinidad and Tobago. On 27 July 2022, the client exercised all four one-week options, taking the contract through September 2022.

Safe Scandinavia is laid up in Norway and is being marketed broadly.

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, 2 August 2022
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: +47 405 54 490

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