Prosafe stacks more accommodation rigs

Prosafe has issued an update on the various contracts of its accommodation support semisubmersibles.

Oct 21st, 2016

Offshore staff

LARNACA, Cyprus – Prosafe has issued an update on the various contracts of its accommodation support semisubmersibles.

The company has reported a 52% fleet utilization rate in 3Q 2016. This does not include theSafe Notos, Jasminia, and Safe Hibernia.

TheSafe Boreas continued the contract with Repsol Sinopec (formerly Talisman Sinopec) in the UK and was in full operation throughout the quarter. The operator has exercised the first 14-day option at a discounted day rate, extending the contract at Montrose into December.

TheSafe Zephyrus commenced a contract with Det norske offshore Norway in late July and was in operation throughout August and September.

The tender support vesselSafe Scandinavia and Safe Concordia were fully contracted in the quarter with Statoil and Petrobras, respectively.

TheRegaliaworked for Shell in the UK from the beginning of August until mid-October.

TheSafe Caledonia completed her operation for BP in August. The vessel has been laid-up in the UK since then.

TheSafe Bristolia is cold-stacked in Norway after completing a two-month contract with BG Group in late July.

TheSafe Notos remains in transit to Brazil and is scheduled to begin a contract with Petrobras in late November.

TheSafe Astoria, Safe Lancia, and Safe Regency were idle in 3Q. The Safe Astoriais cold-stacked in Batam, Indonesia. The Safe Lancia is cold-stacked in Port Isabel, Texas, and Safe Regency is laid-up in Curaçao.

In August 2016, theJasminia and Safe Hibernia were sold for scrap/recycling in the US.

The company incurred non-recurring costs related to therefinancing and reorganization activities in the quarter.

10/21/2016

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