Utilisation of Prosafe’s Vessels in Q1 Reaches 76 Pct

Utilisation of Prosafe’s semi-submersible accommodation/service vessels in the first quarter of 2014 was 76 per cent.

Safe Caledonia, Safe Astoria, Safe Concordia, Safe Lancia, Jasminia, Safe Hibernia, Safe Britannia and Safe Regency were in full operation throughout the quarter.

Safe Concordia was on contract in Brazil with an average effective day rate in the quarter of approximately USD 136 000. Safe Caledonia completed operations for BP on 31March. The vessel is currently at Burntisland in the UK for preparatory work before mobilising for a contract with Nexen in the UK commencing early June 2014.

Regalia completed the planned yard work and a five-year special period survey (SPS) at Keppel Verolme and commenced operation for Statoil in Norway on 28 February.

Safe Scandinavia remained at the Remontowa yard in Poland undertaking a life extension refurbishment and a five-year SPS before commencing a contract with Statoil in Norway late April 2014.

Safe Bristolia is currently undertaking maintenance work at Burntisland in the UK and is scheduled to commence a contract with ConocoPhillips in May 2014.

Safe Astoria continued its operation for Swiber in Indonesia throughout the first quarter. In addition, Prosafe and Swiber have agreed an extension period of 43 days commencing early April 2014.

The operating profit of Prosafe, headquartered in Larnaca, Cyprus, reached USD 245.1 million in 2013 and net profit was USD 199.1 million.

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Prosafe, April 24, 2014