Prosafe SE: Contract and Tender Status Update – December 2022
Contract Update
Prosafe signed a contract with Petrobras for a firm period of 650 days for the Safe Zephyrus, commencing in May 2023. The contract value is approximately USD 73 million (equivalent to USD 112,500 per day). Safe Zephyrus completed its contract with bp at ETAP in the UK North Sea on 21 December 2022. The vessel has since commenced mobilization and preparation for the Petrobras contract.
The Safe Caledonia, having operated for TotalEnergies at the Elgin platform in the UK since 7 March 2022, completed its contract on 2 December 2022. The vessel is currently laid up at Scapa Flow in the UK pending future work.
Safe Boreas remains laid up in Norway pending future work.
On 25 May 2022, Safe Eurus was awarded a four-year contract with Petrobras with planned start-up in Q1 2023 following on from the expiry of the current contract. Safe Eurus is expected to be off hire for 30 days in April 2023 for Petrobras contract modification work and hull cleaning. Prosafe also intends to advance and execute the vessel’s next SPS, originally scheduled for 2024, in the same period to avoid additional future off-hire.
Safe Notos commenced a new four-year contract with Petrobras on 18 July 2022, in direct continuation of the previous contract. Safe Notos is expected to be off hire for 30 days in May 2023 for Petrobras contract modification work and hull cleaning.
Safe Concordia is laid up in Curaçao pending start of the upcoming project in the US Gulf of Mexico. The firm contract duration, commencing within a window of July through October 2023, is 330 days with up to 6 months of options. The value of the firm period is approximately USD 33 million. A standby rate of USD 28,000 per day has been agreed for the period from 1 August until the latest commencement date of 31 October. The value of the 6 option months is a total of USD 19 million.
Safe Scandinavia is laid up in Norway and is being marketed broadly.
Tender Update
Prosafe is currently not participating in any ongoing tenders in Brazil.
In the North Sea, Prosafe is participating in the following tenders:
| Year | Firm duration | Option(s) | Region | Expected competition |
| 2023 | 8 months | 1 month | Denmark | Walk-to-work |
| 2024 | 10 months | 6 months | Norway | Semi-submersible/Jack-up |
| 2024 | 4 months | 4 months | UK | Semi-submersible |
| 2025 | 3 months | 2 months | North America | Semi-submersible |
Going forward, Prosafe intends to provide a Contract and Tender Status Update on a monthly basis.
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, 22 December 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
