Prosafe SE: Operational update Q4 2016
(Thomson Reuters ONE) -
The fleet utilisation rate in the fourth quarter of 2016 and for the year 2016
was 43 per cent.
Safe Boreas continued the contract with Repsol Sinopec (formerly Talisman
Sinopec) in UK and was in full operation throughout the quarter. The Repsol
Sinopec contract at Montrose has been extended till 10 February 2017.
Safe Zephyrus commenced the contract with Aker BP in Norway in late July 2016
and was on contract throughout the fourth quarter. The contract has been
extended and currently runs until end January.
Safe Notos commenced its 3 years and 222 day duration contract for Petrobras on
7 December 2016. The mobilisation income of USD 17 million for the Safe Notos
will be recognised as revenue in the fourth quarter 2016. Safe Concordia was
fully contracted in the quarter for Petrobras and continues on short-term
extensions at market adjusted dayrate.
Safe Scandinavia Tender Support Vessel (TSV) was fully contracted in the quarter
with Statoil. The TSV contract has a firm period until July 2018.
Regalia operated for Shell in the UK from the beginning of August until mid-
October and is currently laid-up in the UK.
Safe Caledonia, Safe Bristolia, Safe Astoria, Safe Lancia and Safe Regency were
idle in the quarter. Safe Bristolia is cold-stacked in Norway, Safe Caledonia is
laid-up in the UK, Safe Lancia is cold-stacked in Texas, Safe Regency is laid-up
in Curaçao and Safe Astoria is cold-stacked in Indonesia.
Prosafe has the Safe Eurus in a preserved, strategic stacking mode with COSCO
(Qidong) Offshore Co., Ltd. in China. Prosafe has also acquired control over the
Safe Nova and Safe Vega and will enter into negotiations with Cosco and related
parties for a workable delivery and commercial solution of the two semi-
submersibles that are nearing completion. If no agreement is made, Prosafe has
the right to claim cancellation on the newbuilding contracts due to late
delivery and claim deposit of approx. USD 60 million fully secured by Bank of
China.
Following the completion of the acquisition of Safe Nova and Safe Vega, Prosafe
has now taken a final decision to sell Safe Lancia for scrap/recycling.
Prosafe is a leading owner and operator of semi-submersible accommodation
vessels. The company is headquartered in Larnaca, Cyprus and listed on the Oslo
Stock Exchange with ticker code PRS. For more information, please refer to
www.prosafe.com.
Larnaca, 19 January 2016
Georgina Georgiou, General Manager
Prosafe SE
For further information, please contact:
Stig Harry Christiansen, Acting CEO
Prosafe Management AS
Phone: +47 51 64 25 17 / +47 478 07 813
Robin Laird, Acting CFO
Prosafe Offshore Services Pte Limited
Phone: +65 65 59 19 90 / +65 81 27 21 01
Cecilie Helland Ouff, Senior Manager Finance and Investor Relations
Prosafe AS
Phone: +47 51 64 25 20
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Prosafe SE via GlobeNewswire
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