Prosafe SE: Operational update Q3 2022

The fleet utilisation rate in the third quarter of 2022 was 77.3 per cent (Q3 2021: 70.9 per cent), with five out of seven vessels in full operation throughout the quarter. This is the highest third quarter utilisation since 2016.

Two vessels are on long-term contracts in Brazil, while the rest are working on shorter term contracts. Safe Boreas worked part of the quarter while Safe Scandinavia remained idle.

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. On 22 September 2022, bp exercised the first of four one-months options taking the firm period through 21 December 2022.

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 early December 2022 with one 30-day option.

Safe Boreas operated on the Norwegian Continental Shelf until 29 July 2022. On 22 September 2022, the vessel started a 21-day contract to support a platform shutdown in the UK North Sea. The client has exercised the first of two available 15-day options.

Safe Eurus has been providing safety and maintenance support to Petrobras in Brazil since November 2019 on a contract with 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. Safe Notos commenced a new four-year contract with Petrobras on 18 July 2022, in direct continuation of the previous contract.

Safe Concordia continued operations in Trinidad and Tobago during the quarter. On 27 July 2022, the client exercised all four one-week options, taking the contract through to end September 2022. On 13 October,  Prosafe announced that a contract had been signed with a major operator to provide accommodation support in the US Gulf of Mexico. The firm duration of the contract, commencing within a window of July through October 2023, is 330 days with up to 6 months of options. Safe Concordia will be laid up in the region pending new work and the start of the contract in the US Gulf of Mexico.

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, 14 October 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 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.