Prosafe’s fleet utilization rate rebounds from last year’s drop in activity

Oslo Stock Exchange-listed semi-submersible accommodation vessel owner and operator Prosafe has shared its fleet utilization rate for April 2024 alongside insights into the vessel activity during the first quarter of the year.

Safe Concordia; Source: Prosafe

The firm recorded a 56% fleet utilization in April 2024, somewhat lower than the level reported for January, but higher than the utilization rate in November 2023. The company’s fleet utilization for 1Q 2024 was 56.3% (28.6%) with four out of seven vessels operating during the quarter. This is a significant spike compared to the utilization of 28.6% (68.1%) in 1Q 2023 with two out of seven vessels operating during the period.

Three vessels topped the list with a utilization rate of 100% in April, which are sister ships Safe Notos and Safe Eurus, and Safe Concordia. The 2016-built Safe Notos and 2019-built Safe Eurus are DP3 semi-submersible autonomous surface vehicles (ASVs) with 500 beds. They are of enhanced GustoMSC Ocean 500 design and are meant for worldwide operations excluding Norway.

As for Safe Concordia, the 2005-built DP2 semi-submersible ASV, upgraded in 2015, can accommodate 389 (461 with ALQ) beds and is designed for worldwide operations excluding Norway. Earlier this year, the vessel was reported to have work in the Gulf of Mexico lined up until November 2024.

Next up is Safe Zephyrus with a utilization of 93%. The 2016-built semi-submersible ASV is of GVA 3000E design and can accommodate 450 people, as well as operate in harsh environments worldwide.

Finally, three vessels were in lay-up. Safe Caledonia, the only one of the three capable of operating worldwide, excluding Norway, is laid up at Scapa Flow in the UK. Originally built in 1982, the semi-submersible ASV completed a 20-year life extension in 2012/13 and has beds for up to 454 persons. 

Additionally, Safe Boreas and Safe Scandinavia are in lay-up in Norway pending future work. The former is a 2015-built DP3 semi-submersible ASV of GVA 3000E design with beds for 450 persons.

The latter is an anchor-moored semi-submersible tender support and accommodation vessel with beds for 309 persons. Originally built in 1984, it underwent multiple upgrades, followed by a conversion to a tender support vessel (TSV) in 2016.

While no tendering details were disclosed, Prosafe’s CEO, Terje Askvig, recently said that his company was engaged in several commercial discussions and progressing with tenders for work in 2025 and beyond.

“The activity level confirms a favourable accommodation vessel market. In the North Sea, we hold the open high-end accommodation capacity through 2026. Continued high operational efficiency combined with contract extensions and tender activity, provides a foundation for improved backlog and future earnings growth,” added Askvig.