Contract and tender status update - July 2023

Contract update

Fleet utilization for Q2 2023 was 33.1 percent. This compares to 81.0 percent in Q2 2022 and 28.6 percent in Q1 2023.

Safe Notos had utilization of 64.8 percent in Q2 2023. Safe Notos was off-hire for 31 days in the quarter for Petrobras compliance works and hull cleaning.

Safe Zephyrus had utilization of 68.1percent in Q2 2023. Safe Zephyrus started its 650-day contract with Petrobras in Brazil as expected on 30 April 2023 and had has been in continuous operation since.

Safe Eurus had utilization of 100 percent in Q2 2023. Safe Eurus will be off-hire for approximately 35 days in November/December 2023 for Petrobras compliance works, hull cleaning and Special Periodic Survey (SPS).

Safe Concordia has departed Curaçao and is in transit to the US Gulf of Mexico for its upcoming contract. The commencement window for the contract has been narrowed to 5 August through 10 August 2023. The combined mobilization costs and capex is estimated to be within the previously communicated range and approximately USD 30 million.

Safe Caledonia is laid up at Scapa Flow in the UK pending future work.

Safe Boreas is laid up in Norway pending future work. The first right of refusal previously communicated for use of Safe Boreas from Q3 2023 to Q1 2024 has expired with Prosafe retaining a USD 1.8 million fee. Safe Boreas is therefore available to participate in current and upcoming tenders in Brazil and the North Sea.

Safe Scandinavia is laid up in Norway and is being marketed broadly.

Tender update

In line with expectations, tender activity is increasing in Brazil. Petrobras has issued three separate four-year tenders and Prosafe expects further tenders in Brazil from Petrobras and other operators with contract commencements starting from Q2 2024.

Post recent awards, contract visibility for 2024 in the North Sea continues to be limited. However, Prosafe is seeing an increase in enquiries from potential clients both for 2024 and for 2025 and is optimistic that there will be additional tenders and/or direct awards in the North Sea in the coming 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. For more information, please refer to https://www.prosafe.com

Stavanger, 20 July 2023
Prosafe SE

For further information, please contact:

Reese McNeel, CEO (interim)
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.