Operational and financial update Q4 2020

Operational

The fleet utilisation rate in the fourth quarter of 2020 was 25 per cent (Q4 2019: 23 per cent).

Prosafe and EnQuest agreed on a settlement of the cancelled contract for the Safe Zephyrus in 2020 with EnQuest paying Prosafe an adequate compensation. The Safe Zephyrus is currently conducting her five-yearly special periodic survey at Averøy yard in Norway and preparing for the upcoming contract at the Shearwater platform for Shell in the UK. The contract is scheduled to commence in February 2021. In addition, Shell retains the option to extend the contract after the firm duration by up to 30 days.

Safe Caledonia is currently laid up in the UK. The vessel is scheduled to commence a 162-day contract with a 30-day option for Total at the Elgin platform in the UK from March 2021.

Safe Eurus has been providing safety and maintenance support to Petrobras during a three-year contract since November 2019 and was in full operation throughout the quarter.

The original three-year and 222-day firm contract for the Safe Notos that was due to complete in July 2020 was suspended for 120 days at zero rate from April 2020. The vessel was back on standby rate in early August 2020 and resumed operations in early October 2020. The Safe Notos was off-hire for the most part of January 2021 conducting her five-yearly special periodic survey and will resume operations from February 2021 continuing through until mid-November 2021.

Safe Concordia was in early January awarded a contract in Trinidad and Tobago. The vessel is now preparing for this contract which is scheduled to commence in June/July 2021.

Safe Scandinavia, Safe Boreas and Regalia were idle in the quarter and are laid up in Norway. Regalia has been sold for recycling with commencement of recycling in Q1 2021.

Although the impact from Covid-19 on the macro environment has been challenging, the company has successfully implemented proper safety measurements at workplaces and vessels to protect people and assets.

Financial

Please refer to separate press release from 5 January  2021 regarding the ongoing discussion with lenders about a long-term financial solution for the company.

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 www.prosafe.com

Stavanger, 20 January 2021
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