Prosafe Reveals Operational Update for Q4 2013 (Norway)

Prosafe, owner and operator of semi-submersible accommodation vessels, has released an operation update for the fourth quarter of 2013. Utilisation in the fourth quarter of 2013 was 82 per cent. Safe Caledonia, 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 and the average effective day rate in the quarter was approximately USD 141 000.

Safe Caledonia continued operation for BP in the North Sea during the quarter.

Safe Scandinavia completed the contract with ConocoPhillips UK on 12 November and is currently undertaking a life extension refurbishment and five-year special period survey (SPS) at the Remontowa yard in Gdansk in Poland, before commencing a contract with Statoil in Norway.

Regalia completed operations for Shell on 24 November. The vessel is currently at Keppel Verolme in the Netherlands for refurbishment work and a five-year SPS before commencing a contract with Statoil in Norway.

Safe Bristolia was in full operation for Elf Exploration in UK until 20 December. She is scheduled to commence the next contract in April 2014.

Safe Astoria remained at the yard in Batam until 26 December, when she started mobilising for a contract with Swiber in Indonesia. The vessel earned mobilisation day rate until operations commenced on 5 January 2014.

In 2013, Prosafe had over 1 million exposure hours and zero lost time injuries. The company also showed positive development on other HSE measures.

Prosafe, January 24, 2014

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