Contract and Tender Status Update - December 2023

Contract update

Fleet utilization for November was 49.5 percent.

Safe Notos and Safe Zephyrus had utilization of 100 percent in November. Safe Concordia had utilization of 95.8 percent.

Safe Eurus had utilization of 46.7 percent in November. Safe Eurus was off-hire from mid-November for Petrobras compliance works, hull cleaning and Special Periodic Survey (SPS) and has recently resumed operations.

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

Safe Boreas and Safe Scandinavia are laid up in Norway pending future work.   

Tender update

A tender was recently submitted for 2025 operations in the Norwegian Continental Shelf for a high specification accommodation unit. The tender has an expected duration of 6 months with the potential for further options. The outcome of this tender is expected in Q1 2024.

In addition, Prosafe continues to see an increase in enquiries from potential clients and is optimistic that there will be additional tenders and/or direct awards in the North Sea during Q1 and Q2 2024 with a focus on 2025 onwards.

Prosafe expects further tenders in Brazil from Petrobras and other operators with contract commencements from end 2024 onwards. Prosafe also sees increased activity in other regions for 2025 and beyond, including Australia and West Africa, which should lead to a further tightening of supply.

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 December 2023

Prosafe SE

For further information, please contact:

Terje Askvig, CEO

Phone: +47 952 03 886

Reese McNeel, CFO

Phone: +47 415 08 186

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act