Prosafe Provides Operational & Financial Update Q4 2020

Source: www.gulfoilandgas.com 1/20/2021, Location: Europe

Prosafe and EnQuest agreed on a settlement of the cancelled contract for the Safe Zephyrus in 2020 with EnQuest paying Prosafe an adequate compensation. The Safe Zephyrus is currently conducting her five-yearly special periodic survey at Averoy yard in Norway and preparing for the upcoming contract at the Shearwater platform for Shell in the UK. The contract is scheduled to commence in February 2021. In addition, Shell retains the option to extend the contract after the firm duration by up to 30 days.

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 the Elgin platform in the UK from March 2021.

Safe Eurus has been providing safety and maintenance support to Petrobras during a three-year contract since November 2019 and was in full operation throughout the quarter.

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. The Safe Notos was off-hire for the most part of January 2021 conducting her five-yearly special periodic survey and will resume operations from February 2021 continuing through until mid-November 2021.

Safe Concordia was in early January awarded a contract in Trinidad and Tobago. The vessel is now preparing for this contract which is scheduled to commence in June/July 2021.

Safe Scandinavia, Safe Boreas and Regalia were idle in the quarter and are laid up in Norway. Regalia has been sold for recycling with 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.

Financial
Please refer to separate press release from 5 January 2021 regarding the ongoing discussion with lenders about a long-term financial solution for the company.


Brazil >>  5/11/2022 - Prosafe has been declared the winner of a bidding process for a four-year contract by Petróleo Brasileiro SA (‘Petrobras’) for the provision of the Sa...
Trinidad and Tobago >>  5/11/2022 - Subsea 7 has announced the award of a sizeable1 project by BP for the TOPR project located offshore Trinidad and Tobago, in water depths of up to 280 ...

Sri Lanka >>  5/9/2022 - On April 27, the heavy lift vessel Katori, owned by NYK Bulk & Projects Carriers Ltd. (NBP), a member of the NYK Group, rescued 11 crew members from a...
Bahamas >>  5/6/2022 - DOF Subsea is pleased to announce that an option has been exercised for the vessel Skandi Africa. The new commitment will now run until February 2024 ...

Germany >>  5/5/2022 - Höegh LNG Holdings Ltd. ("Höegh LNG") announces it has signed binding implementation agreements with the German Federal Ministry for Economic Affairs ...
Germany >>  5/4/2022 - DEME has entered into an agreement with German shipping and logistics company Harren & Partner to sell the DP2 jack-up installation vessel ‘Thor’.




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