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Prosafe SE: Operational update for Q1 2014


April 24, 2014 - London

Utilisation in the first quarter of 2014 was 76 per cent. Safe Caledonia, Safe Astoria, 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 with an average effective day rate in the quarter of approximately USD 136 000.

Safe Caledonia completed operations for BP on 31March. The vessel is currently at Burntisland in the UK for preparatory work before mobilising for a contract with Nexen in the UK commencing early June 2014.

Regalia completed the planned yard work and a five-year special period survey (SPS) at Keppel Verolme and commenced operation for Statoil in Norway on 28 February.

Safe Scandinavia remained at the Remontowa yard in Poland undertaking a life extension refurbishment and a five-year SPS before commencing a contract with Statoil in Norway late April 2014.

Safe Bristolia is currently undertaking maintenance work at Burntisland in the UK and is scheduled to commence a contract with ConocoPhillips in May 2014.

Safe Astoria continued its operation for Swiber in Indonesia throughout the first quarter. In addition, Prosafe and Swiber have agreed an extension period of 43 days commencing early April 2014.

Prosafe is the world's leading owner and operator of semi-submersible accommodation/service vessels. Operating profit reached USD 245.1 million in 2013 and net profit was USD 199.1 million. The company operates globally, employs 595 people and is headquartered in Larnaca, Cyprus. Prosafe is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com.

Larnaca, 24 April 2014
Georgina Georgiou, General Manager
Prosafe SE

For further information, please contact:

Sven Børre Larsen, Chief Financial Officer
Prosafe Management AS
Phone: +47 51 64 25 30

Cecilie Helland Ouff, Senior Manager Finance and Investor Relations
Prosafe AS
Phone: +47 51 64 25 20

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.




This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Prosafe SE via Globenewswire

HUG#1779530

GlobeNewswire

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