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Prosafe Provides Operational and Financial Update Q3 2020

Source: www.gulfoilandgas.com 10/20/2020, Location: Europe

Operational

The fleet utilisation rate in the third quarter of 2020 was 16.4 per cent (Q3 2019: 48.2 per cent).

Prosafe has been in discussions with several clients about existing contracts in light of Covid-19 and the oil price collapse, and has managed to protect its order book by moving contracts from 2020 to 2021 with some further extensions. Please see the update per vessel below.

Prosafe continues to claim full contract value from EnQuest relating to the planned Thistle project for the Safe Zephyrus.

Prosafe has agreed with Shell to defer and amend the contract for the Safe Zephyrus at the Shearwater platform. The revised firm duration of the contract is 115 days and the contract is scheduled to commence in March 2021. Shell has the option of adding 30 or 45 days to the front end, resulting in a possible earlier commencement date. In addition, Shell retains the option to extend the contract after the firm duration by up to 30 days. The Safe Zephyrus is currently laid up at AverÝy yard in Norway preparing to conduct her five-yearly special periodic survey.

Safe Caledonia is currently laid up in the UK. The vessel is scheduled to commence a 162-day contract with a 30-day option for Total at Elgin in the UK from Q1 2021. This contract was originally scheduled to commence in 2020.

Safe Eurus has been providing safety and maintenance support to Petrobras during a three-year contract since November 2019. From April 2020, the Safe Eurus was suspended for 120 days at zero rate. The vessel has been on standby rate since early August and recommenced operations on 24 September 2020.

The original three-year and 222-day firm contract for the Safe Notos that was due to complete in July 2020 was suspended for 120 days at zero rate from April 2020. The vessel was back on standby rate in early August 2020 and resumed operations in early October 2020.

Safe Concordia was idle in the quarter and is laid up in Brazil. Safe Scandinavia, Safe Boreas and Regalia were idle in the quarter and are laid up in Norway. Regalia has been marketed for recycling with possible commencement of recycling in Q1 2021.

Although the impact from Covid-19 on the macro environment has been challenging, the company has successfully implemented proper safety measurements at workplaces and vessels to protect people and assets, as well as several cost-saving initiatives to protect liquidity.

Financial

Please refer to separate press release from 1 October 2020 regarding the ongoing discussion with lenders about a long-term financial solution for the company.

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