Prosafe Announces Contract and Tender Status Update - November 2022

Source: 11/25/2022, Location: Europe

Prosafe has been selected as the winning bidder for a 650-day firm period contract by Petrobras using Safe Zephyrus, commencing in May 2023. The contract value is approximately USD 73 million (equivalent to USD 112,500 per day). Final contract award and commencement remains subject to contract. Prosafe expects the final contract award prior to year-end 2022. Prosafe expects Safe Zephyrus to complete its contract with bp at ETAP in the UK North Sea on 21 December 2022 after which preparations and mobilization for the contract with Petrobras will begin.

Safe Caledonia has been operating for TotalEnergies at the Elgin platform in the UK since 7 March 2022. The vessel is expected to complete its contract on 2 December 2022 after which it will be laid up pending future work.

Safe Boreas completed a contract to support a platform shutdown in the UK North Sea on 1 November 2022 and is now 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 during which period Petrobras contract modification work and hull cleaning will be conducted. Prosafe also intends to advance and conduct the SPS originally scheduled for 2024 for Eurus during the same off-hire window, avoiding the need for a further off-hire period in 2024.

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 either in February or May 2023 during which Petrobras contract modification and hull cleaning will be conducted.

Safe Concordia is now laid up in Curaçao pending start of the upcoming project 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. The value of the contract firm duration is approximately USD 33 million. A standby rate of USD 28 thousand per day has been agreed for the period from 01 August 2023 until commencement latest 31 October 2023. The value of the 6 months options is 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:

Region: Denmark - Walk-to-work
Year: 2023 Firm Duration: 8 months Option(s): 1 month
Region: Norway - Semi-submersible/Jack-up
Year: 2024 Firm Duration: 10 months Option(s): 6 months
Region: UK - Semi-submersible
Year: 2024 Firm Duration: 4 months Option(s): 4 months
Region: North America - Semi-submersible
Year: 2025 Firm Duration: 3 months Option(s): 2 months
Region: Norway - Semi-submersible
Year: 2026 Firm Duration: 7 months Option(s): 6 months
Region: Norway - Semi-submersible
Year: 2026 Firm Duration: 7 months Option(s): 6 months

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.

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