Operational update Q2 2019
The fleet utilisation rate in the second quarter of 2019 was 71.6 per cent (Q2 2018: 45.8 per cent), up from 62.5 per cent in the last quarter and at its highest since Q3 2015.
Safe Scandinavia operated at Aker BP’s Ula platform in Norway until mid-May and is now laid up in Norway.
Safe Caledonia commenced work for a major oil and gas operator in the UK sector on 20 April 2019. The contract has a firm duration of four months and up to two months of options. On 31 July 2019, Prosafe signed a contract with Total for the Safe Caledonia to provide accommodation support at the Elgin complex in the UK sector of the North Sea. The firm duration of the contract commencing mid-April 2020 is 162 days with one 30-day option.
Safe Boreas continued the contract with Equinor at the Mariner installation in the UK and was in full operation throughout the quarter. The contract’s firm period has been extended through September 2019 as Equinor exercised three of six one-month options on 10 April 2019. There are three one-month options remaining.
Safe Zephyrus completed the 12-month contract with Equinor at Johan Sverdrup early May. Thereafter, Safe Zephyrus mobilized to the Clair Ridge platform West of Shetland where the vessel started a contract for BP on 14 May 2019. The duration of the contract is five months with a one-month option.
After completion of a five yearly special periodic survey and re-activation, Regalia mobilised to the UK sector of the North Sea and started a 60-day contract on 12 May 2019. The contract was completed on 11 July 2019 and Regalia is currently laid up at a yard in Norway.
Safe Concordia has been operating on a 200-day contract for MODEC in Brazil since late October 2018, further extended through 20 July 2019, and was in full operation throughout the quarter. On 29 June 2019, Equinor awarded the Safe Concordia a contract to provide gangway connected operations supporting maintenance and safety services at the Peregrino FPSO in the Campos Basin offshore Brazil. The contract will commence mid-January 2020 and has a duration of 120 days with up to 60 days of options.
Safe Notos has been operating on a three-year and 222-day contract for Petrobras in Brazil since 7 December 2016 and was fully contracted in the quarter.
On 29 May 2019, Prosafe signed a three-year contract with Petrobras for the provision of the Safe Eurus. Prosafe took delivery of the Safe Eurus on 4 July 2019 and the vessel is now being mobilised to Brazil. During the contract commencing in the fourth quarter of 2019, the Safe Eurus will be providing safety and maintenance support for Petrobras. As a consequence, Prosafe has reversed the accrued lay-up costs of USD 19 million in the quarter.
Safe Bristolia was idle in the quarter and is laid-up in Norway.
The company has incurred non-recurring costs of approximately USD 3 million in the quarter which were mostly related to the merger activity with Floatel.
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, 5 August 2019
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