Prosafe SE: Operational update Q1 2022

The fleet utilisation rate in the first quarter of 2022 was 68.1 per cent (Q1 2021: 25.7 per cent).This is the highest first quarter utilisation since 2015.

Safe Zephyrus started operations for bp at ETAP in the UK North Sea on 22 January 2022. The vessel is on a 10-month contract with up to four months of options.

Safe Caledonia, after a period of in-field standby, resumed full operations for TotalEnergies at the Elgin platform in the UK on 7 March 2022. The vessel will be on contract until December 2022. In addition, there is a 30-day option.

Safe Boreas was in the yard to prepare for a contract on the Norwegian Continental Shelf 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 February 2023. Safe Eurus is attractively placed in the bidding round for a new four-year contract with Petrobras and the post-bidding process is underway with conclusion expected in Q2 2022.

Safe Notos has been operating for Petrobras in Brazil since December 2016 and was in full operation in the quarter. The contract has a firm duration until mid-July 2022. Safe Notos was declared the winner of a four-year contract bidding process by Petrobras. The appeal process is over and bidders are awaiting Petrobras to award the contract. The contract has a firm period commitment of four years, with commencement in Q3/Q4 2022 following on from the expiry of her current contract.

Safe Concordia has been operating in Trinidad and Tobago since July 2021 and was fully utilised during this quarter. The vessel was awarded a 160-day contract by BP Trinidad and Tobago with start-up in direct continuation of her current contract at Cassia C, 24 March 2022. The contract has a firm duration until 31 August 2022 and four one-week options.

Safe Scandinavia was idle in the quarter and is laid up in Norway.

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, 25 April 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