Prosafe Announces Operational & Financial Update Q2 2021

Source: 8/3/2021, Location: Europe

The fleet utilization rate in the second quarter of 2021 was 65.8 per cent (Q2 2020: 6.5 per cent).

Safe Zephyrus continued the contract for Shell at the Shearwater platform in the UK and was in full operation throughout the quarter. The contract initially had a firm period of 145 days and has to date been extended by the client by additional 16 days.

Safe Caledonia has been operating for TotalEnergies at the Elgin platform in the UK since 30 March 2021 and was fully utilised in the quarter. The contract has a firm duration of 162 days and two 15-day options, of which the first available option was exercised on 29 July 2021.

Safe Boreas has been operating for CNOOC at Buzzard in the UK since 20 April 2021. After two of the three 30-day options were exercised on 9 July 2021, the contract now has a firm duration of 160 days.

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.

Safe Notos has been operating for Petrobras in Brazil throughout this quarter. The vessel is on contract until mid-November 2021.

Safe Concordia has been preparing for a 117-day contract in Trinidad and Tobago and has been on hire since 25 July 2021.

Safe Scandinavia was idle in the quarter and is laid up in Norway. Regalia was sold for recycling in April 2021.

The impact from Covid-19 on the macro environment has been challenging, with the company also experiencing cases in the fleet. In all instances there has been close coordination with the client to ensure that any occurrence is dealt with promptly and effectively. Safety measures at workplaces and vessels to protect people and assets remain rigorously in place.

Please refer to a number of separate press releases, the latest dated 2 August, regarding a long-term financial solution for the company. The implementation in Singapore is on track with support from a very significant majority of the lenders.

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