Prosafe spots rise in tendering activity with more awards anticipated for 2025 and beyond

Oslo Stock Exchange-listed semi-submersible accommodation vessel owner and operator Prosafe has caught sight of increased activity in tenders covering work for 2025 and beyond. While the firm is primarily expecting more assignments in the North Sea and Brazil, other regions are also being affected by the tightening of vessel supply.

Prosafe’s fleet utilization for January 2024 was 56.8%. However, the vessel owner highlights an increase in inquiries from clients. As a result, the company is optimistic that there will be additional tenders and direct awards in the North Sea during 1Q and 2Q 2024 with a focus on 2025 onwards.

In addition, the firm expects further tenders in Brazil from Petrobras and other operators with contracts beginning from the end of 2024 onwards. Prosafe also sees more activity in other regions for 2025 and beyond, including Australia and West Africa. The company believes that this should lead to a further tightening of supply.

The vessel owner’s Safe Notos and Safe Zephyrus vessels had utilization of 100% during the previous month while Safe Concordia, which was also fully utilized except for a 5% discount on the day rate due to a crane issue, returned to the full day rate post repair on February 1, 2024.

Furthermore, Safe Eurus had a utilization of 97.4% last month, after it resumed operation on January 1, 2024, following SPS in November/December 2023. Three vessels remain laid up, including Safe Caledonia, which is at Scapa Flow in the UK, as well as Safe Boreas and Safe Scandinavia, which are laid up in Norway pending future work.

At the end of January 2024, Prosafe got a charter extension with an undisclosed company for the Safe Concordia semi-submersible vessel, which is working in the U.S. Gulf of Mexico. This will keep the vessel busy up to November 9, 2024.